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Medical Device Coatings Market set to reach around $11.8 bn by 2021

Press Release   •   Jan 15, 2018 05:00 EST

Medical device coating plays an important role in the healthcare industry. Medical devices used in the healthcare industry are coated in order to modify the surfaces of devices, equipment, and implants. Long-term usage of medical devices can result into wear and tear of devices, development of microbes and rise in infections. Medical device coating has helped the healthcare industry to overcome these problems. Medical device coatings help in reducing the friction between medical devices and tissues and help to improve the overall usage of these devices. The coatings used for medical devices can be either hydrophilic or hydrophobic coating.

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Medical Device Coatings Market

The growth of the medical device industry in Asia Pacific region especially in China is expected to be the major drivers for the global medical device coatings market. Lenient government regulations and significant foreign investment are some of the prime factors responsible for growth in this region. In addition, an increase in growth of epidemic diseases and increasing awareness about diseases spread in the hospital is expected to trigger the growth of medical device coating industry in the coming years. Moreover, increasing demand for minimally invasive procedures coupled along with technological innovations is expected to help medical device coating industry steep growth in coming years. However, volatile raw material prices and strict government regulations implied on this industry may pose the challenge to medical device coatings market. Nano – coatings is expected to act an opportunity for medical device coating in near future.

Based on product, medical device coatings market has been segmented into hydrophilic coatings, anti-microbial coatings, anti-thrombogenic coatings, drug-eluting coatings and other coatings. Medical device coatings market was dominated by anti-microbial coatings segment which accounted for largest share across the globe. Further, it is expected to continue its dominance over the forecast period. Hydrophilic coatings are expected to be the fastest growing segment during the forecast period, as they provide adequate wetting ability which helps in smooth lubrication which helps in its usage in the broad range of medical devices.

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The medical device coatings market is segmented into end-user such as orthopedics, neurology, cardiovascular, general surgery, gynecology, dentistry and other end-user segment. In terms of demand, the general surgery end-user segment dominated the market in 2015. It was followed by orthopedics and cardiovascular devices. The cardiovascular device is projected to be the fastest growing end-user segment as a result of increasing usage of cardiac pace makers and implants.

North America is expected to remain the dominant region over the forecast period. North America holds more 40% share of global medical device coating market. Europe was a second largest market for medical device coating in 2015. Asia-Pacific is projected to be the fastest growing and the largest revenue contributing region in medical device coatings market during the forecast period. As a result of increasing aging population and increasing health awareness in Brazil, Latin America is also expected to experience significant growth in the years to come.

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Some of the key players in Hydromer, Inc., Hemoteq AG, Covalon Technologies Ltd., SurModics, Inc., Royal DSM N.V., BioCoat, Inc., Coatings2Go, LLC, Harland Medical Systems, Inc., Merit Medical Systems, Inc., Sono-Tek Corporation., PPG Industries, Inc. and Precision Coating Company, Inc. among others.

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