Global Medical Devices Coatings Market to Reach US$10.9 Bn, Driven by High Demand from North America : Transparency Market Research
In its recent report, Transparency Market Research indicates that exhibiting a robust 7.40% CAGR, the global medical device coatings market will rise from US$6.6 bn in 2013 to US$10.9 bn in 2020. The 102-page study is titled “Medical Device Coatings Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020” and is available on the company website for sale.
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The incidence of epidemics is increasing at an alarming rate. High prevalence of chronic ailments, growing awareness about hygiene, and rising global population are crucial factors that are likely to fuel the medical device coatings market worldwide. While the growth prospects of the market seem very promising, implementation of stringent government regulations and volatile raw material prices may impede the market growth to an extent. To foster a 360-degree overview, the study segments the market into anti-microbial coatings, drug-eluting coatings, hydrophilic coatings, and others (including anti-thrombogenic coatings). Of these, anti-microbial coatings dominated the medical device coatings market in 2013, with a share of over 40%. The report also states that the hydrophilic coatings segment is expected to exhibit rapid growth during the forecast period.
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Medical device coatings are primarily used in devices used in general surgery, cardiology, gynecology, dentistry, neurology, ophthalmology, orthopedics, and others. Among this, general surgery registered the strongest demand for medical devices coatings, led by instruments such as catheters, syringes, guide wires, and others. The segment of cardiology exhibited the second highest demand. However, cardiology is anticipated to exhibit the fastest growth during the forecast period, reports the study. Broadly speaking, in cardiology, medical device coatings are used on balloon catheters, angioplasty catheters, coronary stents, occlusion devices, guide wires, and other percutaneous devices.
Regionally, the global medical device coatings market is classified into Asia Pacific, Europe, North America, and Rest of the World. Among these key regional markets, North America dominated the market in 2013, accounting for over 45% of the overall demand generated that year. The region has been at the forefront of research and development initiatives and technological innovations. The introduction of the latest technologies in the region will enable North America to remain the undisputed market leader through the report’s forecast period.
Europe, according to the report, presently holds the second largest market share. In this regard, a lead TMR analyst said, “Despite being the second largest market until 2013, Europe will soon lose its market share due to the stringent regulations implemented by the European Union”. The report identifies Asia Pacific as an emerging market for medical device coatings, since the region exhibits high demand for dentistry and cardiovascular treatments, particularly in India, Southeast Asia, and China.
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Medical Device Coatings Market - Product Segment Analysis
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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