New Report Predicts Growth for Medical Device Coatings Market

According to a new report from Albany, N.Y.-based Transparency Market Research, the global medical device coatings market was valued at $6.6 billion 2013 and is anticipated to reach $10.9 billion by 2020, expanding at a compound annual growth rate of 7.4 percent between 2014 and 2020.
 
“The market for medical device coatings is driven by increasing healthcare awareness in developing countries coupled with rising demand for better medical and healthcare facilities,” according to the report’s authors. “Medical device coatings are used to counter microbial growth, wear and tear and prevention of infection through medical devices. Furthermore, significant foreign investment in the medical device market in China coupled with lenient governmental regulations is driving demand for medical device coatings. Increasing demand for nanotechnology-based coatings is projected to offer higher opportunities for market growth over the next few years. However, volatility in prices of raw materials coupled with stringent governmental regulations is estimated to hamper market growth in the near future.”
 
Antimicrobial coatings were the largest product segment, accounting for more than 40 percent of the global demand for medical device coatings in 2013. Drug-eluting coatings constituted the second-largest market share of the global medical device coatings market in 2013. Drug-eluting coatings facilitate slow release of drugs for removal of blockages in arteries or veins. Hydrophilic coatings are anticipated to be the fastest growing product segment in the medical device coatings market during the forecast period. Hydrophilic coatings have improved wetting characteristics that enable smooth lubrication when in contact with human tissue and blood.
 
In terms of demand, the general surgery segment has been dominating the medical device coatings market over the past few years. Medical device coatings are applied on catheters, syringes and guidewires, among others. Cardiovascular accounted for the second-largest demand for medical device coatings in 2013. Medical device coatings are applied on various cardiovascular devices such as balloon catheters, angioplasty catheters, coronary stents, guide wires, occlusion devices and other percutaneous coronary intervention devices. Cardiovascular is estimated to be the fastest growing end-user for medical device coatings in the near future. Neurology and gynecology are projected to be major end-users for medical device coatings by the end of 2020. Other end-user segments (such as ophthalmology) are likely to exhibit stable demand for medical device coatings during the forecast period, according to the report.
 
In terms of demand, North America dominated the medical device coatings market over the past few years. The region held over 45 percent share of the global demand for medical device coatings in 2013, which is projected to continue during the forecast period. Strategic collaborations with developing countries such as China and India are estimated to help maintain the overall growth of the medical device coatings market in North America in the next few years.
 
Asia-Pacific is anticipated to be the most lucrative market for medical device coatings during the forecast period. Increase in healthcare awareness coupled with foreign investments is likely to drive demand for medical device coatings in the region.
 
The report provides a comprehensive view of the medical device coatings market in terms of volume and revenue. It includes current demand analysis and forecast for product segment and end-users in North America, Europe, Asia-Pacific and the rest of the world.