Press release
Medical Coatings Market Forcasted for Accelerated Growth by 2024
Medical devices need special protection in order to operate effectively. Bodily fluids, electrical charges, contamination, and moisture make these medical devices ineffective and useless. Medical coatings sterilize various types of substrates including silicone rubber, glass, ceramics, metals, and plastics. Physico–mechanical coating consists physico–mechanical properties, electrical barrier properties, moisture, chemical and tribological properties.
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Global Medical Coatings Market: Growth Factors
Medical coatings optimize the performance of the medical devices and strengthen the product surface function. These coatings assist in lessening friction between tissues and devices and offers coating homogeneity, wetting, and surface coverage. Most of the medical devices need non-stick coatings over biocompatible, electrical insulation, molded, and others, thus augmenting the medical coatings market growth. The medical industry is growing significantly which in turn is contributing to the increase in the demand for the medical coatings in the global market. Life-saving devices are in high demand in the developing economies which contributes to the medical coatings market growth. Conversely, low shelf life, availability of substitutes, rising costs, product aging, and varying government regulations may hinder the growth of the market.
Global Medical Coatings Market: Segmentation
The global medical coatings market is bifurcated on the basis of application, type, and region. Based on the application, the market is segregated into implants, medical equipment and tools, medical devices, and others. The type segment is diversified into hydrophilic, lubricants, and antimicrobial coatings. Region-wise, the market is diversified into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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Global Medical Coatings Market: Regional Analysis
North America accounted for the largest market share for medical coatings which was followed by Asia Pacific and Europe. Asia-Pacific is expected to emerge as a potential market for medical coatings. The developing nations in the Asia-Pacific region such as India and China are expected to be a lucrative market for medical coatings owing to its large consumption and presence of well-established medical industry. Other countries that have a high consumption of medical coatings include Australia, Malaysia, Hong Kong, Japan, New Zealand, Indonesia, Korea, and Vietnam in Asia Pacific. Latin America is credited with having good economic development and rapid growth in the medical industries thus anticipating to fuel the medical coatings market in future. Peru, Argentina, and Brazil are leading consumers of medical coatings in the Latin American region. Many companies in Asia Pacific and Latin America are largely investing in research and development to introduce superior quality of medical coatings.
Global Medical Coatings Market: Competitive Players
Major players dominating the global medical coatings market are Merit Medical Systems, Inc., SurModics, Yangzhou Fuda Medical Devices Co., Ltd., Dymax Corporation, Hangzhou Kangsheng Medical Equipment Co., Ltd., Abbott Laboratories, the DECC Company, Raleigh Coatings, Donwell Company, Inc., Precision Coating Co., Inc., and Bayer Material Science LLC. Other prominent players in the market are Endura Coatings Ltd., Harland Medical Systems, Covalon Technologies Ltd., Boston Scientific Corporation, AeonClad, TheraSyn Pharmaceuticals Inc., Applied Medical Coatings, LLC, Specialty Coating Systems Inc., and Biocoat Inc.
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Global Medical Coatings Market: Regional Segment Analysis
North America
U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
Middle East and Africa
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