Market Synopsis of Global Medical Device Coating Market:
Coating is any type of covering applied on the substrate or an object for either to serve a protective or decorative purpose. The medical devices are susceptible to an attack of various germs such as bacteria, viruses, and other pathogens apart from the physical damages. This necessitates the application of a protective coating on the surface of numerous diagnostic and surgical medical devices such as stent, cardiac assist devices and needles, among others.
The Global Medical Device Coating Market is expected to grow at a CAGR of 5.16% to reach USD 10,109.7 million by 2023. The primary factors responsible for this growth includes the increasing geriatric population, growing demand for MISI (Minimal Invasive Surgical Instrument), and continuous innovation in the medical devices.
By Type, the Medical Device Coating is categorized into antimicrobial, drug-eluting, and anti therombogenic medical device coatings. Among these types, the antimicrobial Medical Device Coating is dominating the market with the largest share and it is estimated to grow at a considerable CAGR during the forecast period. This is attributed to the need to tackle bacterial colonization on the orthopedic implant surfaces. In coming years, the hydrophilic Medical Device Coating is poised to dominate the market by growing at a considerable CAGR of 5.81%.
Depending upon Application, the Global Medical Device Coating Market is categorized into cardiovascular, orthopedics, neurology, gynecology, and others. The cardiovascular application is the leading segment, which is growing rapidly to reach USD 4,320.3 million by 2023. The dominance of this segment is attributed to the greater penetration of medical devices in cardiac surgeries and pacemakers. The cardiology segment is followed by orthopedic and neurology segments. Among them, the orthopedics segment is projected to witness exponential growth at the highest CAGR due to increasing aging population and growing awareness among the consumers.
Segmentation:
The Global Medical Device Coating Market is segmented on the basis of type, application, and region. On the basis of type, the market is classified into antimicrobial, drug-eluting, and anti thrombogenic. By application, the market is divided into cardiovascular, orthopedics, neurology gynecology, and others. Geographically, the Global Medical Device Coating Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Key Findings:
The Global Medical Device Coatings Market is projected to reach USD 10,109.7 million by 2023 at a CAGR of 5.16% during review period 2017-2023. North America accounted for largest share due to the significant existence of medical devices manufacturers in the region. Asia Pacific is the fastest growing region in the Global Medical Device Coating Market, which is growing at a CAGR of 6.39%. The antimicrobial coatings segment is estimated to dominate the global market owing to existing need to tackle bacterial colonization on the orthopedic implants surface. The hydrophilic segment is projected to witness the highest CAGR of 5.81% due to growing awareness regarding specific need to increase lubricating properties of the devices among the medical device manufacturers.
Industry/ Innovation/ Related News:
October 31, 2017- SurModics, Inc has launched a single coat formulation of its most advanced hydrophilic medical device coating Serene®. The newly launched formulated coating solution will help device manufacturer to meet the challenge of achieving the right balance of lubricity and durability for intravascular products).
October, 2016- Hydromer Inc., entered into two separate agreements with its wholly owned subsidiary, Biosearch Medical Products, Inc. for medical device coatings. As stated in the agreement, Biosearch Medical Products, Inc will be serving coating services using patented hydromer lubricious coatings.
July 7, 2016– Precision Coating Company Inc, has expanded its operation in Costa Rica. With this expansion, company will be providing engineering solutions in speciality plastic coatings for medical devices. This new plant was located in El Coyol, Alajuela and has been running on highly automated processes with cutting-edge technology.
August 19, 2015– Hydromer Inc has launched three new medial Ultra-hydrophilic coatings for Urological, Gynaecological and Gastrointestinal catheters and devices. The newly introduced coatings will help catheters to stay longer hydrated (wet) for the use in Urological, Gynaecological and Gastrointestinal.
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