Medical Device Coatings Market Overview:
Global Medical Device Coatings (MDC) Market was valued at $11,032 million in 2016, and is estimated to reach at $17,400 million by 2023, registering a CAGR of 6.8% from 2017 to 2023. Medical device coatings (MDCs) are substances that enhance the maneuverability and performance of medical devices. Their use results in reduced thrombogenicity and trauma to blood vessels. MDCs are utilized to protect the surfaces of different medical devices, such as cardiovascular, neurovascular, gynecological, and others.
The global MDC market is driven by advancement & inclination towards minimally invasive procedures, increase in demand for implantable devices, surge in disposable incomes of the global population, and rise in awareness of hospital acquired infections (HAI). The untapped potential of the emerging markets, such as China and India, and surge in multifunctional coatings market are expected to present various opportunities for market expansion. However, stringent regulatory policies with respect to MDC and time-consuming regulatory approvals are expected to hamper the market growth.
Global Medical Device Coatings Market Segmentation
The global MDC market is segmented based on coating, material, device type, and geography. Based on coating, it is bifurcated into hydrophilic and hydrophobic coatings. On the basis of material, it is classified into metals, ceramics, and polymers. Metals are further categorized into silver, titanium, and others. The polymers segment is further divided into silicones, parylene, and fluoropolymers. The fluoropolymers segment is classified into polytetrafluroethylene (PTFE), polyvinylidene difluoride (PVDF), and others. Based on device type, this market is categorized into general surgery, cardiovascular, orthopedics, dentistry, neurology, gynecology, and others.
Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The market is expected to witness substantial growth during the forecast period, owing to rise in adoption of medical device coatings globally.
The report provides extensive competitive analysis and profiles of key market players such as Surmodics, Inc., Covalon Technologies Ltd., Royal DSM, Hydromer. Inc., Precision Coatings Co. Inc., AST Products Inc., Abbott Laboratories, Biocoat Inc., Specialty Coating Systems, Inc., and Harland Medical Systems Inc.
The other players in the value chain include Merit Medical Systems, Inc., Coatings2Go, LLC., Hemoteq AG, and Materion Corporation.
Medical Device Coatings Market, by Geography, 2016-2023 ($Million)
Asia-Pacific possesses high market potential for the growth of medical device coatings market, owing to increase in accessibility & availability of medical implants and other devices, and rise in healthcare & research expenditure. This region is anticipated to witness rapid market growth due to economic development.
India Medical Device Coatings Market, 2016-2023 ($Million)
The Indian medical device coatings market is projected to grow at a CAGR of 9.9% during the forecast period.
- This report provides a detailed quantitative analysis of the current market trends from 2016 to 2023 to identify the prevailing opportunities.
- Market estimations are based on comprehensive analysis of the key developments in the industry.
- In-depth analysis based on geography assists to understand the regional market and the strategic business planning.
- The developmental strategies adopted by the key manufacturers are enlisted to understand the competitive scenario of the market.
Medical Device Coatings Market Key Segments:
By Device Type
- General Surgery
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA