Market Trends of Nitinol Medical Devices Industry
This section covers the major market trends shaping the Nitinol Medical Devices Market according to our research experts:
Stents Segment to Witness Significant Growth over the Forecast Period.
Stents are tiny tubes that are used for insertion into a blocked passageway. Nitinol stents exhibit some unique properties that make them more efficient than other stents. These stents are engineered in such a way that when inserted, they adjust themselves into the wall of the vessel and resist its forces. Also, these stents are less corrosive, even though there is a presence of nickel.
The major factors driving this market segment are technological advancements, the increasing number of percutaneous coronary intervention (PCI) procedures, the rising burden of cardiovascular diseases (CVDs), the increasing demand for minimally invasive procedures, and the rising geriatric population. Cook Medical, for example, received breakthrough device designation from the US Food and Drug Administration in January 2022 for a new drug-eluting stent for below the knee (BTK).This new stent is designed to treat patients suffering from chronic limb-threatening ischemia (CLTI). For another instance, in February 2022, Cordi Health's Cordis Precise Nitinol Stent System received United States Food and Drug Administration (USFDA) approval for labeling updates.
The other driving factors for the growth in the stent segment are the rising burden of cardiovascular diseases (CVDs) and the rising geriatric population. In 2022, an article published in the American Journal of Cardiology reported that with the aging of the population, a large proportion of patients seen in cardiovascular practice are older adults. The burden of cardiovascular disease increases with age, and there is an increasing incidence of cardiac diseases in the geriatric patient population. Thus, the increasing geriatric population is associated with a high prevalence of cardiac diseases, thereby driving the market for nitinol medical devices associated with these diseases.
Thus, due to the above-mentioned reasons, such as the rising burden of cardiovascular diseases (CVDs) and the rising geriatric population, technological advancements, and the increasing number of percutaneous coronary intervention (PCI) procedures, the stents segment is expected to witness significant growth over the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to hold a significant share of the nitinol medical devices market growth due to the growing burden of diseases and the increase in the adoption of minimally invasive procedures. A sedentary lifestyle resulting in obesity and other cardiovascular diseases such as heart attack, stroke, ischemic heart disease (IHD), etc. are primarily driving the nitinol medical devices market in North America.
Coronary heart disease, also known as ischemic heart disease, is caused by the formation of plaque in the walls of the arteries. Increasing adoption of technologically advanced products is also another reason to drive the growth of this market. For instance, in February 2022, the Cordis Health S.M.A.R.T. Control nitinol stent system got the United States Food and Drug Administration's (USFDA) approval for a new delivery system to allow the use of a trans-radial approach. For another instance, in 2022, Confluent Medical Technologies partnered with medical device manufacturers' original equipment manufacturers ("OEMs") and announced that TPG Capital had agreed to make a majority investment in the company. Confluent's depth of expertise in Nitinol processing and other complex modalities, differentiated manufacturing capabilities, and unique end-to-end integration have positioned the company as a trusted design and manufacturing partner to original equipment manufacturers (OEMs) for many of the most complex implantable products.
Moreover, the increasing use of nitinol devices in dentistry is also expected to enhance market growth. For instance, according to the data published by the Canadian Dental Association in September 2022, there will be approximately 25,500 licensed dentists in Canada in 2022, which stands for 65 dentists for every 100,000 Canadians. They are operating in roughly 16,000 dental offices in Canada. The increasing number of dentists and dental offices is expected to increase the adoption of nitinol devices in dentistry.
Thus, owing to the above mentioned reasons, such as the increasing adoption of technologically advanced products, the growing burden of diseases, and the increase in the adoption of minimally invasive procedures, the region is expected to show significant growth over the forecast period.
