Global Medical Grade Coatings Market: Overview
A significant increase of world population will be observed – an estimated 82 million people annually. To top it, one in six people will fall in the age bracket of 65 and above. Moreover, the global burden of diseases is not on the way of a steady decline. All these factors coupled with an advancement in technology will lead to massive growth in the Global Medical Grade Coatings Market.
As per a Transparency Market Research study, the market will see a steady CAGR (Compound Annual Growth Rate), adding a considerable amount to market worth.
High awareness regarding hygiene and a high incidence of infections is leading to an increased adoption of medical grade coatings by hospitals. This would also contribute to market growth.
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Global Medical Grade Coatings Market: Notable Developments
Notable developments in the market pertain to improvement in products primarily. Some are outlined below.
- August 2015: Hydromer Inc. came up with Medical Ultra-hydrophilic coatings. These stay hydrated for longer durations and therefore are suitable for Gynecological, Urological and Gastrointestinal catheters and devices. These have significantly improved patient experience.
- June 2017: Harland Medical Systems Inc. launched low particulate hydrophilic coating. The USP revolved around durability, which is achieved without losing out on lubricity, making patient experience a level better.
The global medical grade coatings market is highly fragmented. The top 10 players hold about 25% market share. Key players include DowDupont Inc., Royal DSM, Surmodics Inc., Hydromer Inc., Biocoat Inc., Precision Coating Co. Inc., AST Products Inc.
Global Medical Grade Coatings Market: Key Trends and Drivers
The Global Medical Grade Coatings Market is seeing various factors that promise to push it on a higher trajectory in years to come. Two major factors are stated below.
- Almost all types of medical devices need medical grade coatings. Be it X-ray scanners, sticking plasters, dentures, hip joints or in-vitro diagnostic devices, the list does not look exhaustive. Therefore, with an increase in population worldwide in general and that of geriatric population in particular, the market is set to grow as medical devices are important to monitor, diagnose and sometimes even treat illnesses and disabilities. It is predicted that from current 9%, the population of ageing people will be 16% of total population. It is important to note here that these medical grade coatings are important to ensure bacteria does not enter human body with these medical devices. Besides, lubricated variants reduce the chances of injury. Therefore, they are critical in maintaining patient safety and even increasing life of medical devices.
- Continued technological advancements, to make better products such as the recently launched fluorinated, silver and spin coatings, will drive the global medical grade coatings market forward. There is also usage of hydroxyapatite, and micro blasting technique that looks promising. The focus is also on improving biocompatibility of medical grade coatings.
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Global Medical Grade Coatings Market: Regional Analysis
North America will dominate the global medical grade coatings market during the forecast period owing to increasing population of people of age 65 and above. By 2060, the United States alone will have a population of 95 million people in the stated age bracket. Besides, the government here is focused on improving healthcare services. To put it to perspective, United States is one of the largest players in the medical device market. In 2017, it held 40 percent of the global medical device market. Besides, US medical manufacturers control over 50% of Canadian market, which is both mature and sophisticated, owing to an impressive demand for quality devices. It is also attributable to geographic proximity of the two countries in this region and similarities in terms of regulations related to safety and quality.
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