The global Medical Device Coatings (MDC) Market accounted for $11.0 billion in 2016 and is anticipated to reach $17.4 Billion by 2023, registering a CAGR of 6.8% during the forecast period, 2017-2023.
MDCs are necessarily used in all medical devices to avoid infections, minimize the friction during procedures, and many more vital purposes. In addition, they improve the durability of the medical equipment and offer tremendous thermal stability. Furthermore, their ability to provide homogeneity, wetting, and surface coverage are expected to create immense market potential throughout the study period.
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Significant technological advancements associated with MDC systems and the availability of improved and error-free MDC systems drive the growth of the global medical device coatings (MDC) market. Additionally, the development of miniaturized MDC systems provides lucrative opportunities to new market players, especially in emerging markets. However, the complex operability of latest liquid handling systems and laboratory budget constraints affect the procurement of MDC systems, restraining market growth.
The report segments the global medical device coatings market by coating, material, device type, and geography. Based on coating, the report bifurcates the market into hydrophilic and hydrophobic. The hydrophobic coating segment accumulated the maximum revenue in 2016 and is expected to continue its dominance during the forecast period. The segment is also poised to grow at the highest CAGR from 2017 to 2023. Based on material, the market is fragmented into metals, ceramics, and others. The metals segment occupied the highest share in the global MDC market in 2016, due to their usage applicability and availability in medical & clinical settings.
Based on device type, the market is categorized into general surgery, cardiovascular, orthopedics, dentistry, neurology, gynecology, and others. The general surgery segment is expected to encounter the highest growth rate during the forecast period, registering a CAGR of 4.5%. This is due to the increase in use of MDC in hernia repair devices, thoracic surgical devices, and colonoscopy based transplants devices. Regionally, North America dominated the global MDC market in 2016 and is projected to grow at a CAGR of 6.1% from 2017 to 2023. In the same period, Asia-Pacific is expected to witness the highest growth rate.
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The report also profiles key players involved in the global medical device coatings market, such as Surmodics, Inc., Covalon Technologies Ltd., Royal DSM, Hydromer. Inc., Precision Coatings Co. Inc., AST Products Inc., Abbott Laboratories, Biocoat Inc., Specialty Coating Systems, Inc. and Harland Medical Systems, Inc. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
The other players in the value chain include Merit Medical Systems, Inc., Coatings2Go, LLC., Hemoteq AG, and Materion Corporation.
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