Importance of Shape Memory Alloys Rising Due to Increasing Use of Medical Implants for Biomedical Applications. Growth In The Medical Implants Industry Is Expected To Boost Demand.
Rockville, March 03, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, growing demand for shape memory alloys can be attributed to the increasing use of medical implants around the world. The global shape memory alloys market is anticipated to reach US$ 45.8 billion by the end of 2033, expanding at a CAGR of 12.5% through 2033.
In recent years, an increasing number of people worldwide have been opting for medical implants as a means to enhance their overall health and address various healthcare concerns. In the field of biomedical applications, shape memory alloys (SMAs) are widely used, particularly in clinical inserts, due to their biocompatibility.
The healing process following an implant procedure is heavily reliant on the mechanical properties of the materials used for the implant. Nitinol shape memory alloys are extensively utilized in various clinical inserts due to their properties, such as high corrosion resistance, high flexibility, stress stability, and resistance to deformation.
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Key Takeaways from Market Study
The global shape memory alloys market is estimated to be valued at US$ 14.1 billion in 2023.
The market is estimated to reach US$ 45.8 billion by the end of 2033.
Demand for shape memory alloys is predicted to increase at a high CAGR of 12.5% through 2033.
Sales of shape memory alloys in Canada are anticipated to expand at a high-value CAGR of 11.7% from 2023 to 2033.
The biomedical industry is estimated to hold a leading position as an end user of shape memory alloys.
Demand for shape memory alloys in Germany is forecasted to increase at a CAGR of 11.6%.
According to a Fact.MR analyst, “The unique thermo-mechanical properties of shape memory alloys are increasing their usage in civil engineering for retrofitting existing concrete bridges.”
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Shape memory alloy manufacturers are increasing their spending to enhance their supply chain management systems to meet the global demand for these alloys. This enables them to uphold product standards and invest in new advancements. Additionally, manufacturers are striving to comply with safety, quality control, and environmental impact regulations set by relevant bodies.
Suppliers of shape memory alloys are involved in collaborations, agreements, and partnerships to produce high-quality SMAs and thus enhance their product portfolio.
Prominent manufacturers of shape memory alloys are investing actively in product launches and portfolio expansion to widen their geographical footprint.
In April 2021, Nippon Steel Corporation (Nippon Steel) launched ZAM®-EX. This coated steel sheet is corrosion-resistant and is launched for overseas markets.
Nextremity Solutions, Inc. entered into an exclusive agreement in January 2021 with Fort Wayne Metals to commercialize implants made from magnesium alloys.
In August 2021, Johnson Matthey and KBR entered into an agreement for the licensing of its innovative production technology.
Nitinol shape memory alloys are utilized for muscle implants, such as cardiovascular stents, dental applications, hip prostheses, intracranial staples, clinical staples, muscular screws, and plates. Orthodontic products also employ Nitinol alloys to close gaps between teeth, correct irregular bite patterns, and align and straighten teeth.
Orthodontic appliances, including both removable and fixed braces, are frequently used by individuals with jaw disorders and malocclusions. Due to the rapid increase in the number of people experiencing these conditions, the demand for orthodontic braces is expected to increase in the near future.
According to the European Journal of Pediatric Dentistry, malocclusion is a predominant condition among adolescents and children across the globe. To prevent and manage this condition, clinicians prioritize utilizing effective orthodontic treatments that commence during adolescence.
In the aerospace industry, shape memory alloys are primarily used for wing morphing in different planes. Increasing emphasis on multi-functionality and reliability is stimulating demand for certain active materials. Due to their temperature sensitivity, shape memory alloys are considered excellent solutions for various aerospace applications.
Shape Memory Alloys Industry Segmentation
Consumer Electronics & Home Appliances
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global shape memory alloys market for 2023 to 2033.
The study divulges essential insights into the market based on type (nitinol, iron-manganese-silicon, copper-based, others) and end use (biomedical, consumer electronics & home appliances, automotive, aerospace & defense, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
Key Questions Covered in the Shape Memory Alloys Market Report
What is the projected value of the Shape Memory Alloys Market in 2023?
At what rate will the global Shape Memory Alloys Market grow until 2033?
Which are the factors hampering the growth in the Shape Memory Alloys Market?
Which region is expected to lead in the global Shape Memory Alloys Market during 2023 to 2033?
Which are the factors driving the Shape Memory Alloys Market during the forecast period?
What is the expected market value of the Shape Memory Alloys Market during the forecast period?
Check out more related studies published by Fact.MR Research:
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Aluminium Alloys Market: The global aluminium alloys market is estimated at US$ 131 Bn in 2022, and is projected to reach US$ 287 Bn by 2032, expanding at a CAGR of 8.1% over the 2022 to 2032 assessment period.
Magnetic Alloys Market: The growth of aerospace industry owing to the latest technological advancements is expected to drive the membrane touch switch materials market. The growth of electronics industry is expected to boost the sales of membrane touch switch materials in near future.
Polymer Blends & Alloys Market: The global polymer blends & alloys market was valued at around US$ 4.15 billion at the end of 2021, registering Y-o-Y growth of 3.5%. Demand for polymer blends & alloys is projected to increase at a CAGR of 6.4% to reach a market valuation of US$ 8 billion by 2032.
Polyolefin Compound Market: The Polyolefin Compound Market is projected to grow at a CAGR of 7.3% during the forecast period 2023-2033.
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