Medical Device Coating Market Analysis
Medical Device Coating Market - Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027
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.
Medical Device Coating Market Key Developments: