The global medical coatings market is projected to grow at a CAGR of 7.04% from 2016 to reach USD 15.15 Billion by 2021. The market is highly driven by the awareness about healthcare acquired infections and minimally invasive surgery.
Seattle, United States -- (SBWIRE) -- 02/14/2017 -- The report "Medical Coatings Market by Type (Hydrophilic and Hydrophobic Coating), Application (Medical Devices, Implants, Medical Equipment & Tools), and Region (Asia-Pacific, Central & Eastern Europe, North America, Western Europe and RoW) - Global Forecast to 2021", The global medical coatings market is projected to reach USD 15.15 Billion by 2021 at CAGR of 7.04% from 2016 to 2021.
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This high growth is fueled by increasing awareness about healthcare facilities and healthcare acquired infections globally.
Hydrophilic Coatings-key coating type for medical coatings
The medical coatings market is segmented into two types: hydrophilic and hydrophobic coatings. These types have application specific demands that are differentiated by cost, and efficiency. These coatings may be used in combinations on medical products as required or individually. Hydrophilic coatings are widely used on medical products such as; guide wires, catheters, and introducer sheaths to lower the friction coefficient. The demand for hydrophilic coatings is high due to properties such as lubricity, durability, low friction coefficient, and low particulate count.
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Medical Devices: Major application of the medical coatings market
Medical devices broadly include orthopedic devices, cardiovascular devices, optical devices, endoscopic devices, radiological devices, and others. Several new coating technologies are being developed for application to these devices, to reduce the friction between the device and the tissue, and provide good surface coverage, wetting, uniform adhesion, wear-resistance and coating homogeneity. The developing medical coatings market in China and India is projected to boost the global medical device coatings market.
North America and Europe together are expected to account for around 70% of the medical coatings market, in terms of value, by 2021
North America is the largest market for medical coatings currently and the trend is expected to continue till 2021. The European medical coatings market is expected to show a slightly higher growth rate than the North American market. The Asia-Pacific market is expected to show the highest growth rate but the market share is currently lower than that in North America and Europe. The U.S., Germany, China, and Japan are the manufacturing hubs of medical products in the world and are major consumers of medical coatings.
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Companies such as Royal DSM (Netherlands), Hydromer Inc. (U.S.), Surmodics Inc. (U.S.), AST Products Inc. (U.S.), and Covalon Technologies Ltd. (Canada), Abbott Laboratories (U.S.), Precision Coatings Inc. (U.S.) are the dominant market players in the global medical coatings market.
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