The Global Market for Coatings for Medical Devices is Projected to Reach US$4.6 Billion by 2024
Focus on the Prevention & Control of
Biofilm-Based Medical-Device-Related Infections Spurs the Medical Device
Coatings Market, According to a New Report by Global Industry Analysts, Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size and demand forecasts on the global Coatings for Medical
Devices market. The global market for Coatings for Medical Devices is
projected to reach US$4.6 billion by 2024, driven
by the growing focus on healthcare cost reduction by reducing the burden of preventable
illnesses such as those caused by biofilm-based medical-device-related infections.
Coatings
for medical devices are thin layers of materials applied on medical devices to
enhance their surface function, safety and performance. These coatings consist
of a number of compounds that are uniquely formulated to accomplish germicidal
and infection prevention goals. The growing risk of nosocomial infections to worrisome
proportions underpins the need for coatings on medical devices such as catheters,
catheter adapters, cannulae, shunts, wires, and other hollow tubular equipment.
Contamination of surgical and diagnostic devices and instruments increases the
risk of secondary infections and prolongs the duration of hospitalization, thus
pushing up overall healthcare costs. Coatings, in this regard, have come to
play an indispensable role in providing protection not only to devices, but
also to patients. The large and robustly
growing healthcare industry and allied sectors augurs well for the coatings
market. Companies are making extensive efforts to extend the scope of
applications for their coating products. In addition, new application methods
are emerging that enable deposition of coatings in a faster, cleaner and a more
uniform way. Drug-eluting stents have emerged as a key application area for
coatings, with biodegradable DES coatings that address the coated-stent
associated complications such as late stent thrombosis, hypersensitivity, and
inflammation.
For
surgical and diagnostic devices, tools and instruments, anti-microbial coatings
are primarily used as protective coatings to combat bacterial growth. Antimicrobial coatings have gained popularity in
urology, intravenous therapy, ophthalmology, general surgery, orthopedics and
cardiology. Demand for hydrophilic surface coatings is surging in
applications such as catheters in respiratory care, contraception, fertility
and endoscopy, supported by the emergence of new generation hydrophilic
coatings
that feature low particulate and low friction characteristics. Development of
non-thrombogenic biomaterials and anti-adherent coatings with hemocompatible
attributes is forecast to benefit growth of coatings for blood contacting
devices. Nanocoatings with
superior biocompatibility benefits are forecast to find lucrative uses in coating
surgical implants and prosthetics.
As
stated by the new market research report on Coatings
for Medical Devices, the United States represents the
largest market worldwide, supported by biomedical engineering initiatives aimed
at developing next-generation safe and durable biocompatible medical devices
that encourage positive healing responses. Asia-Pacific ranks as the fastest
growing market with a CAGR of 9.4% over the analysis period, led by factors such
as stable economic growth, growing
population with rising healthcare needs, rising income and standards of living,
improving public healthcare services, and increasing demand for and consumption
of high-quality medical care services.
Major
players in the market include AdvanSource Biomaterials Corp., AeonClad Coatings
LLC, Allvivo Vascular Inc., Armoloy of Connecticut Inc., AST Products Inc.,
Biocoat Inc., Carmeda AB, Covalon Technologies Ltd., Hemoteq AG, Hydromer Inc.,
Materion Corporation, N2 Biomedical, N8 Medical Inc., Precision Coating Co.
Inc., Royal DSM, Specialty Coating Systems Inc., SurModics Inc., among others.
The research report titled
"Coatings for Medical Devices: A Global Strategic
Business Report" announced by
Global Industry Analysts, Inc., provides a comprehensive review of market
trends, drivers, mergers, acquisitions and other strategic industry activities
of major companies worldwide. The report provides market estimates and
projections for geographic markets such as the US, Canada, Japan, Europe (France,
Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China,
India, and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin
America) and Rest of World.
Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA,
All Rights Reserved.
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