The global medical device coating market size is projected to surpass US$ 18 million by 2027, and register a CAGR of 9.1% over the forecast period (2019 - 2027).
Medical equipment is used at various phases right from basic check-up to surgical procedures or clinical tests. Medical devices, no matter at which phase they are used, need to meet certain safety and sanitary guidelines in order to ensure accurate disease diagnosis and meet the expected medical result. Medical equipment frequently comes in contact with external stimuli such as blood, tissue, and bacteria, which makes it necessary to introduce coatings that can reduce potential complications. Various types of medical coatings such as dry lubricants, water-repellant polymers, adhesive coatings, hydrophilic coatings, and anti-microbial liquids are used on medical devices depending on their applications.
Dry lubricants account for majority of the market share owing to rising disease prevalence around the globe. Furthermore, growth in the global population is expected to propel demand for medical coatings in the near future. Increasing focus on product developments and technological advancements by key players is likely to have a positive impact on the market growth. Medical device coatings such as lubricants can reduce friction between the device and medical tissue by inducing lubrication, surface coverage, uniform adhesion, wear-resistance, and coating homogeneity. Coatings such as super-hydrophilic coating possess properties such as optical clarity which can drive its demand over the forecast period.
Rising awareness among the population regarding minimally invasive surgeries, coupled with the growth potential of the medical sector in developed economies is expected to benefit the market growth. Increasing disposable income and mounting awareness about health and sanitation in emerging economies is also expected to propel demand for medical device coating solutions.
However, fluctuating cost of raw materials, as well as constantly changing regulations by regional governments regarding medical equipment may restrain growth of the global medical device coating market throughout the forecast period.
Rising geriatric population and increasing number government initiatives to improve quality of healthcare in developed countries such as the U.S., North America is expected to witness the largest growth in the medical coatings market. The sophisticated and strong nature of the market in Canada, increasing prevalence of key manufacturers in the region, and technological advancements are likely to favour growth of the market significantly. Asia Pacific is expected to emerge as the second largest market due to enormous demand from emerging economies such as China, India, and countries in Southeast Asia. Increasing incidence of cardiovascular disease in the region is also contributing to the market share. Other regions such as South America and the Middle East are also projected to experience significant growth in the next few years.
Major players operating in the global medical device coating market include AST Products, Inc., N8 Medical Inc, Surmodics Inc., Hydromer Inc., Precision Coating Company Inc., TheraSyn Pharmaceuticals Inc., Specialty Coating Systems Inc., Kane Biotech Inc., Abbott Laboratories, Royal DSM N.V., Biocoat, Inc., Materion Corp., and Sono-Tek Corp.
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
The primary research is conducted with the ecosystem players including, but not limited to:
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.[email protected]
Talk to our research consultant to design an exclusive report as per your research needs.
We aim to fulfil client's research demands with tailored research solutions.
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
We strive to provide most accurate and reliable research findings in our research reports.