Analysis of COVID-19 Crisis-driven Growth Opportunities in Nitinol Medical Devices Market
In a recent report by Transparency Market Research, the nitinol medical devices market is flourishing with increase in clinical applications in medical procedures. Due to the growing adoption of minimally invasive (MI) surgeries, there is rise in the prevalence of numerous chronic diseases. There is also a growing demand for dental implants and add to the increase in peripheral artery diseases among the escalating geriatrics percentage, hence contributing to growth in the market. Smart players are focusing on strengthening their position on product innovation. Key players are competing to expand their geographical outreach by means of mergers and acquisitions and strategic partnerships.
Eminent names in the global nitinol medical devices market consists of Cook Medical, Zimmer Biomet Holdings Inc., Abbott Laboratories, B.Braun Melsungen AG, and Boston Scientific Corporation.
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TMR forecasts the global automotive battery market to be valued at US$ 25.65 bn from US$ 12.78 bn in 2016 with an estimated CAGR of 8.2% within the forecast period of 2017 to 2025. As per the 2016 reports, hospitals were leading the market and is presumed to continue its lead in the forecast period.
Rising Number of Cardiovascular Diseases Contributing to Growth of Nitinol Medical Device Market
Owing to the increasing validation of nitinol based stents for vascular surgeries and rising frequency of cardiovascular diseases there is an expected growth in the market for nitinol medical devices. The rising prevalence of cardiovascular diseases is encouraging the global nitinol medical device market. Apart from that, expanding geriatric population that is liable to peripheral artery diseases and rising demand for minimally invasive surgeries is also expected to drive the market.
As a result of widening usage of shape metal alloys (SMAs), there is an increase in demand for ninitol-based medical devices. SMAs that are ideal for hip replacement and have superior elasticity are now being developed with respect to fatigue resistance, strong damping capacity, durability, and high-power density. Apart from this, a number of medical implants like atrial fibrillation devices, vena cava filters, orthopedic anchors, neurovascular closure implants, vascular stents, and trans catheter heart valve also use nitinol.
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High Production Cost of Nitinol-Based Medical Devices may Tether Demand
Increase in innovation concerning polymer or bare metal based catheter devices, or bioabsorbale stents may pose a challenge to the growth of market. Adding to that, high product cost of the nitinol medical devices are a few restraints that may act as a barrier in the progress of the market globally.
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In spite of all these obstacles, the increased demand for advanced nitinol medical devices and rise in modification of dent systems that are nitinol-based from yet to develop countries are anticipated to open new opportunities in future years.
