Market Research

Medical Device Coating Market Future Demand Analysis with Forecast 2020

Jun 10, 2020 7:14 PM ET

iCrowd Newswire – Jun 10, 2020

The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force.

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They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic.

Advancement in the design of medical devices such as catheters, guide wires and stents has improved the quality of medical care to great extent. However, these devices are made up of materials which when coming in contact with external environment can cause undesirable complications such as bacterial infection, blood clots and tissue trauma. Medical device coating is used to alleviate such short comings. Medical device coating technology uses organic solvent or UV curing for the purpose of coating the medical device. Dry or water-based formulations are used as coating technology which allows solvent-free processing.

Medical device coatings help in reducing the friction between medical devices and tissues, provide surface coverage, wetting, uniform adhesion, wear-resistance and coating homogeneity. Depending on the nature of formulation global medical device coating market can be bifurcated into dry lubricants coating, adhesive coating and super-hydrophilic coatings. Dry lubricants coating has the largest market share for medical device coating. However, super-hydrophilic coating is expected to witness highest growth in coming future owing to its increasing demand from medical devices that require excellent water attraction and optical clarity.

North America has the largest market share for medical device coating technology, followed by Europe and Asia Pacific. The U.S. alone holds the largest market and is expected to maintain its dominance in the global medical device coating market. However, Asia Pacific is expected to witness highest growth in forecasted period. Developing market of China and India are expected to boost the Asian medical device market.

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Increasing awareness about minimally invasive surgeries among the patients is driving the global medical device coating market. Additionally, growth prospect in medical industries paired with emerging economies is expected to drive the global market to some extent. Increasing people concern towards health and wellbeing coupled with increasing disposable income is further expected to increase the demand for better medical facilities in coming future. However, changing government regulation for medical devices across different countries may hamper the growth of medical device coating market to some extent.

Better growth prospect in the medical care industry have influence many multination companies to invest more in the emerging market of Asia Pacific. Some of the major companies operating in the global medical device coating market are

  • Hydromer Inc.
  • Materion Corp.
  • Surmodics Inc.
  • Sono-Tek Corp
  • Abbott Laboratories
  • Royal DSM N.V.
  • Specialty Coating Systems Inc.
  • Parlex Corp.
  • Kane Biotech Inc.
  • Precision Coating Company Inc.
  • N8 Medical Inc
  • Biocoat
  • AST Products
  • and TheraSyn Pharmaceuticals Inc.

Key points covered in the report

  • Report segments the market on the basis of types, application, products, technology, etc (as applicable)
  • The report covers geographic segmentation
    • North America

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