Rise in Implant Associated Infections Surge the Growth of Antibacterial Coatings Market: Trends & Opportunities Analysis 2023
Conversely, development of advanced antibacterial coating is expected to provide lucrative opportunities in the market. The report states that the global antibacterial coating market generated $120.22 million in 2016 and is expected to attain $343.16 million by 2023, growing at a CAGR of 16.1% during the forecast period, 2017-2023.
The report segments the global antibacterial coating market by material, type, and geography. Based on material, the market is bifurcated into metallic and non-metallic coatings. The metallic coatings segment accounted for around three-fourths of the global market in 2016, owing to high usage applicability and availability in medical & clinical settings.
The segment is projected to continue its dominance throughout the forecast period. Based on type, the report divides the market orthopedic, dental, neurovascular, cardiac, and other implants. The cardiac implants segment accounted for more than one-fifth of global market share in 2016 and is expected to witness significant growth throughout 2023. However, orthopedic implants segment is expected to grow at the fastest CAGR during the forecast period.
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Top Key Players:
• BioCote Ltd
• Covalon Technologies Ltd.
• DOT GmbH
• Harland Medical Systems Inc.
• Hydromer Inc.
Accounting for around one-third share of the global antibacterial coatings market for medical implants in 2016, North America was the leading revenue contributor, owing to the early adoption of technologically advanced coating and high use of implantable devices due to rise in chronic disorders. However, Asia-Pacific is expected to grow at the fastest rate from 2017 to 2023, a CAGR of 17.4%, due to increase in affordability, surge in healthcare expenditure, and growth in awareness about implantation surgeries.
Key Findings of the Antibacterial Coatings Market:
• Non-metallic coating segment is expected to grow at a CAGR of 13.8% from 2017 to 2023.
• Metallic coatings segment accounted for around three-fourths share of the global antibacterial coatings market for medical implants in 2016.
• Cardiac implants segment accounted for more than one-fifth share of the global antibacterial coatings market for medical implants in 2016.
• Asia-Pacific is expected to grow at the highest CAGR of 17.4%, from 2017 to 2023.
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