According to FutureWise analysis the market for Nitinol-based Medical Device in 2023 is US$ 44.46 billion, and is expected to reach US$ 98.97 billion by 2031 at a CAGR of 10.50%.
Nitinol is an alloy composed of nickel and titanium that has become a popular metal in medical device construction. The use of Nitinol is extensive in a variety of medical devices, including self-expanding grafts, baskets, filters, graft-supporting systems, and so on. The most prominent characteristic of Nitinol alloys is their super elasticity and thermal shape memory. Medical devices that are made of Nitinol, an alloy of nickel and titanium, are called Nitinol-based. It has been found that Nitinol-based stents and guidewires improve the effectiveness of surgery. Metal alloys made from Nitinol are corrosion-resistant and highly accepted in the medical device industry. The Global Nitinol-based Medical Devices Market is one of the fastest growing markets in recent years. The prevalence of cardiovascular diseases around the world is likely to increase the number of cardiovascular surgical procedures. Nitinol-based medical devices such as stents, catheters, and guidewires are therefore predicted to be in increased demand as a result of quick and safe surgical procedures. The superelasticity of the metal makes it suitable for use in medical products such as stents and guidewires. A number of commercially successful inferior vena cava filters and embolic protection devices have been developed over the years. As hospitals become more comfortable with minimally invasive surgery, it is becoming more common. As the procedures are performed through multiple small incisions rather than one large opening, patients tend to recover more quickly and have less discomfort after the procedures.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Nitinol-based Medical Device Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of market.
According to the research study conducted by FutureWise research analysts, the Nitinol-based Medical Device Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.