The market for medical coatings is expected to witness a CAGR of over 7% during the forecast period. One of the major factors driving the market studied is the increasing global population with health issues. However, fluctuation in raw material prices is likely to restrain the market.
- Increasing awareness regarding the advancement of medical treatments is also likely to boost the demand for medical coatings, during the forecast period.
- Growing healthcare investments in emerging economies are likely to act as opportunities for market growth in the future.
- North America accounted for the highest market share and is likely to dominate the global market, during the forecast period.
Key Market Trends
Anti-Microbial Coating Type is likely to Witness the Highest Growth Rate
- The antimicrobial coatings industry is expanding and is currently regarded as a billion-dollar sector. The sector is being developed to prevent the growth of bacteria and germs on several surfaces.
- Antimicrobial coatings have a massive market in the North American region, which accounts for a major chunk of the market.
- In addition, these coatings are helping in preventing the growth and spread of bacteria and germs on medical instruments; antimicrobial coatings can enhance the hygiene in the healthcare facilities.
- Moreover, if antimicrobial coatings are coated on countertops, the active cleaning agents that are characteristically used to clean health care facilities are not required.
- The usage of the antimicrobial coatings is likely to help decrease the environmental effects of cleaning within medical facilities considerably.
- Hence, owing to the above-mentioned reasons, the anti-microbial coating is likely to witness the highest growth rate.
North America to Dominate the Market
- North America is estimated to witness tremendous growth rate over the forecast period in the medical coatings market.
- Due to rising aged population and focused interest of the government in providing quality healthcare services, the United States remained the largest medical device market in the world.
- The US medical devices manufacturers control more than half of the Canadian medical device market.
- The Canadian market is sophisticated and mature, with a strong demand for high-quality medical technologies.
- This is mostly due to geographic proximity and similarities in safety and quality standards between the two countries.
- Hence, owing to the above-mentioned factors, the North American region is likely to dominate the global market, during the forecast period.
The market for medical coatings market is partially fragmented and consisits of high number of players. Key players in the market include DSM, AST Products Inc., Hydromer Inc., Precision Coating Company, Inc, and Biocoat Incorporated, among others.
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