Medical Device Coating Market – Overview
Coatings are used on the substrate or on an object to serve a protective or decorative purpose. The Medical Device Coatings are used to protect Medical Devices from various kinds of viruses and pathogens. Market reports linked to the chemicals and materials sector made available by Market Research Future along with published reports on other sectors have been recently published along with a report on this industry. The Medical Device Coatings Market is projected to develop at a CAGR of 5.16 percent to achieve USD 10,109.7 million in revenues by 2023.
Growing demand for minimal invasive surgical instruments, escalating geriatric population levels, and continuous innovation in the Medical Device are some of the key factors that have been identified as being the key growth drivers in the duration of the forecast period. The increasing inclination for hydrophilic Medical Device Coating is anticipated to boost the global market in the coming years. Continuous innovation in the Medical Devices is anticipated to boost market share considerably in the duration of the forecast period.
The market is segmented into the segments of Application, Region and Type. On the basis of Type, the market is segmented into drug-eluting, antimicrobial, and anti thrombogenic. By Application, the market is segmented into orthopedics, cardiovascular, gynecology, neurology and others. Geographically, the market is segmented into Europe, North America, Latin America, Asia Pacific, and the Middle East & Africa.
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Detailed Regional Analysis
The regional analysis of the Medical Device Coating Market globally is segmented into regions such as Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. The North American region is accountable for the principal market share as of 2016 and is estimated to develop at a substantial CAGR for the duration of the forecast period. The North American region is leading the market owing to the availability of considerable number of medical devices manufacturers in this region. The North American region is trailed by the European region, which is responsible for the next major market share and it is expected to achieve USD 2,763.0 million by the end of 2023. Germany is responsible for the maximum market share in the European region and is estimated to continue its dominance through the forecast period due to elevated penetration of end user industries in the nation. The Asia Pacific region is also a significant region in the Medical Device Coating Market, which is anticipated to develop at the top CAGR of 6.39 percent through the forecast period. China leads the Asia Pacific market in terms of both volume and value. The Asia Pacific region is followed by the Latin America and the Middle East & Africa region which anticipated to develop at a reasonable rate through the forecast period.
The market is demonstrating a huge deal of potential for increasing at an expedited pace. The product offering of the market has diversified tremendously as compared to the past few years, thereby making the market more lucrative for current and new contenders. The market is very well defined in terms of segments involving the products as well as the end users that are a part of the market. The market attractiveness and competitors’ dynamics are deeply enhanced by the strategies that are being employed by market players. The improved financial liquidity of the competitors in the market has increased thereby proving new opportunities for growth of the market. The long term sustainability of the market is however greatly dependent on the tactics and the strategic roadmaps that are employed by market players.
The major contenders in the Medical Device Coating Market are Materion Corporation (U.S.), Surmodics, Inc. (U.S.), Hydromer Inc (U.S.), Speciality Coating Systems Inc (U.S.), Sono-Tek Corp (U.S.), Precision Coating Company, Inc (U.S.)., Royal DSM N.V (The Netherlands), and Biocoat Incorporated (U.S.).
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