Pune, India, Sept. 13, 2018 (GLOBE NEWSWIRE) -- The latest report published by Market Research Future (MRFR) projects that the global medical device coating market will reach a valuation of USD 10,109.7 Mn by the year 2023, reflecting a CAGR of 5.16% between 2017 and 2023. Medical devices are coated in order to prevent corrosion and scratches. Apart from surface protection, coating can also help in keeping medical devices free from germs such as viruses, bacteria and other lethal pathogens. The protective coating is extremely important in manufacturing of various type of surgical and diagnostic medical devices, including needles, stent and cardiac assist devices.
The outlook on the global medical devices coatings market remains positive with attractive growth assumed in 2018 and beyond. The healthcare industry continues to expand at a substantial rate partly due to the opportunities arising from emerging markets. In addition, the growing global geriatric population and increased per capita healthcare expenditure is reflecting favorable on many of the verticals of the healthcare sector, including medical device coating. Also, innovation in surgical procedures and advent of minimally invasive surgical instrument is creating wider opportunities for market players.
Global Medical Devices Coating Market: Competition Tracking
Some the leading companies profiled in MRFR’s report include Materion Corporation (U.S.), Sono-Tek Corp (U.S.), Royal DSM N.V (The Netherlands), Biocoat Incorporated (U.S.), Surmodics, Inc. (U.S.), Speciality Coating Systems Inc (U.S.) Precision Coating Company, Inc (U.S.) and Hydromer Inc (U.S.).
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Industry News
- Adam Spence, a leading manufacturer of medical extrusions, reinforced tubing and catheter sub-assemblies has recently agreed on a strategic cooperation with Horsham-based Biocoat Inc. The cooperation will allow Adam to use Biocoat’s hydrophilic coatings in it catheter shafts. This announcement comes immediately after Adam Spence’s partnership with partnership with Microspec Corp., which allows it to use Microspec’s patented inline multi-durometer extrusion technology for manufacturing reinforced catheter shafts.
- Canada-based medical device manufacturer Covalon Technologies Ltd has recent revealed that it has received USD 3.5 Million from a leading medical company for licensing of its proprietary antimicrobial medical coating technology. With this, Covalon’s new client will be able to use the coating technology in some of its medical products.
Global Medical Device Coating Market Segmentation: Insights
MRFR’s Medical Device Coating Market report includes an in-depth segmental analysis of the global market based on application, type and region. By application, the market has been segmented into neurology gynecology, orthopedics, cardiovascular and others. Of these, the cardiovascular segment is expected to remain highly profitable in 2018 and beyond. In addition, the segment is expected to surpass a valuation of USD 4,300 Mn towards 2023. This is primarily owing to the widespread application of medical devices in cardiac surgical procedures. By type, the market has been segmented into anti-thrombogenic, drug-eluting, and antimicrobial. The antimicrobial segment currently holds the top position and this trend is likely to continue throughout the review period. Increased efforts towards prevention of bacterial infestation and colonization in medical devices and surgical tools is driving the demand for antimicrobial coatings.
Browse the market data and information spread across 123 pages with 34 data tables and 11 figures of the report “ Medical Device Coating Market Report - Forecast 2017-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/medical-device-coatings-market-2120
North America Rakes in the largest Share of the Global Medical Device Coating Market
On the basis of region, the market has been segmented into Europe, North America, the Middle East & Africa (MEA), Latin America and Asia Pacific (APAC). North America currently command the largest share of the global medical device coating market. Factors such as existence of a robust healthcare infrastructure, high healthcare expenditure and presence of leading medical device manufacture act in favor of the market in the region. Europe, following on the heels of North America has captured the second spot and is expected to remain an important market for medical device coating during the assessment period. By 2023, the market in Europe is likely to reach a valuation of more than USD 2,700 Mn. Europe is led by Germany, which is expected to present significant opportunities for market players in the forthcoming years. An impressive growth of the Asia Pacific medical device coating market is highly likely during the assessment period. As per MRFR’s findings the market in the region is set to witness a CAGR of 6.39% from 2017 to 2023. Countries such as Japan, Australia, China and India will effectively remain the main contenders in the region. China, particular is expected to account for a significant market share. MEA and LatAm markets are also expected to witness noteworthy growth but from a smaller base.
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