Global Medical Device Coatings Market: Snapshot
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.
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.
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.
The report analyzes and forecasts the medical device coatings market on the global and regional level. The study provides historical data of 2013 along with forecast from 2014 to 2020 based on volume (Kilo Tons) and revenue (US$ Mn). It includes drivers and restraints for the medical device coatings market along with their impact on demand during the forecast period. The report also offers an analysis of opportunities available in the medical device coatings market on the global and regional level. Drivers, restraints and opportunities mentioned in the report are justified through quantitative and qualitative data, which has been verified by primary and secondary resources.
We have included a detailed value chain analysis in order to provide a comprehensive view of the medical device coatings market. Value chain analysis provides details such as integration in the market, distribution channels, applications and end-users for the market. An analysis of Porter’s Five Forces model for the medical device coatings market has also been included to help understand the competitive landscape of the market. The study encompasses market attractiveness analysis, wherein end-users in the market are benchmarked based on their market size, compounded annual growth rate (CAGR), general attractiveness and company market share. We have also incorporated company market share analysis to provide detailed analysis of the market.
The study provides a decisive view of the medical device coatings market by segmenting it in terms of product segment and end-users. Product segment and end-users have been analyzed based on present and future trends, and the CAGR for the market has been estimated between 2014 and 2020. Regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific and Rest of the World (RoW). Similar segmentation is also provided for major countries in the regions mentioned above. The report also includes demand for individual product segment and end-users across all the regions.
The report provides detailed competitive outlook that includes profiles of key players operating in the global medical device coatings market. Key players profiled in the report include SurModics, Inc., Royal DSM N.V., Hydromer, Inc., Covalon Technologies Ltd., BioCoat, Inc., Merit Medical Systems, Inc., AST Products, Inc., PPG Industries Inc., Hydromer Inc. and Sono-Tek Corporation. Company profiles include attributes such as company overview, brand/product portfolio, financial overview, business strategy, and key/recent developments related to the market.
Constant currency rates have been considered while forecasting the market. Prices of medical device coatings and product segments vary in each region; hence, a similar volume-to-revenue ratio does not follow for each individual region. The same price for each end-user has been taken into account while estimating and forecasting market revenue on the global basis. Regional average price has been considered while breaking down the market by product segment and end-user in each region. Models and estimates have been used to produce comprehensive data sets when hard data was not available. We have used the bottom-up approach by considering individual product and end-user segments and integrating them to arrive at the global market. Product segment and end-users have been further bifurcated using the top-down approach to derive the consumption of products in the regional market.
In order to compile the research report, we conducted in-depth interviews and discussions with a wide range of key industry participants and opinion leaders. Primary research represented the bulk of research efforts, supplemented by an extensive secondary research. We reviewed key players’ product literature, annual reports, press releases and relevant documents for competitive analysis and market understanding. Secondary research also includes a search of recent trade, technical writing, internet sources, and statistical data from government websites, trade associations and agencies. This has proven to be the most reliable, effective and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
The market has been segmented as below:
Medical Device Coatings Market – Product Segment Analysis
- Anti-microbial coatings
- Hydrophilic coatings
- Drug-eluting coatings
- Others (Including anti-thrombogenic coatings)
Medical Device Coatings Market – End-user Analysis
- General surgery
- Others (Including ophthalmology)
Medical Device Coatings Market - Regional Analysis
- North America
- Asia Pacific
- Rest of the World (Including Latin America, the Middle East and Africa)