The nitinol market industry is projected to grow Significant value by 2032, exhibiting a compound annual growth rate (CAGR) of 8.00% during the forecast period (2023 - 2032). Growing Need for Less invasive Surgery and Technological Developments in the Medical Device Sector are the key market drivers accelerating market expansion.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Market CAGR for nitinol is being driven by the rising Technological Developments in the Health Care Sector. Small tubes called stents are inserted into clogged passageways. Stents made of nitinol have some special qualities that set them apart from other stents in terms of efficiency. Because of their clever design, these stents conform to the vessel wall and withstand its forces when inserted. Furthermore, despite the nickel content, these stents are less corrosive.
Additionally, because of the increased use of these gadgets brought about by technical developments, the medical device sector has grown. Additionally, the growing use of nitinol- and drug-eluting stents for the treatment of diseases is propelling the market, as medical device development continues to grow. The adoption of medical equipment increased as a result of new technology, such as corrosion resistance. Artificial intelligence (AI) is used in medical technologies, including drug delivery systems, surgical robots, and diagnostic instruments. AI is utilized to improve the accuracy and efficacy of these technologies, as well as to develop remedies for illnesses. 3D printing is being used to make customized medical products like prosthetics, implants, and surgical tools.
Minimally invasive surgical methods involve a small incision to reduce the amount of bodily damage. Compared to typical surgeries, these techniques cause less discomfort. Due to the decreased risk of infection following these treatments, there is a greater demand for them. Devices based of nitinol have uses in laparoscopic procedures. Devices based on nitinol decrease the risk of infection, which increases their use in less invasive surgical operations. In 2020, 52% of surgical procedures were minimally invasive. In 2020, problems occurred in 29% of minimally invasive operations. Hospitals that launched robotic surgery programs swiftly and broadly adopted robotic surgery; yet, this was accompanied by a fall in traditional laparoscopic minimally invasive surgery.
For instance, the World Heart Federation recently estimated that the number of people who died worldwide from cardiovascular diseases (CVDs), which are the leading cause of death worldwide, increased by 60% from 12.1 million in 1990 to 20.5 million in 2021. Worldwide, 2% of deaths from cardiovascular disease are associated with rheumatic heart disease. Thus, result in driving the nitinol market revenue.
Cook Medical, for instance, received breakthrough device designation from the US Food and Drug Administration (FDA) in January 2022 for a novel drug-eluting stent below the knee. Specifically, this new stent is designed to treat patients with chronic limb-threatening ischemia (CLTI).
The global nitinol market segmentation, based on type includes 1-Way Memory Effect, 2-Way Memory Effect, and Full Memory Effect. The 1-way memory effect segment dominated the market. One-way shape memory effect: The inelastic strain is recovered by the reverse transformation brought about by heating; since stress has reoriented martensite variants, the reversion to austenite results in a large transformation strain that is directed in the opposite direction from the inelastic strain and causes the SMA to revert to its original shape.
Figure1:Global Nitinol Market, by Type, 2022&2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The global nitinol market segmentation, based on Application, includes Medical Applications, Aircraft Applications, Automotive, and Home Appliance. The medical applications category generated the most income as medical facilities concentrate on offering novel medicines and treatments for illnesses through their programs.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American nitinol market area will dominate this market. Nitinol-based medical devices are becoming more and more popular in North America as a result of people's growing disposable income and expanding technology use.
Further, the major countries studied in the market report are The US, German, France, the UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil.
Figure2: GLOBAL NITINOL MARKET SHARE BY REGION 2022 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe nitinol market has the second-largest portion of the market. The growing number of minimally invasive procedures (MIS) is thought to be the reason for the market's expansion. Further, the German nitinol market maintained the most market share, and the UK nitinol market was the European market with the quickest rate of growth.
The Asia-Pacific Nitinol Market is anticipated to expand between 2023 and 2032 at the quickest CAGR. Growing disease burden and rising use of minimally invasive procedures are the key reasons for the growth of this region. Moreover, China’s nitinol market maintained the most market share, and the Indian nitinol market was the Asia-Pacific region's fastest-growing market.
