Nitinol Stents Market : Research Analysis by Basic Information, Manufacturing Base, Sales Area and Regions
Nitinol is a metallic alloy of nickel & platinum. Nitinol stent is a small tube of mesh made of nitinol material, which is used for the treatment of narrowed and weakened arteries or veins. They are implanted in the blood vessels through a procedure called percutaneous coronary intervention (PCI), also known as coronary angioplasty. Nitinol stents is preferred for the construction of vascular and non-vascular stents, as it has a combination of properties such as corrosion resistance which makes the stents safe and flexible. Biocompatibility of nitinol stents and their easy positioning after deployment in the blood vessels are some of the properties comparable to other stenting materials.
Discovery of novel class of metallic alloys, rising demand for novel stents such as drug-eluting stents, and technological advancements in the electroplating of metal alloys are the major factors expected to drive the market of nitinol stents during the forecast period. However, low awareness and adoption of novel alloys such as nitinol in developing countries is expected to restrain the growth of the nitinol stents market during the forecast period.
The global nitinol stents market is segmented on the basis of product type, technology type, and end user. Based on product type, the nitinol stents market is divided into arterial stents and venous stents. Arterial stents are further divided into coronary stents and peripheral stents. Arterial stents accounted for the highest nitinol stents market share in 2016, wherein coronary stents sub-segment generated maximum revenue. The dominance of coronary stents in 2016 is attributable to the rise in the number of trained and well-qualified interventional cardiologists, and increasing prevalence of coronary heart diseases. However, peripheral nitinol stents are expected to grow with maximum CAGR during the forecast period. Venous stents are estimated to witness significant CAGR during 2017-2025, owing to improved diagnostic techniques for critical venous diseases, and introduction of self-expanding nitinol stents for venous stenting procedures. Based on technology type, the global nitinol stents market is segmented into bare metal stents, drug-eluting stents, self-expanding stents, balloon-expanding stents, and others.
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The others segment of the nitinol stents market is comprised of novel stents such as bio-engineered stents, covered stents etc. Drug-eluting stents accounted for maximum nitinol stents market share in terms of revenue in 2016, and is likely to continue to remain dominant throughout the forecast period. The significant nitinol stents market growth of this segment is attributed to the incorporation of innovative next-generation drugs in drug-eluting stents, and increasing awareness regarding percutaneous coronary intervention (PCI) procedures across the globe. However, corrosion resistance & flexibility of nitinol stents, and rising demand for precise stenting techniques are estimated to boost the nitinol stents market of self-expanding stents at a relatively significant CAGR during 2017-2025. In terms of end-user, the global nitinol stents market is classified as hospitals, ambulatory surgical centers, and clinics. Improved healthcare infrastructure, and rising investments of public and private players in the healthcare sector of emerging countries are the major factors responsible for the dominance of the hospitals segment in the global nitinol stents market in 2016. Hospitals are estimated to remain dominant during the forecast period due to the improved diagnosis of chronic diseases and rise in the number of multispecialty hospitals across the globe.
Geographically, the global nitinol stents market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2016, North America dominated the global nitinol stents market in terms of revenue, which is attributed to the strategic presence of key manufacturers in the U.S. and Canada, and increasing investments of public and private players in the interventional cardiology sector of the U.S. However, improved international trade of nitinol medical devices in countries such as India and China is expected to propel the market of nitinol stents in Asia Pacific at maximum CAGR during the forecast period.
Prominent players involved in the manufacture of nitinol stents are W. L. Gore & Associates, Inc., BIOTRONIK AG, Boston Scientific Corporation, Medtronic, C. R. Bard, Inc. (BARD Peripheral Vascular), Biosensors International Group, Ltd., Abbott Vascular (Abbott Laboratories), Cordis Corporation (a Cardinal Health Company), Cook Medical, and others.