Upsurge in cases with chronic disorders and increase in failed cases of medical implants due to bacterial infections make it imperative to integrate antibacterial coatings in medical implants. Moreover, advancement & inclination toward biocompatible coatings, rise in orthopedic, dental and cardiac disorders, and growth in affordability in developing economies are projected to supplement the market growth.
The global Antibacterial Coating Market generated $120.22 million in 2016 and is expected to attain $343.16 million by 2023, growing at a CAGR of 16.1% during the forecast period, 2017-2023.
The growth of the global antibacterial coating market is driven by an increase in the prevalence of implant-associated infections, high adoption of medical implants, and a surge in global geriatric population. However, market growth is hampered by the astronomical costs of raw materials involved in antibacterial coatings and time-consuming regulatory approvals. Conversely, development of advanced antibacterial coating is expected to provide lucrative opportunities in the market.
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The report segments the global antibacterial coating market by material, type, and geography. Based on the material, the market is bifurcated into metallic and non-metallic coatings. The metallic coatings segment accounted for around three-fourths of the global market in 2016, owing to high usage applicability and availability in medical & clinical settings. The segment is projected to continue its dominance throughout the forecast period. Based on the type, the report divides the market orthopedic, dental, neurovascular, cardiac, and other implants. The cardiac implants segment accounted for more than one-fifth of global market share in 2016 and is expected to witness significant growth throughout 2023. However, orthopedic implants segment is expected to grow at the fastest CAGR during the forecast period.
Accounting for around one-third share of the global antibacterial coatings market for medical implants in 2016, North America was the leading revenue contributor, owing to the early adoption of technologically advanced coating and high use of implantable devices due to rise in chronic disorders. However, Asia-Pacific is expected to grow at the fastest rate from 2017 to 2023, a CAGR of 17.4%, due to increase in affordability, the surge in healthcare expenditure, and growth in awareness about implantation surgeries.
The report also profiles key players involved in the global antibacterial coating market, such as aap Implantate AG, AST Products, Inc., BioCote Ltd, Covalon Technologies Ltd., DOT GmbH, Harland Medical Systems Inc., Hydromer, Inc., Koninklijke DSM N.V., Sciessent LLC, and Specialty Coating Systems, Inc. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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