The report analyzes and forecasts the medical device coatings market on the global and regional level. The study provides historical data of 2013 along with forecast from 2014 to 2020 based on volume (Kilo Tons) and revenue (US$ Mn).
Albany, NY -- (SBWIRE) -- 10/19/2016 -- Prolonged usage of medical devices has resulted in adverse factors, including wearing out, rise in infections, development of microbes and increase in friction and corrosion. Medical devices are protective coated to counter these adverse effects. Different types of surface coating technologies have been implemented in the recent past. These have helped reduce design complexity and improved the overall usage. Medical device coatings are primarily classified as lubricious, anti-microbial, drug-eluting stent and parylene polymer.
Based on products, the market for medical device coatings has been classified into anti-microbial coatings, hydrophilic coatings, drug-eluting coatings and anti-thrombogenic coatings, among others. Anti-microbial coatings and drug-eluting coatings have been the majorly consumed medical device coatings over the past few years. The market for medical device coatings is primarily driven by increasing healthcare awareness in developing countries. Furthermore, demand for better medical & healthcare facilities is expected to increase in the near future due to rise in disposable income in emerging economies. Medical device coatings are applied on various devices, including surgical instruments, in vitro diagnostic devices, artificial implants, electro-medical equipment and dental handling and ophthalmic instruments.
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Growth of the medical device industry in China is the key driving factor for the medical device coatings market. Significant foreign investments coupled with lenient governmental regulations are some of the stimulators of demand growth. Additionally, penetration of new medical device manufacturing firms has resulted in the expansion of China's medical device industry. However, increasing prices of raw materials coupled with stringent governmental regulations in developed regions is anticipated to hamper market growth in the next few years.
Anti-microbial coatings dominated the medical device coatings market, accounting for over 40% of the global demand in 2013. Anti-microbial coatings resist the formation of microbial growth on the coating substrate. Hydrophilic coatings is estimated to be the fastest growing product segments during the forecast period. Hydrophilic coatings are gaining importance, as they provide sufficient wetting ability to facilitate smooth lubrication. Other medical device coatings (such as anti-thrombogenic coatings) are projected to exhibit favorable market growth over the next few years.
In terms of demand, general surgical devices followed by cardiovascular devices have been dominating the medical device coatings market in the past few years. Medical device coatings are applied on a wide range of medical devices such as catheters, stents, guide wires, syringes, sutures, hypotubes and mandrels. Cardiovascular devices is likely to be the fastest growing end-user segment for the medical device coatings market in the next few years.
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In terms of demand, North America held the largest market for medical device coatings with over 45% share in 2013. Demand for medical device coatings in North America is estimated to remain stable by the end of 2020, owing to technological developments in the recent past. Europe constituted the second-largest market for medical device coatings in 2013. Growth of medical device coatings in the region is expected to decline by 2020, due to stringent governmental regulations imposed by the European Union. Asia Pacific is anticipated to witness fast paced growth in demand for medical device coatings in the near future. Demand for coatings by cardiovascular and dentistry end-users is likely to fuel market growth in the region. China, India and Southeast Asia are expected to dominate the demand for medical device coatings in Asia Pacific. Increase in health awareness and aging population in Brazil is projected to boost the demand for medical device coatings in Rest of the World. Furthermore, cardiovascular and neurology devices are the major end-users that are estimated to provide lucrative opportunities for the medical device coatings market during the forecast period.
Companies such as SurModics, Inc., Royal DSM N.V., Hydromer, Inc., Covalon Technologies Ltd., BioCoat, Inc., Merit Medical Systems, Inc. and Sono-Tek Corporation are the major manufacturers in the medical device coatings market. Most manufacturers offer anti-microbial, hydrophilic and drug-eluting coatings, among others.
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