According to Transparency Market Research’s latest report on the global nitinol medical devices market for the historical period 2017–2018 and forecast period 2019–2027, Increased clinical application of nitinol based products in medical procedures, rise in prevalence of cardiovascular diseases, and increase in number of minimally invasive (MI) surgeries are projected to drive the global nitinol medical devices market during the forecast period
According to the report, the global nitinol medical devices market was valued at US$ 14,571.7 Mn in 2018 and is anticipated to expand at a CAGR of 8.5% from 2019 to 2027
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Rise in Prevalence of Cardiovascular Diseases: Key Drivers
- Rise in prevalence of cardiovascular diseases is likely to increase the number of cardiovascular surgical procedures globally. Hence, demand for nitinol-based medical devices such as stents, catheters, and guidewires is projected to increase due to quick and safe surgical procedures.
- According to World Health Organization statistics (2017), cardiovascular diseases affect 17.7 million people each year. Approximately 31% of global death occurs due to cardiovascular diseases.
- According to white paper published by HCL “Design Engineering of Nitinol based Medical Devices”, recent growth in the cardiovascular industry indicates a significant market potential in the medical devices segment. Superelastic nature of the metal increases extensive usage in medical products such as stent and guide wire. In the past few years, inferior vena cava filters and embolic protection devices have witnessed significant commercial success.
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Increase in Number of Minimally Invasive (MI) Surgeries to Boost Market Growth
- Minimally invasive surgery is becoming more common in hospitals. The procedures are performed through tiny incisions instead of one large opening due to which patients tend to have quicker recovery times and less discomfort.
- According to mivision, minimally invasive procedures are set to transform the care of glaucoma patients. These procedures are appealing from a patient’s perspective because of improved safety and faster recovery compared to more invasive procedures.
- Hydrus Microstent acts like a scaffold to widen and dilate Schlemm’s canal to enhance aqueous outflow in eye. It is made of nitinol that is both biocompatible and MRI-safe. This material is well-proven and has been used in over one million medical implants.
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Increase in innovation in polymer-based bio absorbable stents or catheter devices to Hamper Market Growth
- Nitinol has been widely used in the medical devices industry. However, there are certain risks and limitations associated with the use of nitinol in medical device manufacturing
- Nitinol cannot be considered as a standard material as compared to other raw materials such as stainless steel and cobalt chromium for medical applications involving friction and wear. Poor electropolishing nitinol devices showed the release of nickel (allergen) from nitinol alloy at a slower pace than stainless steel. Hence, many companies have introduced polymer-based bioabsorbale stents which is designed similar to the nitinol stents and can be reabsorbable by the body.
- In 2016, Boston Scientific Corporation received CE Mark for the Eluvia Drug-Eluting Vascular Stent, the ?rst polymer-based, drug-eluting stent designed to treat peripheral lesions above the knee.
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