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The Nitinol market, essentially, with its unique characteristics of Nitinol alloy at its base, has been always undergoing the continuous stream of changes in the market dynamics. It is the shape memory properties and superelasticity of Nitinol, a nickel-titanium alloy, that make it a material of critical importance in manufacturing many products throughout industries. Technical innovations, increasing applicabilities, and developing customer sentiments share the dynamics of the market.
The technical developments are absolutely the major force which molds the Nitinol market. Therefore, there has been the continuous discovery of alloys and improvement in the manufacturing techniques which has led to the better performance and efficiency of shape memory alloys – that is Nitinol. These kind of innovations expand the lines of applications and thus heat up the competition between market players concerning who ameliorate their inventions and keeps in front of this changeable landscape.
The forces of the Nitinol market expansion, in addition, may not cease to slow with the broadening use of the alloy in different industries. Initially applied for stents and guidewires building for medical devices, nitinol has quickly moved into the aerospace, automotive, and consumer electronics industries. The versatility of applications in the renewable energy generation industry has further opened the gate for renewable energy sources to be utilized in a variety of sectors, which has, in turn, demonstrated an increased level of demand. Multidimensionality of Nitinol, in its turn, stimulates the search for new approaches to the production, which results in the market being rearranged.
With the changing consumer behaviour, we can see an increase in tendency to buy a product that provides strength, flexibility and durability at the same time. Nitinol is an ideal example of the material meeting the application's requirements and so it has been the preferred choice for many applications. The market dynamics are additionally affected by this change in consumers’ preferences which, on the other hand, drives the industries to incorporate Nitinol to satisfy the audience hunger for high performing materials.
The other major influence on the market dynamics of Nitinol is the phenomena of global economy. Shifts in currency exchange treads, trade policies and geopolitical buffers might affect the needs of raw materials, production and transportation Economic variables of this market are in a constant motion including both growth and downturn phases. Such volatility forces producers to create strategies that are resilient and can assist them in areas like ambivalent demand, expecting highs during peaking phases and lows during the downturns.
The fact that the market works in partnership before the larger collaborations with market leaders is further fuel to the Nitinol market’s dynamism. Bridging and strategic agreements enhance the capabilities of companies by giving them an opportunity to merge the resources and the knowledge as well as consider neoteric and fruitful paths. Such collaborations usually generate innovative products which bring innovations in the way products are made and affect the demand by making available new uses and therefore expanding the market reach.
Nitinol Market Highlights:
Global Nitinol Market Overview
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
Nitinol Market Trends
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Growing technological developments in the health care sector is driving the market growth
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).
Nitinol Market Segment Insights
Nitinol Type Insights
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
Nitinol Application Insights
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.
Nitinol Regional Insights
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.
Nitinol Key Market Players & Competitive Insights
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.
Key Companies in the nitinol market include
- Nitinol Devices & Components
- SAES Getters
- Johnson Matthey
- ATI
- Fort Wayne Metals
- Metalwerks PMD
- Ultimate NiTi Technologies
- Abbott
- Medtronic
Nitinol Industry Developments
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.
Nitinol Market Segmentation
Nitinol Type Outlook
- 1-Way Memory Effect
- 2-Way Memory Effect
- Full Memory Effect
Nitinol Application Outlook
- Medical Applications
- Aircraft Applications
- Automotive
- Home Appliance
Nitinol Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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