Europe Nitinol Medical Devices Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Nitinol Stents, Nitinol Guidewires, Nitinol Filters, Nitinol Basket, Nitinol Catheters, and Others) and Application (Orthopedic, Vascular, Dental, and Gastroenterology)
The Europe nitinol medical devices market is expected to reach US$ 7,053.16 million by 2028 from US$ 4,449.83 million in 2021; it is estimated to grow with a CAGR of 6.8% from 2021 to 2028. The growth of the market is attributed to increasing adoption of minimally invasive surgeries (MIS) and formation of regulatory guidelines on nitinol device biocompatibility by regulatory bodies are boosting the market. However, the manufacturing challenges including joining and assembly, plating and coating, machining, and stamping, and forming are likely to hinder the market’s growth.
The use of minimally invasive surgeries has evolved the paradigm of the surgery in the medical science. The advantages of MIS such as smaller incisions, reduced pain, lower complications, minimal blood loss and shorter hospital stays have dramatically influenced the adoption of MIS. The increasing adoption of MIS is majorly backed by advantages of the MIS has equally contributed to leveraging the growth of nitinol medical devices specifically for robotic surgeries and laparoscopic procedures. Hence, increasing number of procedures through MIS is likely to drive the market during the forecast period. However, owing to the several manufacturing challenges, regulatory bodies are taking efforts to enhance the biocompatibility and stability of nitinol devices for broader medical applications. Various evaluations are performed to build a uniform manufacturing guideline for nitinol-based products. In October 2020, regulatory bodies such as Food and Drug Administration (FDA) released new guidelines related to premarket submissions on nitinol device biocompatibility with skin and their technicalities. Thus, the release of guidelines is expected to enhance the use of nitinol for developing medical devices for broader applications, thereby providing vital growth opportunities to the manufacturers during the forecast period.
The COVID–19 pandemic has shown a significant negative impact on the European health economies. Health services in European region is highly prioritized to serve for patients affected by COVID-19 and routine health care services have remained suspended. Therefore, it has affected the nitinol medical devices related market and its dependable revenue generation in the region. Lockdown by European countries has widely affected the flow of businesses across the region and outside the region. Various conferences related to industry are being conducted through webinars. Hence, it is expected that negative impact on the nitinol medical devices market is likely to continues in the following few years.
The Europe nitinol medical devices market, by product, is segmented into nitinol stents, nitinol guidewires, nitinol filters, nitinol baskets, nitinol catheters and others. In 2020, the nitinol stents segment held the largest share of the market, by product. And the same segment is estimated to grow at significant CAGR during the forecast period.
The Europe nitinol medical devices market, by application, is segmented into orthopedic, vascular, dental and gastroenterology. In 2020, the vascular segment held the largest share of the market, by application. Also, similar segment is expected to grow at the fastest rate during the coming years.
A few of the primary and secondary sources associated with this report on the Europe nitinol medical devices market are the World Health Organization (WHO), Spanish National Health System (NHS), and Kidney Care UK.
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