Asia Pacific to Emerge as Most Lucrative Market for Nitinol Devices
Nitinol Medical Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast upto 2019
According to the study, in 2012, the global market for nitinol medical devices for semi-finished goods stood at US$1.5 bn and is estimated to reach a value of US$2.5 bn by 2019, registering a healthy 7.30% CAGR between 2013 and 2019. The global nitinol medical devices market for final medical components in 2012 was valued at US$8.2 bn and is projected to reach a value of US$17.3 bn by 2019, exhibiting an 11.10% CAGR between 2013 and 2019.
Nitinol, also known by the name of nickel titanium, is an alloy of titanium and nickel. Nitinol comprises two elements that are present in almost equal atomic percentages. Some of the key properties of nitinol are corrosion resistance, high power ratio, high fatigue strength, heat resistance, and biocompatibility. The increasing use of this alloy for several medical devices is estimated to contribute substantially towards the growth of the global market for nitinol medical devices in the coming years.
The rising number of medical appliances for minimally invasive endovascular surgeries and growing geriatric population are the key factors driving the global nitinol medical devices market. In addition, the potential opportunities in developing countries are projected to fuel the growth of the market in the next few years. However, several challenges and difficulties in the manufacturing process of nitinol medical devices and uncertainties concerning the use of nitinol are anticipated to curb the growth of the market in the near future.
By type, the global nitinol medical devices market has been broadly categorized into final medical components and semi-finished raw material. The final medical components segment has been sub-segmented into guidewires, stents, and others, whereas the semi-finished raw material segment has been sub-segmented into wiring, tubes, and others (sheets and ribbons). Amongst these devices, the stents segment is projected to log a 13.20% CAGR between 2013 and 2019. On the other hand, the wiring segment is estimated to register an 8.20% CAGR between 2013 and 2019.
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The global nitinol medical devices market has been classified on the basis of geography into Asia Pacific, Europe, North America, and Rest of the World. In 2012, North America accounted for the largest share in the global nitinol medical devices market. Nevertheless, as per the study, Asia Pacific is estimated to witness fast-paced growth throughout the forecast period. The rapid growth of this region can be attributed to the low treatment cost and rising patient population worldwide. Moreover, the developing medical tourism in several emerging economies of Asia Pacific and favorable government support are estimated to fuel the growth of the global nitinol medical devices market in the next few years.
The research study further evaluates the major players operating in the global nitinol medical devices market, including the profiles, inception details, contact information, financial overview, business policies, and recent developments. Some of the key players mentioned in the research study are C.R. Bard, Inc., Abbott Laboratories, Inc., Boston Scientific Corporation, Cook Medical, Inc., Custom Wire Technologies, Inc., and Nitinol Devices & Components, Inc.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of
Aug 25, 2016