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 North America nitinol medical devices market is expected to reach US$ 10,021.26 million by 2028 from US$ 7,255.12 million by 2021; it is estimated to grow with a CAGR of 7.5% from 2021 to 2028. The growth of the market is attributed to increasing adoption of minimally invasive surgeries (MIS) and growing prevalence of chronic diseases 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. According to a research article “Management of Patients after Laparoscopic Procedures” published in 2018, ~15 million laparoscopic procedures are performed each year across the world. Such increasing number of procedures through MIS is likely to drive the market during the forecast period. Also, growing prevalence of chronic diseases such as cardiovascular diseases (CVD) and peripheral vascular diseases (PVD), have widely demanded the advanced treatments with efficient and effective products. Therefore, considering the growing prevalence rate of chronic diseases it is expected that the demand for nitinol medical devices will be increasing, thereby leading to the market growth during the forecast period.
The countries in the North America have started vaccinating its population on a larger scale. This is expected to lower the intensity of COVID-19 pandemic in the region. Owing to which the patients post vaccination are undergoing the pending medical procedures such as the surgeries, dental treatments, and others. The healthcare systems in the region have regained its capacity since the start of the pandemic. However, the development of the advance treatments and reductions in the death rate has gained confidence in the doctors and patients. Thus, it is expected to have low negative impact on the nitinol medical devices market in the region.
Key Market Segments
The North America 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 North America 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 North America nitinol medical devices market are the American Society for Testing and Materials (ASTM), Centers for Disease Control and Prevention (CDC), and Ministry of Health and Family Welfare (MoHFW).
Reasons to buy the report
NORTH AMERICA NITINOL MEDICAL DEVICES MARKET SEGMENTATION
By Product
By Application
By Country
Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 7,255.12 Million |
| Market Size by 2028 | US$ 10,021.26 Million |
| CAGR (2021 - 2028) | 7.5% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Product
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Nitinol Medical Devices Market is valued at US$ 7,255.12 Million in 2021, it is projected to reach US$ 10,021.26 Million by 2028.
As per our report North America Nitinol Medical Devices Market, the market size is valued at US$ 7,255.12 Million in 2021, projecting it to reach US$ 10,021.26 Million by 2028. This translates to a CAGR of approximately 7.5% during the forecast period.
The North America 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 North America Nitinol Medical Devices Market report:
The North America Nitinol Medical Devices Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
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