The global market for medical devices is on a significantly growing due to the rising geriatric population of the globe, increasing access to healthcare facilities, rising awareness about benefits of medical devices, and rising awareness about health issues across the globe. Currently, the global market for medical devices is valued at more than US$300 billion, nearly 40% of which is held by the U.S. medical devices industry.
A variety of medical devices such as equipment, instruments, apparatus, or implants are used to treat, diagnose, or prevent a medical condition. These medical devices are used during general surgery, orthopedic, cardiovascular, neurological, orthodontic, gynecological, and other fields of treatments. Several medical devices, which are common to the field of medicine have also witnessed widespread adoption among the masses.
Browse Market Research Report of Medical Device Coatings:
However, factors such as high cost of treatments, risks associated with failure of medical devices and the complications following device failures are factors that limit expansion of the market.
There are many reasons why medical devices fail to function properly. Some of these are:
- Defective surgical procedures that may occur due to improper sterilization of devices.
- Thrombosis, caused due to stress induced upon blood when it is flowing near the medical device.
- Infections in places near the medical device due to a number of surface characteristics of the chemical composition of various elements of the device.
- Chances of corrosion in metal and metal alloy implants used primarily for orthodontic and cardiac applications.
Therefore, employing methodologies that increase the life and reduce possibilities of a medical device causing infections to the host is highly significant. Use of protective coatings for medical devices is one such effective methodology that not only increases the life of a medical device, but also protects it against a vast number of response issues.
The Global Market for Medical Device Coatings: Market Dynamics
A report by Transparency Market Research analyzing the global market for medical device coatings states that the market had a net worth of US$6.63 billion in 2013. The market is expected to grow at a 7.4% CAGR between 2014 and 2019 and rise to US$10.93 billion by 2020.
The market is witnessing immense growth especially in developed economies of North America and Europe and has good growth prospects in the developing economies of Asia Pacific. High penetration of the medical devices market and advanced healthcare infrastructure in Europe and North America are the chief driving forces for the global medical device coatings market.
In 2013, North America alone held more than 45% of the global medical device coatings market. A number of product and technological innovations seen lately in this market are expected to allow the market to retain its dominance in the global medical device coatings market in the near future. In Asia Pacific, the rising population of geriatrics, increased healthcare awareness, and rising incomes are increasing the demand for a variety of medical devices, consequently driving the medical device coatings market.
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The market features a variety of coatings, including drug-eluting coatings, anti-microbial coatings, hydrophilic coatings, and anti-thrombogenic coatings. Of these, the segment of anti-microbial coatings led the market with nearly 40% share in 2013.
By the year 2020, the market for medical device coatings is expected to witness a range of development activities and come up with a whole new range of durable and biocompatible options of coatings to be used for devices in cardiac, orthopedic, orthodontic and numerous other medical applications.