Market Introduction
Nitinol refers to an alloy of nickel and titanium that is rapidly becoming a metal of choice for composition of various medical devices in the healthcare industry. Nitinol widely finds its applications as self-expanding grafts, baskets, filters, graft-supporting systems, and others. Nitinol alloys are most known for their super-elasticity and thermal shape memory.
Market Overview and Dynamics
The Middle East and Africa nitinol medical devices market is expected to reach US$ 858.08 million in 2028 from US$ 619.85 million in 2021; it is estimated to grow with a CAGR of 4.8% from 2021 to 2028. The growth of the market is attributed to increasing adoption of minimally invasive surgeries (MIS) and formation of regulatory guidelines on nitinol device biocompatibility by regulatory bodies are boosting the market. However, the manufacturing challenges including joining and assembly, plating and coating, machining, and stamping, and forming are likely to hinder the market’s growth.
The use of minimally invasive surgeries has evolved the paradigm of the surgery in the medical science. The advantages of MIS such as smaller incisions, reduced pain, lower complications, minimal blood loss and shorter hospital stays have dramatically influenced the adoption of MIS. The increasing adoption of MIS is majorly backed by advantages of the MIS has equally contributed to leveraging the growth of nitinol medical devices specifically for robotic surgeries and laparoscopic procedures. Such increasing number of procedures through MIS is likely to drive the market during the forecast period. However, owing to the several manufacturing challenges, regulatory bodies are taking efforts to enhance the biocompatibility and stability of nitinol devices for broader medical applications. Various evaluations are performed to build a uniform manufacturing guideline for nitinol-based products. In October 2020, regulatory bodies such as Food and Drug Administration (FDA) released new guidelines related to premarket submissions on nitinol device biocompatibility with skin and their technicalities. Thus, the release of guidelines is expected to enhance the use of nitinol for developing medical devices for broader applications, thereby providing vital growth opportunities to the manufacturers during the forecast period.
Countries in Middle East have also widely affected the socio-economic condition by the COVID–19 pandemic. The lockdown has widely affected the non-emergency medical services in the region, which has somehow affected the medical devices. Countries like Saudi Arabia and UAE are emerging as healthcare destinations in the regions. However, they are dependent on the developed countries for the resources. The availability of the vaccines and other healthcare facilities in the developing countries in the region is expected to provide positive scope for the market for next few years.
Key Market Segments
The Middle East and Africa nitinol medical devices market, by product, is segmented into nitinol stents, nitinol guidewires, nitinol filters, nitinol baskets, nitinol catheters and others. In 2020, the nitinol stents segment held the largest share of the market, by product. And the same segment is estimated to grow at significant CAGR during the forecast period.
The Middle East and Africa nitinol medical devices market, by application, is segmented into orthopedic, vascular, dental and gastroenterology. In 2020, the vascular segment held the largest share of the market, by application. Also, similar segment is expected to grow at the fastest rate during the coming years.
Major Sources and Companies Listed
A few of the primary and secondary sources associated with this report on the Middle East and Africa nitinol medical devices market are the Dubai Health Authority (DHA), Saudi Ministry of Health (MOH) and National Accreditation Board for Certification Bodies (NABCB).
Reasons to buy the report
MIDDLE EAST AND AFRICA NITINOL MEDICAL DEVICES MARKET SEGMENTATION
By Product
By Application
By Country
Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 619.85 Million |
| Market Size by 2028 | US$ 858.08 Million |
| CAGR (2021 - 2028) | 4.8% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Product
|
| Regions and Countries Covered |
Middle East and Africa
|
| Market leaders and key company profiles |
|
The Middle East and Africa Nitinol Medical Devices Market is valued at US$ 619.85 Million in 2021, it is projected to reach US$ 858.08 Million by 2028.
As per our report Middle East and Africa Nitinol Medical Devices Market, the market size is valued at US$ 619.85 Million in 2021, projecting it to reach US$ 858.08 Million by 2028. This translates to a CAGR of approximately 4.8% during the forecast period.
The Middle East and Africa Nitinol Medical Devices Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Middle East and Africa Nitinol Medical Devices Market report:
The Middle East and Africa Nitinol Medical Devices Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East and Africa Nitinol Medical Devices Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East and Africa Nitinol Medical Devices Market value chain can benefit from the information contained in a comprehensive market report.
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