To be effective and work efficiently, medical devices and electronic components require protection. Moisture, water content, and bodily fluids are a few elements that can contaminate lifesaving devices and render them useless. Medical coatings and products provide ideal solutions for most types of substrates, which include plastics, glass, metals, silicone, rubber, and ceramics. Medical devices and components with medical coatings can be sterilized. Due to recent technological advancements, devices and components can be coated with physio-mechnaical coatings, which provide protection against moistness, act as an electrical barrier, and possess favorable chemical properties. The coatings also provide protection against tribological (lubricous) properties. The impairment of the mucosal lining has also led to the evolution of antimicrobial coatings, which provide protection against microbial function. Nowadays, medical coatings are routinely used to improve the performance of devices and offer better product surface function. Additionally, medical coatings help in reducing friction between devices and tissues and provide support in surface coverage and overall homogeneity. Nearly all medical devices require non-stick coatings over molded electrical insulation and biocompatible and other finishes.
The global medical coatings market is expected to expand significantly in the coming years. This is due to their prominent use in guide wires, catheters, syringes, hypo tubes, stents, mandrels, and sutures. The rising demand for coatings for lifesaving instruments and devices from the medical and health care industry is anticipated to increase the usage of medical coatings products. Additionally, an increase in demand for durable lifesaving devices from developing economies in Latin America and Asia Pacific, such as India, China, and Brazil, is expected to increase the adoption of medical coatings products. However, the threat of substitutes, product aging, inferior quality clone products, low shelf life, and increase in costs are estimated to hinder the market in the near future. Moreover, changes in government regulations and policies for medical devices in different countries are projected to hamper the global medical device coatings market.
The global medical coatings market can be segmented by type, application, and region. In terms of type, the market can be divided into antimicrobial & hydrophilic coatings and lubricants. Hydrophilic coatings are extensively used on medical products such as introducer sheaths catheters and guide wires to reduce friction. The demand for hydrophilic coatings is projected to be high in the coming years due to advantages of the material such as low friction coefficient, lubricity, and durability. Based on application, the medical coatings market can be categorized into implants, medical devices, medical equipment and tools, and others. The medical devices segment is expected to dominate the market due to rise in demand for health care products.
In terms of region, the global medical coatings market can be classified into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa (MEA). North America is expected to dominate the global medical coatings market. It is likely to be followed by Europe and Asia Pacific. The market in Asia Pacific is projected to expand at a rapid pace in the coming years. The market in the region is projected to be driven by an expansion in the medical industry, rise in the geriatric population, rise in disposable income, unmet demand for products, and increase in investments in the health care sector by government and private bodies. The global medical coatings market is expanding rapidly due to the presence of large and medium medical equipment and pharmaceutical manufacturing companies.
Some of the key players in the global medical coating market are the Specialty Coating Systems Inc., DECC Company, Precision Coating Co., Inc. Hangzhou Kangsheng Medical Equipments Co., Ltd., Abbott Laboratories , Biocoat Yangzhou Fuda Medical Devices Co., Ltd., SurModics, , Endura Coatings Ltd , Donwell Company, Inc., Harland Medical Systems , Merit Medical Systems, Inc, and Applied Medical Coatings, LLC..
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.