About Nitinol-based Medical Devices
Nitinol-based medical devices are made of nitinol, an alloy of nickel and titanium. The use of nitinol-based stents and guidewires has improved procedural outcome. The nitinol alloys are corrosion resistant and are highly accepted in the medical device industry. The global medical devices market has been growing extensively over the years. With increasing investment in research and development (R&D) for manufacturing nitinol-based medical devices, the use of these devices has increased rapidly in the recent years.
Technavio’s analysts forecast the global nitinol-based medical devices market to grow at a CAGR of 10.50% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global nitinol-based medical devices market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Nitinol-based Medical Devices Market 2017-2021
Technavio recognizes the following companies as the key players in the global nitinol-based medical devices market: Abbott, Boston Scientific, Medtronic, and TERUMO.
Other Prominent Vendors in the market are: Acandis, B. Braun Melsungen, Biotronik, C. R. Bard, Confluent Medical Technologies, Cook Medical, ELLA-CS, ENDOCOR, JOTEC, Lombard Medical, Novatech, Rontis, and Stryker.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increasing mergers and acquisitions (M&A) for global expansion. Companies are expanding their global footprint and market share through M&A strategy. This provides the companies a platform to exchange their R&D proficiencies and technology among themselves. While at the same time, the smaller players have ample of future potential to grow through the large companies' platform provided by the acquisition of smaller players.”
According to the report, one driver in the market is 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. Hybrid guidewires can reduce the total number of wires used during a procedure as well as the time required for wire exchanges
Further, the report states that one challenge in the market is complications associated with manufacturing of nitinol-based devices. Nitinol-based devices have specific properties and are resistant to deformation. It makes machining of nitinol-based devices difficult. The machining of nitinol causes severe tool wear. Abrasive tools such as grinders and abrasive saws are preferred for cutting this material. It is also very difficult to join the alloy with dissimilar materials. Welding and brazing leads to solidification and cracking issues. For smaller components laser welding or microplasma welding can be used but a stress relieving heat treatment should be included in it.
Abbott, Boston Scientific, Medtronic, TERUMO, Acandis, B. Braun Melsungen, Biotronik, C. R. Bard, Confluent Medical Technologies, Cook Medical, ELLA-CS, ENDOCOR, JOTEC, Lombard Medical, Novatech, Rontis, and Stryker.