Medical Device Coatings Market Worth $17,400 Million by 2023

MDCs are necessarily used in all medical devices to avoid infections, minimize the friction during procedures, and many more vital purposes. In addition, they improve the durability of the medical equipment and offer tremendous thermal stability. Furthermore, their ability to provide homogeneity, wetting, and surface coverage are expected to create immense market potential throughout the study period.

According to a new report published by Allied Market Research, titled, "Medical Device Coatings (MDC) Market by Coating, Material, and Device Type: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global MDC market was valued at $11,032 million in 2016, and is projected to reach $17,400 million by 2023, growing at a CAGR of 6.8% from 2017 to 2023. The hydrophilic coating segment is anticipated to dominate the market during the forecast period.

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Medical device coatings (MDCs) are materials that offer surgeons, physicians, and healthcare professionals improved maneuverability required during surgical intervention. In addition, they reduce the trauma subjected to blood vessels during surgery and decrease thrombogenicity in patients. Orthopedic implants coated with medical coating are an ideal surface structure for safe, fast, and durable bone integration.

The major factors that drive the global MDC market are advancement & emergence of novel medical devices, stringent regulatory policies with respect to MDC, increase in demand for implantable devices, surge in disposable income of the global population, and rise in awareness of hospital acquired infections (HAI). However, frequent change in raw material prices and time-consuming regulatory approvals are expected to restrain the market growth. Furthermore, untapped potential of emerging markets, such as China and India, and the surge in market of multifunctional coatings provides lucrative opportunities to the market players.

The metals MDC materials segment occupied the highest share in MDC materials market in 2016, owing to their usage applicability and availability in medical & clinical settings. The hydrophobic coating segment witnessed the highest growth rate in 2016, and is anticipated to dominate the market during the forecast period.

The utilization rate of medical device coatings is high for the general surgical devices and is expected to grow at a CAGR of 4.5% during the forecast period. This is attributable to increase in use of MDC in hernia repair devices, thoracic surgical devices, and colonoscopy based transplants devices.

Key Findings of the Medical Device Coatings (MDC) Market:

The hydrophobic coating segment is anticipated to grow at the highest CAGR from 2017 to 2023.

Utilization of medical device coatings is high for the general surgical devices.

North America dominated the global MDC market in 2016, and is projected to grow at a CAGR of 6.1%.

Asia-Pacific is expected to witness the highest growth rate during the forecast period.

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The major companies profiled in the report include Surmodics, Inc., Covalon Technologies Ltd., Royal DSM, Hydromer. Inc., Precision Coatings Co. Inc., AST Products Inc., Abbott Laboratories, Biocoat Inc., Specialty Coating Systems, Inc. and Harland Medical Systems, Inc.

Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

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