Medical Device Coating Market Synopsis:
Medical Device Coating is an integral factor to ensure patient’s safety & the extended durability of the devices. In addition to providing protection against susceptible attacks of various microbial factors and other pathogens, the coating also offers resistance to corrosion & friction, increasing the lubricity of the various types of devices and implants. Patient’s safety being a paramount concern, it drives the demand for the Medical Device Coating, in turn, driving the market growth pervasively.
Medical Device Coating Market is expected to grow at a CAGR of 5.16% to reach USD 10,109.7 million by 2023. The primary factors responsible for this growth includes the increasing geriatric population, growing demand for MISI (Minimal Invasive Surgical Instrument), and continuous innovation in the medical devices.
Medical Devices remain among one of the main pillars, the burgeoning healthcare sector is standing on today. Rising healthcare expenditures backed by the awareness towards the healthcare has stimulated the demand for early detection and non-invasive therapies, further stimulating the development of various innovative & connected products such as wearable medical devices & etc. The growth of Medical Devices market quite explains the demand & growth of the Global Medical Device Coating Market. Needless to say, that the market is ever increasing.
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Major Players:
The major contenders in the medical device coating market are Materion Corporation (U.S.), Surmodics, Inc. (U.S.), Hydromer Inc (U.S.), Speciality Coating Systems Inc (U.S.), Sono-Tek Corp (U.S.), Precision Coating Company, Inc (U.S.)., Royal DSM N.V (The Netherlands), and Biocoat Incorporated (U.S.)
Considering the rapid market expansion, & the growth potential the market holds, Market Research Future recently published an in-depth study report, giving out the complete market insights for the period 2017 – 2023. In its analysis MRFR asserts that the global Medical Device Coating market is forecasted to reach to USD 10,109.7 Million by 2023, registering 5.16% of a CAGR during the review period.
Evidently, technological advancements transpired over the past few years, are the predominant driving force, the medical device coating has evolved with. Especially the types of coatings such as hydroxyapetite, antimicrobial silver coatings, drug-eluting coatings & heparin, a blood compatible coating have been developed. Also, the coating application/ deposition processes have evolved greatly. For instance; plasma spraying, dipping, and spin coating, including the most recent coating technique such as low-temperature atmospheric plasmas, laser treatments, and microblasting techniques.
Industry/ Innovation/ Related News:
March 20, 2019 – DSM Biomedical (the Netherlands), a global science company active in health, nutrition, and materials, launched a dedicated website for its technology – Uralac®, a breakthrough technology, enabling powder coating of heat-sensitive substrates such as MDF (medium-density fiberboard).
February 01, 2019 – Surface Solutions (US) announced that its the Cathodic-arc PVD coating services, that can increase the life of a device by providing a harder, more lubricious and wear-resistant surface is increasingly used by medical device manufacturers to enhance their devices’ performance and to design their devices with the unrivalled (distinguishing) appearance, among similar products. Also, the hard, biocompatible, inert coatings don’t react with tissue, bone or bodily fluids.
December 20, 2017 – West Pharmaceutical Services (US), a leading global manufacturer in the design and production of hi-tech delivery systems for injectable medicines, launched FluroTec barrier film, a coating film to be applied to elastomer closures as well as plunger or piston & components for syringe or cartridge-based technologies used with auto-injector and pen systems.
Competitive Analysis:
The market is demonstrating a huge deal of potential for increasing at an expedited pace. The product offering of the market has diversified tremendously as compared to the past few years, thereby making the market more lucrative for current and new contenders. The market is very well defined in terms of segments involving the products as well as the end users that are a part of the market. The market attractiveness and competitors’ dynamics are deeply enhanced by the strategies that are being employed by market players. The improved financial liquidity of the competitors in the market has increased thereby proving new opportunities for growth of the market. The long term sustainability of the market is however greatly dependent on the tactics and the strategic roadmaps that are employed by market players.
Segmental Analysis:
The Segment – Antimicrobial by coating Types dominated the market with the largest share and is estimated to grow at a considerable CAGR during the forecast period.
Whereas segment Hydrophilic Coating will account for the dominating segment, expected to grow at 5.81% of a CAGR.
While Segment Cardiovascular by applications is expected to expand rapidly to reach USD 4,320.3 million by 2023 due to the wide penetration of medical devices in cardiac surgeries and pacemakers.
On the other hand, Segment Cardiology followed by orthopaedic and neurology segments will be registering a higher CAGR during 2017-2023.
Full report on Medical Device Coating Market Report Spread across 123 pages, profiling 12 companies and supported with tables and figures available @ https://www.marketresearchfuture.com/reports/medical-device-coatings-market-2120
Detailed Regional Analysis:
The regional analysis of the medical device coating market globally is segmented into regions such as Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. The North American region is accountable for the principal market share as of 2016 and is estimated to develop at a substantial CAGR for the duration of the forecast period. The North American region is leading the market owing to the availability of considerable number of medical devices manufacturers in this region. The North American region is trailed by the European region, which is responsible for the next major market share and it is expected to achieve USD 2,763.0 million by the end of 2023.
Germany is responsible for the maximum market share in the European region and is estimated to continue its dominance through the forecast period due to elevated penetration of end user industries in the nation. The Asia Pacific region is also a significant region in the medical device coating market, which is anticipated to develop at the top CAGR of 6.39 percent through the forecast period. China leads the Asia Pacific market in terms of both volume and value. The Asia Pacific region is followed by the Latin America and the Middle East & Africa region which anticipated to develop at a reasonable rate through the forecast period
Intended Audience
- Manufacturers and Distributors of Medical Device Coatings
- Manufacturers and Distributors of Medical Device Coatings
- Suppliers and Traders
- Government, Associations and Industrial Bodies
- Investors and Trade experts
- Consulting in Chemical Experts
Table Of Contents:
FIGURE 1Global Medical Device Coatings Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Five Forces Analysis Of Global Medical Device Coatings Market
FIGURE 4 Value Chain Of Global Medical Device Coatings Market
FIGURE 5 Share Of Global Medical Device Coatings Market In 2014, By Country (In %)
FIGURE 6 Global Medical Device Coatings Market, 2019 To 2023, (USD Billion)
FIGURE 7 Sub-Segments Of Applications
FIGURE 8 Global Medical Device Coatings Market Size By Applications , 2019 To 2023
FIGURE 9 Share Of Global Medical Device Coatings Market By Applications , 2019 To 2023
FIGURE 10 Global Medical Device Coatings Market Size By Type, 2019 To 2023
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