Global Nitinol Medical Devices Market: Description
Shape Memory Alloys (SMA) is a special class of metals that have the ability to restore their original shape after severe deformation. SMAs find applications in various industries such as automotive, aerospace, robotics and biomedical. Nickel-Titanium alloy (nitinol) has been found to be the most useful shape memory alloy in biomedical applications such as tweezers for small incisions, cardiovascular stents, coroner angiography, tendon fixation tool and orthodontic wires. Some of the major properties of nitinol include high fatigue strength, nonmagnetic, high power/weight ratio, corrosion resistance, heat resistance, and biocompatible. The increased utilization of this alloy to manufacture various medical devices has changed the algorithm of disease treatment. With the growth in geriatric population globally and the increasing rate of vascular diseases such as peripheral arterial diseases and coronary artery diseases, the nitinol medical devices market shows tremendous growth potential, particularly in developing nations.
This research report provides a detailed analysis of the global nitinol medical devices market and helps in understanding the various driving factors for the growth of this market. The executive summary provides market snapshot which covers overall information about various segments and sub-segments. This section also includes comparative analysis of the global nitinol medical devices market according to the geographical regions. The market overview section of this report demonstrates the market dynamics and trends such as drivers, restraints and opportunities that influence the current nature and future status of this market. Impact factors such as market attractiveness analysis, Porter’s five forces analysis and heat map analysis of key market players have also been explained in the market overview section of the report. All these factors would help the market players to gain thorough analysis of the overall competitive scenario and thereby decide upon the business strategies and plans to be observed in future for the global nitinol medical devices market.
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Global Nitinol Medical Devices Market : Overview
Advances in a wide range of surgical procedures, growing demand for minimally invasive surgical treatments and increasing life expectancy would create an excellent opportunity for various commercial applications in the medical devices market. At present, the use of shape memory alloy in the manufacturing of implantable medical devices is widely accepted and recognized due to its unique shape memory properties. These shape memory alloys are referred to a unique class of metals, which have the ability to regain its original shape after severe deformation. Thus, owing to possession of unique biochemical property these alloys are being used in various industries such as medical, robotics, automotive and aerospace. Currently, copper-aluminum-nickel, zinc-aluminum nitinol (Nickel-Titanium) and iron-manganese-silicon alloys are various commercially available shape memory alloys. Of these shape memory alloys, Nitinol is found to be the most significant alloy in biomedical applications hence, increased utilization of this alloy has replaced the consumption of stainless steel in the manufacturing of medical devices substantially.
Owing to the rise in geriatric population and growing incidence of various vascular diseases such as peripheral vascular diseases and coronary artery diseases, the global nitinol medical devices market is expected to show a tremendous growth in next few years. For our study, nitinol medical devices market is segmented based on the type of semi-finished raw materials and final medical components. The total market of nitinol medical devices for final medical components was valued at USD 8,287.2 million in 2012 and is forecasted to grow at a CAGR of 11.1% during the period of 2013 to 2019. Based on the type of final medical components, the total market is subdivided into nitinol stents, guidewires and others, which comprises dental wires, catheter tubes, tissue ablators, needles, retrieval baskets, biopsy forceps, endodontic files and filters. Among these afore-mentioned components, nitinol stents market accounted for the largest market share in 2012 and is expected to retain its market share till 2019 due to increasing number of vascular stenting procedures globally. Additionally, growing medical device manufacturer’s preference for using nitinol as a chief raw material owing to its unique biomechanical properties is further expected to drive the market for nitinol stents in coming years.
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