Medical Coatings Market:
The GMI Research’s latest analysis reveals that the Medical Coatings Market is slated to register a higher CAGR over the coming years. The continuous expansion of the healthcare sector, along with the increasing geriatric population, easy availability of home healthcare facilities, and the continuous advancement in the field of medical treatment and surgical procedures.
Medical Coatings Market’s leading Manufacturers:
- Koninklijke DSM N.V.
- AST Products, Inc.
- Hydromer Inc.
- Precision Coating Company, Inc.
- Covalon Technologies Ltd.
- Harland Medical Systems, Inc.
- Medicoat AG
- Merit Medical Systems, Inc.
- Surmodics Inc.
- Biocoat, Inc.
Medical Coatings Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
The major factors that are surging the growth of the medical coatings market size include the expansion of the healthcare sector, followed by the increasing geriatric population, easy availability of home healthcare facilities, and the continuous advancement in the field of medical treatment and surgical procedures. Moreover, the medical coatings improve the performance and medical device, including sutures, stents, cardiovascular devices, guide wires, and ventilators to protect them from microbes and other pathogens. This factor is further propelling the market growth during the forecast period.
The emergence of coronavirus has increased the expenditure for the production and development of medical tools and devices such as containers for intravenous injections, PPE kits, disinfectants, sterilization devices, and transport ventilators. This is projected to drive the growth of the market over the forecast period. As per the World Bank, the healthcare expenditure was around 9.8% of the world GDP in 2018. The growing emphasis on advancements of medical devices used in the treatment, diagnosis, and prevention of diseases and physical conditions of patients is further boosting the market’s demand.
On the other hand, the high manufacturing costs and the growing prices of raw material prices which include silicone rubber and PTFE, is hampering the market growth during the forecast period. Furthermore, the low shelf life of medical coatings along with the time-consuming regulatory approval will further hinder the market growth.
Chemistry Segment Drivers
Based on the chemistry, silicon is projected to grow at a higher CAGR during the forecast period. This is mainly due to the increasing use of silicon based coatings syringes, cannulas, needles, and catheters to prevent subcutaneous tissue irritation. Moreover, the introduction of organic silicon to prevent microbial and fungal adhesion and protection against corrosion is further driving the segment growth.
Application Segment Drivers
Based on the application, the medical devices is expected to dominate the market during the forecast period. The growing number of healthcare facilities, along with the rising prevalence of chronic diseases and strong demand for medical devices such as respirators, catheters, positive pressure breathing devices, in-vitro diagnostic devices, and other devices, is further driving the growth of the market.
Medical Coatings Market Segmentation:
Segmentation by Chemistry:
- Silicon
- Fluoropolymer
- Parylene
- Others
Segmentation by Type:
- Anti-Microbial Coating
- Hydrophilic Coating
- Drug-Eluting Coating
- Anti-Thrombogenic Coating
- Others
Segmentation by Application:
- Medical Devices
- Medical Implants
- Medical Equipment and Tools
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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