Medical Device Coatings Market Global Industry Analysis Forecast 2014 - 2020
The continuous use of medical devices results not only in the wearing out of these devices but also, development of microbes, causing infections. Prolonged use of medical devices also causes friction and corrosion and thus, medical devices are coated with different types of surface coatings so as to counter the effects of consistent use. The recent developments in technology have improved the usage and reduced the complexity in design, driving the market. The global medical device coatings market will witness a rapid growth during the forecast period on account of the high occurrence of epidemic diseases and thus, a heightened awareness level for hygiene. The growing population is also expected to boost the growth of this market in the years to come.
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Thriving China Medical Device Market to Fuel Demand for Coatings
The growth of the medical device coatings industry is majorly attributed to the flourishing medical device industry in China. Lenient governmental regulations and growing foreign investments are some of the other factors boosting the growth of the market for medical device coatings. In addition to this, the growing penetration of new medical device manufacturing companies is slated to expand the Chinese medical device industry, thereby spurring the growth of the medical device coatings market in the country. One of the key restraints in the global medical device coatings market is the stringent governmental regulations, especially in developed nations. The impact of this restraint will hamper the growth of the medical device coatings market in the forecast period.
Growing Number of Private and Public Hospitals to Drive Market
The global medical device coatings market is fueled by the growing number of private and public hospitals. The increasing preference for implantable and non-implantable medical equipment will also help drive the demand for medical device coatings worldwide. The improved biocompatibility achieved by medical device coatings, between medical devices and living tissues will further encourage the demand for these coatings.
Cardiology Devices to Fuel Demand for Medical Device Coatings
Mostly the medical devices used for cardiology, gynecology, dentistry, general surgery, ophthalmology, orthopedics, and neurology require device coatings. Of these, while the general surgery segment witnessed high demand in the past, it is expected that the medical devices used for cardiology will witness the fastest growth in the coming years. Thus, medical device coatings will be in high demand for coating angioplasty catheters, guide wires, balloon catheters, coronary stents, percutaneous devices, and occlusion devices.
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North America to Continue to Retain its Leading Position in Medical Device Coatings Market
Geographically, North America not only held the leading position in the past, but is expected to continue to do so, in the years to come, driven by technological advancements in the medical sector. While Europe held the second position in terms of contributing most to the market in the past, the region will witness considerable decline in the market owing to the various stringent policies imposed by governments in the region. Asia Pacific, on the other hand is estimated to witness rapid growth in the future. Countries such as China, India and those in the Southeast of Asia are expected to create a heightened demand for medical device coatings in the Asia Pacific region. Moreover, the Rest of the World will also witness a growth in the market on accountof the growing health awareness and rising geriatric population in countries such as Brazil.
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