According to IMARC Group’s latest report, titled “Nitinol Medical Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global nitinol medical devices market reached a value of US$ XX Billion in 2020. Nitinol refers to a class of shape memory alloys (SMA) made by integrating equal concentrations of nickel and titanium. It is a super elastic material with the ability to transform its phase from austenite to martensite and back to the stress-free austenite state. Nitinol is used in the manufacturing of medical devices that undergo repetitive deformations from high strain levels during deployment. Some commonly available nitinol medical devices, include catheter tubes, guidewires, stone retrieval baskets, filters, needles, dental files, arch wires, etc. These devices find various applications in minimally invasive (MI) procedures across the globe.
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The increasing prevalence of chronic diseases on account of sedentary consumer lifestyles and escalating intake of alcohol and tobacco, is primarily driving the need for nitinol medical devices in the medical sector. Additionally, the elevating adoption of nitinol medical devices in minimally invasive surgeries (MIS) for smaller incisions, less scarring, considerable accuracy, etc., is further propelling the market growth. Besides this, the introduction of advanced nitinol medical devices, including peripheral vascular stents that find extensive applications in general surgery, structural heart diseases, orthopedics, etc., is also augmenting the global market. Moreover, the emergence of biodegradable polymer stents, along with the growing product utilization in orthodontics and endodontics is anticipated to bolster the nitinol medical devices market in the coming years. Looking forward, IMARC Group expects the market to grow at a CAGR of XX% during 2021-2026.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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