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Asia Pacific Nitinol Medical Devices Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product and Application

Asia Pacific Nitinol Medical Devices Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product and Application

  • July 2021
  • 141 pages
  • ID: 6134592
  • Format: PDF
  • The Insight Partners

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The Asia Pacific nitinol medical devices market is expected to reach US$ 6,042.05 million by 2028 from US$ 3,581.36 million in 2021; it is estimated to grow at a CAGR of 7.8% from 2021 to 2028. The growth of the market is attributed to increasing adoption of minimally invasive surgeries (MIS) and growing technological advancements in nitinol devices across globe 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.According to a research article “Management of Patients after Laparoscopic Procedures” published in 2018, ~15 million laparoscopic procedures are performed each year across the world.

Such increasing number of procedures through MIS is likely to drive the market during the forecast period.Additionally, there is a growing demand for nitinol stents across the world to treat the increasing prevalence of CVD and PVD.

Hence, various researches are being conducted across the regions to develop 3D printed nitinol stents. Such innovations in the field of nitinol medical devices have leveraged more product development, which is expected to be a trend setter for companies operating in the market. Nevertheless, the growing technological advancements are likely to influence the growth of market during the forecast period.

Countries in Asia Pacific are expecting to witness huge challenge due to growing COVID-19.Considering the economic operations and geographic condition, the outbreak of disease has affected on manufacturers of medical equipment, accessories and other problems posed by shortage of healthcare infrastructure in Asia-Pacific low-income countries.

Owing to which the patients post vaccination are undergoing the pending medical procedures such as the surgeries, dental treatments, and others.The healthcare systems in the region have regained its capacity since the start of the pandemic.

However, the development of the advance treatments and reductions in the death rate has gained confidence in the doctors and patients. Thus, it is expected to have low negative impact on the nitinol medical devices market in the region.
The Asia Pacific 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 Asia Pacific 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 Asia Pacific nitinol medical devices market are the Association of Indian Medical Device Industry (AMED), National Medical Products Administration of China (NIMPA), National Institute of Health and Family Welfare (NIHFW) and Quality Council of India (QCI).

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