Antibacterial Coatings Market to Cross $343 Million by 2023
Antibacterial Coatings Market size was valued at $120.22 million in 2016, and is projected to reach $343.16 million by 2023, registering a CAGR of 16.1% from 2017 to 2023. Metallic coatings segment held around three-fourths share of the total market in 2016.
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The major factors that drive the global antibacterial coatings market for medical implants are increase in incidence of implant-associated infections, demand for implantable devices, rise in bone related and cardiovascular disorders, and growth of geriatric population.
However, high cost of antibacterial coatings, few drawbacks of silver coatings, and time-consuming regulatory approvals are expected to restrain the market growth. Conversely, growth in need of better healthcare services in the emerging markets, such as China and India, and development of novel antibacterial coatings are expected to provide lucrative opportunities to the market players.
The major companies profiled in the report are aap Implantate AG, AST Products, Inc., BioCote Ltd, Covalon Technologies Ltd., DOT GmbH, Harland Medical Systems Inc., Hydromer, Inc., Koninklijke DSM N.V., Sciessent LLC, and Specialty Coating Systems, Inc.
North America was the leading revenue contributor to the global antibacterial coatings market for medical implants. This is attributed to the early adoption of technologically advanced coating and high use of implantable devices due to rise in incidence of chronic disorders. However, Asia-Pacific is expected to grow at the highest CAGR during the study period, due to increase in affordability, surge in healthcare expenditure, and growth in awareness about implantation surgeries.
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Key Findings of the Antibacterial Coatings Market:
o Non-metallic coating segment is expected to grow at a CAGR of 13.8% from 2017 to 2023.
o Metallic coatings segment accounted for around three-fourths share of the global antibacterial coatings market for medical implants in 2016.
o Cardiac implants segment accounted for more than one-fifth share of the global antibacterial coatings market for medical implants in 2016.
o Asia-Pacific is expected to grow at the highest CAGR of 17.4%, from 2017 to 2023.
o North America accounted for around one-third share of the global antibacterial coatings market for medical implants in 2016.
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