Nitinol Medical Devices Market Size, Trends and Growth Analysis by 2027

The nitinol medical devices market was valued at approximately US$ 15,807.53 million in 2020 and is anticipated to grow to US$ 27,327.25 million by 2028, reflecting a compound annual growth rate (CAGR) of 7.2% from 2021 to 2028.

This market expansion can be primarily attributed to several key factors, including the rising adoption of minimally invasive surgeries (MIS) and the increasing prevalence of chronic diseases. However, the growth of the market faces challenges due to manufacturing difficulties associated with nitinol medical devices. Conversely, the establishment of regulatory guidelines is expected to create significant opportunities for market growth throughout the forecast period.

The advent of minimally invasive surgeries has transformed surgical practices within the medical field. The development of innovative technologies has led to heightened interest, awareness, and clinical trials, culminating in the widespread adoption of MIS. Various types of MIS, including laparoscopic surgery, robotic surgery, endoscopic mucosal resection, and endovascular surgery, are increasingly utilized across numerous countries globally. The benefits of MIS, such as smaller incisions, reduced pain, fewer complications, minimal blood loss, and shorter hospital stays, have significantly impacted the preference for these surgical techniques.

Minimally invasive surgeries necessitate the use of specialized medical instruments or devices, including guiding catheters, guidewires, stents, filters, inflators, insufflators, and closure devices. These devices must possess high flexibility, biocompatibility, strength, elasticity, and safety, as they are introduced through small incisions. Consequently, nitinol is often the material of choice for manufacturing these devices. In addition to the aforementioned properties, nitinol's unique shape-retaining capability has further propelled its application in the design of medical devices for MIS. Thus, the distinctive characteristics of nitinol have led to a substantial utilization of nitinol-based medical devices in minimally invasive procedures.

The global nitinol medical devices market is categorized by product type into nitinol stents, nitinol guidewires, nitinol filters, nitinol baskets, nitinol catheters, and others. In 2020, the nitinol stents segment commanded the largest market share and is projected to exhibit the highest CAGR during the forecast period.

In terms of application, the market is divided into orthopedic, vascular, dental, and gastroenterology segments. The vascular segment held the largest market share in 2020 and is expected to demonstrate the highest growth rate from 2021 to 2028.

To compile the report on the global nitinol medical devices market, several key secondary sources were consulted, including the Food Safety and Inspection Service, the Food and Drug Administration, and the European Medical Association.