China has emerged as a major market for medical device coatings and has become the primary force driving the global market, states Transparency Market Research in its recent report. The study, titled “Medical Device Coatings Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”, indicates that developing at a healthy CAGR of 7.4% from 2014 to 2020, the global medical device coatings market is likely to grow from US$6.63 billion in 2013 to US$10.93 billion by 2020.
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The alarming occurrence of epidemic diseases, increasing awareness regarding hygiene, and expanding global population has fueled the growth of the medical device coatings market. However, stringent government regulations and volatility of raw material prices are likely to restrain this market over the next five years. On the basis of product, the medical device coatings market is segmented into hydrophilic coatings, anti-microbial coatings, drug-eluting coatings, and others such as anti-thrombogenic coatings. With a 40% share in 2013, anti-microbial coatings dominated the medical device coatings market, while hydrophilic coatings are expected to be the most rapidly growing product segment by the end of the forecast period.
Medical device coatings are mainly used in cardiology, general surgery, gynecology, neurology, dentistry, orthopedics, ophthalmology, and others. General surgery presented the strongest demand for medical device coatings on syringes, catheters, guide wires, and others. Cardiovascular reported the second strongest demand in 2013 and is likely to be the most rapidly developing application segment by 2020. Medical device coatings in this discipline are used on angioplasty catheters, balloon catheters, guide wires, coronary stents, occlusion devices, and other percutaneous devices.
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Geographically, the global medical device coatings market is divided into North America, Europe, Asia Pacific, and Rest of the World. North America held more than 45% of the demand in 2013, emerging as the leader in the medical device coatings market. Recent technological developments in the field are likely to help this region retain its lead through 2020. Even though Europe was the second-largest medical device coatings market in 2013, this region is expected to lose market share by the end of the forecast period owing to strict regulations imposed by the European Union. Identified as the fastest growing regional segment by 2020, the Asia Pacific medical device coatings market is driven by growing demand from dentistry and cardiovascular end users especially in India, China, and Southeast Asia.
The research report discusses the competitive landscape of the global medical device coatings market and profiles some of the leading companies operating at an international and domestic level. These companies are Royal DSM N.V., Specialty Coating Systems, Inc., Sono-Tek Corporation, AST Products, Inc., Hydromer, Inc., Hemoteq AG, Covalon Technologies Ltd., Precision Coating Company, Inc., Merit Medical Systems, Inc., AdvanSource Biomaterial Corporation, Harland Medical Systems, Inc., SurModics, Inc., BioCoat, Inc., Coatings2Go, LLC, and PPG Industries, Inc.