The global market for features a highly fragmented competitive landscape owing to the presence of a large number of vendors, with the leading five vendors accounting cumulatively for only around 20% of the overall market in 2016, states a recent report by Transparency Market Research (TMR). Exhibiting a high level of competition, standing of companies in the market is highly influenced by their focus on R&D activities aimed at keeping deliverables technologically advanced and improvised as per changing consumer demands.
Strategic acquisitions aimed at expanding geographical presence and adding new products to portfolios are also popular strategies adopted by companies to stay ahead of competition. In instance is the January 2016 alliance between AdvanSource Biomaterials Corp. and Medibrane Ltd., a leading Israeli coating technology company. AdvanSource Biomaterials entered into the collaboration.
Transparency Market Research estimates that the global market for hydrophilic coatings was valued at US$481.6 mn in 2016 and will reach US$1,026.6 mn in 2025, expanding at a CAGR of 8.8% between 2017 and 2025.
Polymers to Remain Most Preferred Substrate for Coating Hydrophilic Coatings
On the basis of the type of substrate on which hydrophilic coatings are applied, the segment of polymers accounted for the dominant share of around 48% of the overall market in 2016. The vast usage of polymers coated with hydrophilic coatings in the medical devices industry is expected to keep the demand for polymers as a substrate high in the global hydrophilic coatings market over the forecast period as well. In terms of geography, North America has been dominating the hydrophilic coatings market over the past few years. The region held over 35% share of the global demand for hydrophilic coatings in 2016 and the trend is projected to continue during the forecast period as well.
Rising Demand for High-end Medical Devices to Boost Global Consumption
One of the key forces driving the global market for hydrophilic coatings is the increasing usage of these coatings in the field of medical devices. The controlled level of lubricity allowed by hydrophilic coatings to medical devices, which assuages the natural resistance that vascular inner surfaces exhibit as a result of striction, making their usage more convenient when in use across vascular operations, makes them more preferable as compared to other coatings.
These coatings also decrease the possibility of infection due to the presence of antimicrobial agents and increase the ease with which a medical device is inserted into the body. The vast rise in expenditure on healthcare due to rising demand for better medical and healthcare facilities, especially across emerging economies boasting a rapidly rising middle class with high disposable incomes, will boost the consumption of medical devices, which, in turn, is expected to drive the market for hydrophilic coatings.
Strict Regulatory Compliances to Negatively Affect Market Growth
Although the global hydrophilic coatings market has excellent growth prospects, some factors are expected to hinder its growth to a certain extent over the forecast period. These include stringent government regulations related to medical devices and the high processing costs involved in coating medical devices with hydrophilic coatings. Stringent regulations such as the FDA 510 K Clearance Act refrain new hydrophilic coatings manufacturers from entering the market. Additionally, the high costs associated with processing and licensing hydrophilic coatings compel manufacturers to look for inexpensive alternatives, hampering the growth prospects of the global hydrophilic coatings market to a certain extent.
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This review of the global hydrophilic coatings market is based on a recent market research report, titled “Hydrophilic Coatings Market (Substrate Type – Polymers, Metals and Metal Alloys, and Glass and Other Ceramics; Application – Automotive, Aerospace, Medical Devices (Cardiovascular, Urology, Neurology, and General Surgery), Optical, and Buildings) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025.”