How Does Rising Elderly Population Boost Medical Device Industry Growth?

The medical device coating industry has garnered $7,861.4 million revenue in 2021, and it is projected to rise at a 7.6% CAGR from 2021 to 2030, to generate $15,165.9 million revenue in 2030.

The industry expansion is attributed to the growing awareness on minimally invasive device usage, ascribed to their high success rate. In addition, the rising frequency of healthcare-associated infections, including ventilator-associated pneumonia, and catheter-associated urinary tract infections propels the antimicrobial coatings on medical devices.

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The rising elderly population, surging healthcare-related challenges, and growing demand for implants boost the industry growth. In addition, the rising requirement for early detection of diseases is projected to boost the medical device demand, which is projected to fuel the industry growth in the near future.

Polymers are majorly used as a coating material on medical equipment, and due to their growing consumption, it is projected to experience next-significant growth in the coming years. These coatings are majorly used in stents and implant manufacturing. They are widely used in controlling bioactive pharmaceuticals' release. Therefore, the rising demand for medical devices and implants is projected to boost the medical device coating industry in the near future.

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The rising concern about healthcare-associated infections propels the industry. According to ECDC, more than 3 million patients encounter HAI every year in Europe. CDC reports hospitals have experienced a 24% rise in the prevalence of central-line associated bloodstream infection, a 15% increase in hospital-associated MRSA bacteremia, and a 35% increase in the incidence of ventilator-associated events.

The FDA and other regulatory authorities are increasingly focusing on coated medical devices, led by growing prevalence. Manufacturers adopt measures to enhance device safety, including appropriate coatings incorporation, and thus cause industry propulsion.

North America holds the largest industry share, and it is projected to generate $5,408.5 million revenue in 2030. It is ascribed to rising improvement in medical device technology and easy access to better equipment and care. In addition, the rising penetration of healthcare facilities, such as diagnostic centers, and surging investments in healthcare R&D, result in a boom in the industry in the region.

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