The global medical device coatings market size was valued at USD 7.51 billion in 2015 and is expected to witness growth on account of high usage in catheters, stents, guide wires, syringes, sutures, hypo tubes, and mandrels.
Rising demand for medical devices owing to increasing government expenditures for the construction of hospitals and clinics, and the establishment of public health insurance will further aid industry expansion over the forecast period.
Rising demand for the product as it reduces friction between the devices and tissues and provides wetting, surface coverage, and coating homogeneity will augment its demand over the next nine years. These coatings enhance the durability of the equipment and offer excellent dielectric properties, dry-film lubricity, and thermal stability, which is likely to create immense market potential over the forecast period.
U.S. medical device coatings market, by product, 2014 - 2025 (USD Million)
The rising occurrences of diseases along with increasing demand for hydrophilic lubricious coatings in sheaths, several cardiovascular and urology catheters and short-term implanted device as it induces biocompatibility will propel industry development over the next nine years.
Technological advancements such as the introduction of fluorinated, silver and spin coatings, usage of hydroxyapatite, and micro blasting technique will drive industry expansion. However, rising cost of healthcare devices, volatile raw material prices, nd stringent government regulations are expected to hinder industry expansion.
Antimicrobial coatings accounted for 40.6% of the overall volume share and are expected to show significant growth in light of its low cost and high compatibility with various devices materials including metal, plastic, carbon fiber, composite materials, and stainless steel. Furthermore, increasing R&D activities along with the growing usage in implantable devices will propel growth.
Hydrophilic coatings are expected to show fastest revenue growth at a CAGR of 7.9% from 2016 to 2025 owing to widespread usage in medical devices including cardiac pacemakers and high lubrication. Furthermore, benefits including optical clarity along with ability to with-stand maintenance procedures such as storage, sterilization, and cleaning will drive its demand.
General surgery was the prominent segment in 2015 and accounted for 25.3% of the global volume share. Rising usage of the product in various parts including CPU, graphic cards, hard disks, and chipsets will increase the industry size. Rapid urbanization, rising income, and changing lifestyle will further augment industry expansion.
Cardiovascular will witness significant volume gains at a CAGR of 7.1% from 2016 to 2025 on account of rising preference for implants and cardiac pacemakers. Furthermore, the increasing demand for drug-eluting coatings for coronary stents will fuel industry expansion.
Medical device coatings market volume by application, 2015 (%)
The growing usage of these devices in light of growing geriatric population and unhealthy dietary habits coupled with sedentary lifestyle will increase the occurrences of cardiovascular diseases. Furthermore, favorable government policies including the reimbursement coverage and increasing healthcare spending will augment industry growth over the forecast period.
North America was the dominant market and was valued at over USD 3.0 billion in 2015. Favorable healthcare resources along with rising frequency of cardiometabolic disorders such as Pulmonary Embolism (PE) and Deep Vein Thrombosis (DVT) will augment demand. Moreover, high adoption of advanced surgical treatments, increasing awareness regarding commercially available products, and rising healthcare infrastructure in the U.S. will open new avenues.
Asia Pacific is expected to show significant revenue gains at a CAGR of 9.4% from 2016 to 2025 owing to growing demand for better healthcare facilities coupled with the rising number of hospitals. High obesity rates along with increasing geriatric population are expected to drive the occurrence of cardiac diseases, which in turn, will stimulate medical equipment demand. The ease of private health insurance and growing home health care market will propel industry growth.
The overall market is fragmented in nature with the presence of large and small scale manufacturers. Major participants include SurModics Inc., Sono-Tek Corp, DSM, Hydromer, Inc., Biocoat, Inc., Specialty Coating Systems, Inc., and Covalon Technologies Ltd. The companies are engaged in new product launches and mergers for expanding their global presence and strengthening their market presence.
In January 2014, DSM started its medical coating service plant for ComfortCoat hydrophilic lubricious coatings in the U.S. for medical device component sizes and geometries. In January 2012, the company collaborated with EPflex to launch a new set of guidewires to expand its product portfolio.
This report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the medical device coatings market on the basis of product, application, and region:
Product Outlook (Volume, Kilo Tons; Revenue, USD Million;2014 - 2025)
Hydrophilic
Antimicrobial
Drug-eluting
Anti-thrombogenic
Others
Application Outlook (Volume, Kilo Tons; Revenue, USD Million;2014 - 2025)
Neurology
Orthopedics
General surgery
Cardiovascular
Dentistry
Gynecology
Others
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million;2014 - 2025)
North America
U.S.
Europe
Germany
Asia Pacific
China
India
Central & South America
Brazil
MEA
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