According to a report by Transparency Market Research, China has emerged as a major market for medical device coatings and become a key force for driving the global market.
The study titled, “Medical Device Coatings Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020”, suggests that the global medical device coatings market is likely to grow from US$6.63 billion in 2013 to US$10.93 billion by 2020.
A rise in demand
Growth of the market is anticipated to be caused by the occurrence of epidemic diseases, an increased awareness regarding hygiene, and the expanding global population. However, stringent government regulations and the volatility of raw material prices are likely to restrain this market over the next five years.
Classifications
The medical device coatings market is separated into hydrophilic coatings, anti-microbial coatings, drug-eluting coatings, and others such as anti-thrombogenic coatings. Hydrophilic coatings are expected to be the most rapidly growing product segment by the end of the forecast period.
Therapy areas
Medical device coatings are used in multiple therapy areas; however, cardiology is thought to be the most rapidly developing application segment by 2020. Coatings are used within this area for angioplasty catheters, balloon catheters, guide wires, coronary stents, occlusion devices, and other percutaneous devices.
Location
Geographically, the global medical device coatings market is divided into North America, Europe, Asia Pacific, and Rest of the World. Recent technological developments in the field in North America are likely to help this region retain its reputation as the area with the highest medical device coatings market through 2020. Europe is, however, expected to lose market share by the end of the forecast period as a result of the strict regulations which have been imposed by the European Union. Asia Pacific is reported to be the fastest growing regional segment by 2020, due to a surge in demand from dentistry and cardiovascular end users especially in India, China, and Southeast Asia.
Companies
The research report also discusses the competitive landscape of the global medical device coatings market and profiles some of the companies operating at an international and domestic level. These companies include Specialty Coating Systems, Sono-Tek, Hydromer, Covalon Technologies, Precision Coating Company, BioCoat, and many more.