Medical Device Coating Market Scope, Industry Growth Analysis | Emerging Global Trends and Technology | Top Competitors Share | Biocoat Incorporated, Royal DSM N.V, Materion Corporation, Hydromer Inc., Sono-Tek Corp.

Market Overview:

The Medical Device Coating Market is estimated to value at USD 10,109.7 million by the end of 2023 at a CAGR of 5.16% during the forecast period. Increasing geriatric population, growing demand for MISI (Minimal Invasive Surgical Instrument) and continuous innovation in medical devices are some of the major factors favouring the growth of the market. Application of Medical Device Coating in the cardiovascular diagnostics or surgical instruments accounted for the largest market share.

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It is projected to grow at the highest CAGR on account of the higher penetration of medical devices in cardiac surgeries and pacemakers. The orthopaedic segment is the second major consumer of medical device coatings due to the growing number of aged population and growing awareness among the consumers. However, increasing standards of the regulations and complexities of technology may restrain the market growth over the review period. Nevertheless, in coming years, the increasing preference of hydrophilic Medical Device Coating is projected to propel the growth of the global market in the coming years.

Segment Analysis:

Global Medical Device Coating Market has been segmented on the basis of type, application, and region.
On the basis of type, the market has been divided into antimicrobial, drug-eluting, hydrophilic, and anti therombogenic Medical Device Coating. The antimicrobial medical device coating segment is holding the major share of the overall market demand for Medical Device Coatings. The Antimicrobial Medical Device Coating is projected to grow at a considerable CAGR due to the growing need to avoid bacterial colonization on the orthopaedic implant surfaces. The hydrophilic Medical Device Coating is another significant segment in the Global Medical Device Coating Market, which is estimated to grow the highest CAGR of 5.81%, during the review period.

Based on the application, the Global Medical Device Coatings Market is segmented into cardiovascular, orthopedics, neurology, gynecology, and others. Among these applications, the demand for Medical Device Coating is growing in diagnostic or surgical instruments used in cardiovascular ailments. The cardiovascular is the largest segment growing at a significantly higher CAGR to reach USD 4,320.3 million by the end of 2023. This is attributed to the higher penetration of medical devices in cardiac surgeries and pacemakers. Orthopaedic and neurology are important segments, following cardiovascular. Among all the application segments, orthopaedic is projected to witness healthy growth at the highest CAGR due to increasing aging population and growing awareness among the consumers.

Regional Analysis:

Geographically, the Global Medical Device Coating Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. According to MRFR analysis, North America accounted for the largest share of the market in 2016, and is expected to grow at a high CAGR. The North American market is followed by Europe, which is accounted for the second largest number of shares in the Global Medical Device Coatings Market as of 2016. Europe is estimated to reach USD 2,763.0 million by 2023. Asia Pacific is a substantial region in the market, which accounts for 20% share of market as of 2016 and is growing at the highest CAGR of 6.39 %. China is the leading market, in terms of value and volume, which is followed by the U.S.

Major Key Players:

The Major Players operating in the Medical Device Coating Market are:
• Surmodics Inc. (U.S.),
• Materion Corp. (U.S.),
• Hydromer Inc. (U.S.),
• Sono-Tek Corp. (U.S.),
• Speciality Coating Systems Inc. (U.S.),
• Royal DSM N.V (The Netherlands),
• Precision Coating Company Inc. (U.S.),
• Biocoat Incorporated (U.S.).

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