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.
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.