Leading market players are putting a lot of money on R&D to broaden their product ranges, which will promote further growth in the nitinol industry. Additionally, market players are engaging in a range of calculated initiatives to increase their worldwide presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. To grow and endure in an increasingly cutthroat and dynamic market, nitinol industry must provide reasonably priced goods.
One of the main business strategies employed by manufacturers is to manufacture locally in order to reduce operating expenses in the global nitinol industry to help customers and expand the market segment. In recent years, the nitinol industry has provided some of the biggest benefits to medicine. Major players in the nitinol market, including Nitinol Devices & Components, SAES Getters, Johnson Matthey, ATI, Fort Wayne Metals, and others, are engaging in research and development activities in an effort to boost market demand.
Abbott Laboratories is a worldwide medical equipment and healthcare firm. In addition to selling medical equipment, diagnostics, branded generic medications, and nutritional goods, the company was established in 1888 by Chicago physician Wallace Calvin Abbott to develop well-known drugs. In 2013, it divided into AbbVie and separated its research-based pharmaceutical division. MitraClip, Glucerna, Ensure, ZonePerfect, FreeStyle Libre, i-STAT, Similac, Pedialyte, and BinaxNOW are among the products made by Abbott. In January 2022, Abbott unveiled Lingo, a set of consumer biowearable sensors that gathers biological data to enhance diet and exercise plans.
Medtronic plc is a US-based manufacturer of medical devices. Due to its 2015 acquisition of the Irish-based Covidien, the firm now has its legal, executive, and operational headquarters in Ireland and its operating headquarters in Minneapolis, Minnesota. It employs approximately 90,000 people and conducts business in more than 150 countries, with the United States being its primary market. It creates and produces medical devices and treatments. In October 2022, The Company said that it intended to pursue the separation of its Medical Surgical Portfolio businesses, which include the combined Patient Monitoring and Respiratory Interventions businesses.
February 2019: B. Braun Medical Inc. has successfully acquired the Streamline Bloodlines Business from NxStage Medical Inc.
May 2019: Boston Scientific Corporation's Vici Venous Stent System was given US FDA approval to treat iliofemoral venous occlusion disease.
May 2022: Stryker Corporation introduced their EasyFuse Dynamic Compression System. Reduction of surgical complexity and waste in the operating room (OR) is the goal of the material's strength and shape recovery.
November 2022: Alleima acquires a Germany-based manufacturer of medical devices and components made of shape-memory alloy nitinol-Endosmart Gesellschaft für Medizintechnik GmbH (Endosmart). For instance, kidney stone retrieval baskets or snares are among the products offered, as well as breast cancer tumor markers or surgical instruments.
| Report Attribute/Metric | Details |
| Market Size2022 | USD XX Billion |
| Market Size 2023 | USD XX Billion |
| Market Size2032 | USD XX Billion |
| Compound Annual Growth Rate (CAGR) | 8.00% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The US, German, France, UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil |
| Key Companies Profiled | Â Nitinol Devices & Components, SAES Getters, Johnson Matthey, ATI, Fort Wayne Metals, Metalwerks PMD, Ultimate NiTi Technologies |
| Key Market Opportunities | ·      Growing Need for Less Invasive Surgical Treatments. |
| Key Market Dynamics | ·      The introduction of new technology, such as corrosion resistance, increased the use of medical equipment |
Nitinol Market Highlights:
Frequently Asked Questions (FAQ) :
The global nitinol market was projected to be at significant value in 2022.
From 2023 to 2032, The anticipated compound annual growth rate (CAGR) for the global market is 8.00%.
North America held the most market share worldwide.
Nitinol Devices & Components, SAES Getters, Johnson Matthey, ATI, and Fort Wayne Metals are the major companies in the market.
In 2022, the market was dominated by the 1-Way Memory Effect sector.
The Medical Applications Company held the biggest market share worldwide.
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Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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