Globe Newswire09.15.21
Coatings play an important role in protecting devices from pathogens and microbial factors. Growth in the global is set to be spurred by robust demand, technological advances, rising geriatric population and growing prevalence of cardiovascular conditions. Increasing incident of cardiovascular conditions and acute lower respiratory infections among children as a result of rising air pollution coupled with high uptake of hydrophilic lubricious coatings for urology and cardiovascular implants, catheters and sheaths due to biocompatibility is poised to drive medical coating demand. The global market is also buoyed by rising aging population, focus on quality healthcare services, increasing demand for minimally-invasive surgeries and need for timely diagnosis of medical conditions. Latest coatings available on the market address undesirable complications like tissue trauma, bacterial infection and blood clots.
Amid the COVID-19 crisis, the global market for medical device coatings was estimated at $10 Billion last year and is projected to reach $14 Billion by 2026, growing at a compound annual growth rate (CAGR) of 5.8 percent over the analysis period. Antimicrobial, one of the segments analyzed in a report from Reportlinker.com, is projected to grow at a 6.3 percent CAGR to reach $5.3 billion in the next five years. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the drug-eluting segment is readjusted to a revised 4.9 percent CAGR for the next forecast period. This segment currently accounts for a 28.2 percent share of the global medical device coatings market. Drug-eluting coatings are widely used for coronary stents. Factors like a rising aging population, sedentary lifestyle and unhealthy dietary habits are anticipated to result in increasing incident of cardiovascular conditions, which in turn boosts demand for drug-eluting coatings.
The U.S. medical device coating market is estimated to be worth $4.2 billion this year. The country currently accounts for a 39.94 percent share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of $1.4 billion in the year 2026 trailing a CAGR of 7.4 percent through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.4 percent and 5 percent respectively, over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.5 percent CAGR while the rest of the European market (as defined in the study) will reach $1.5 billion by the end of the analysis period.
The United States remains at the forefront of adoption of medical device coatings bolstered by advanced healthcare infrastructure and high spending on medical devices. The regional market is also buoyed by increasing medical device export volumes, rising focus on home healthcare and technological advancements. In addition, escalating U.S. cases of COVID-19 have created massive demand for advanced medical treatments and pushed healthcare spending, which led to notable uptake of medical device coatings in the region. While rising disposable incomes across emerging economies and popularity of home healthcare are pushing demand, increasing adoption of reliable life-saving devices in developing economies like Brazil, India, and China is likely to fuel uptake of medical device coatings. A rising geriatric population and a sizeable proportion of obese population are anticipated to result in increasing prevalence of cardiovascular conditions in the region and propel the demand for sophisticated medical equipment.
Hydrophilic surface coatings are used on devices such as tubes that require increased wettability to function efficiently with bodily tissues and fluids. Hydrophilic coatings are widely used for medical devices like cardiac pacemakers, introducer sheaths, guide wires and catheters for reducing friction. The segment is slated to gain from numerous benefits of these coatings like low coefficient of friction, enhanced durability, high lubricity, optical clarity as well as ability to survive maintenance procedures including cleaning, sterilization and storage. In the global Hydrophilic segment, the United States, Canada, Japan, China, and Europe will drive the 6.7 percent CAGR estimated for this segment. These regional markets accounted for a combined market size of $1.4 billion last year and will reach a projected size of $2.2 billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach $135.9 million by the year 2026, while Latin America will expand at an 8 percent CAGR through the analysis period.
Amid the COVID-19 crisis, the global market for medical device coatings was estimated at $10 Billion last year and is projected to reach $14 Billion by 2026, growing at a compound annual growth rate (CAGR) of 5.8 percent over the analysis period. Antimicrobial, one of the segments analyzed in a report from Reportlinker.com, is projected to grow at a 6.3 percent CAGR to reach $5.3 billion in the next five years. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the drug-eluting segment is readjusted to a revised 4.9 percent CAGR for the next forecast period. This segment currently accounts for a 28.2 percent share of the global medical device coatings market. Drug-eluting coatings are widely used for coronary stents. Factors like a rising aging population, sedentary lifestyle and unhealthy dietary habits are anticipated to result in increasing incident of cardiovascular conditions, which in turn boosts demand for drug-eluting coatings.
The U.S. medical device coating market is estimated to be worth $4.2 billion this year. The country currently accounts for a 39.94 percent share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of $1.4 billion in the year 2026 trailing a CAGR of 7.4 percent through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.4 percent and 5 percent respectively, over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.5 percent CAGR while the rest of the European market (as defined in the study) will reach $1.5 billion by the end of the analysis period.
The United States remains at the forefront of adoption of medical device coatings bolstered by advanced healthcare infrastructure and high spending on medical devices. The regional market is also buoyed by increasing medical device export volumes, rising focus on home healthcare and technological advancements. In addition, escalating U.S. cases of COVID-19 have created massive demand for advanced medical treatments and pushed healthcare spending, which led to notable uptake of medical device coatings in the region. While rising disposable incomes across emerging economies and popularity of home healthcare are pushing demand, increasing adoption of reliable life-saving devices in developing economies like Brazil, India, and China is likely to fuel uptake of medical device coatings. A rising geriatric population and a sizeable proportion of obese population are anticipated to result in increasing prevalence of cardiovascular conditions in the region and propel the demand for sophisticated medical equipment.
Hydrophilic surface coatings are used on devices such as tubes that require increased wettability to function efficiently with bodily tissues and fluids. Hydrophilic coatings are widely used for medical devices like cardiac pacemakers, introducer sheaths, guide wires and catheters for reducing friction. The segment is slated to gain from numerous benefits of these coatings like low coefficient of friction, enhanced durability, high lubricity, optical clarity as well as ability to survive maintenance procedures including cleaning, sterilization and storage. In the global Hydrophilic segment, the United States, Canada, Japan, China, and Europe will drive the 6.7 percent CAGR estimated for this segment. These regional markets accounted for a combined market size of $1.4 billion last year and will reach a projected size of $2.2 billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach $135.9 million by the year 2026, while Latin America will expand at an 8 percent CAGR through the analysis period.