LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global nitinol-based medical devices market to grow at a CAGR of almost 11% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global nitinol-based medical devices market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
Nitinol-based devices are costly compared with other devices. However, the increased efficiency and improved outcomes delivered by nitinol-based devices have increased the demand for this material. In the Americas, due to the increased income level of people, the usage of nitinol-based medical devices is growing. Reimbursement policies have also been favoring the usage of these devices.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global nitinol-based medical devices market:
- Increasing application of shape metal alloys (SMAs)
- Emergence of next-generation hybrid guidewires and stents
- Rising number of minimally invasive (MI) endovascular surgeries
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Increasing application of shape metal alloys (SMAs)
The usage of SMAs is increasing in many areas due to their high-power density, solid-state actuation, high damping capacity, durability, and fatigue resistance. Nitinol is the most commonly used SMA, known for its superior thermomechanical and thermoelectrical properties. Nitinol is being used in several applications areas in the global medical devices market.
Neha Noopur, a lead orthopedics and medical devices research analyst at Technavio, says, “Broken bones can be mended with the help of SMAs. The alloy plate is attached to both the ends of the broken bone. SMAs can also be used in hip replacements, considering the high level of super-elasticity. It can also be used as reinforcement for arteries and veins, where a crushed alloy tube is placed into the clogged veins.”
Emergence of next-generation hybrid guidewires and stents
Hybrid guidewires and stents have seen technological advances over the years. Such guidewires can incorporate the features of individual wires. It has decreased the need for multiple wires and maintenance of a large inventory. Boston Scientific has launched hybrid guidewire designed specifically for the urologists. It combines the easy access of nitinol hydrophilic guidewire with the handling and security of a polytetrafluoroethylene (PTFE) wire.
“The PTFE coating on the wire improves handling and offers smooth wire surface to facilitate advancement and catheter tracking. It is designed as a flat wire stainless steel guidewire, which enhances instrumentation and device placement. PTFE guidewires have nitinol core, which offers a kink-resistant shaft for enhanced control,” adds Neha.
Rising number of minimally invasive (MI) endovascular surgeries
The demand for MI procedures has been increasing globally. These procedures reduce the physical trauma to the patient and the risk of infection, therefore ensuring faster recovery. MI procedures have certain benefits such as lower cost, shorter hospital stay, greater comfort, quicker convalescence and return to work. These procedures have greater effectiveness than traditional treatments.
In MI surgeries, doctors make much smaller incisions; thus, these surgeries are much safer. Sophisticated imaging techniques are essential before MI surgeries. Medical centers in the US have been actively engaged in developing state-of-the-art techniques in intraoperative imaging, which enables greater precision in MI surgery.
Top vendors:
- Abbott
- Boston Scientific
- Medtronic
- TERUMO
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