Medical Device Coating Market is predicted to at 5.16% CAGR through 2018 to 2023

Market Overview: The Medical Device Coating Market is estimated to value at USD 10,109.7 million by the end of 2023 at a CAGR of 5.16% during the forecast period. Increasing geriatric population, growing demand for MISI (Minimal Invasive Surgical Instrument) and continuous innovation in medical devices are some of the major factors favouring the growth of the market.
Application of Medical Device Coating in the cardiovascular diagnostics or surgical instruments accounted for the largest market share. It is projected to grow at the highest CAGR on account of the higher penetration of medical devices in cardiac surgeries and pacemakers. The orthopaedic segment is the second major consumer of medical device coatings due to the growing number of aged population and growing awareness among the consumers. However, increasing standards of the regulations and complexities of technology may restrain the medical device coating market growth over the review period. Nevertheless, in coming years, the increasing preference of hydrophilic medical device coating is projected to propel the growth of the global market in the coming years.
Regional Analysis: Geographically, the Global Medical Device Coating Market is segmented into five key regions; North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Among these, North America accounts for the largest market share as of 2016 and is projected to grow at a considerable CAGR during the forecast period. North America is dominating the global market due to availability of significant number of medical devices manufacturers in this region. North America region is followed by Europe, which accounted for the second largest market share and it is estimated to reach USD 2,763.0 million by the end of 2023. Germany accounted for the highest market share in Europe and is expected to remain dominant throughout the forecast period owing to higher penetration of end user industries in the country.
Asia Pacific is also a substantial region in the Global Medical Device Coating Market, which is estimated to grow at the highest CAGR of 6.39% during the review period. China dominates the Asia Pacific market in terms of both value and volume. Asia Pacific is followed by Latin America and the Middle East & Africa, which estimated to grow at a moderate rate during the forecast period.
Global Competitors: Some of the top key players in the Global Medical Device Coating Market are; Surmodics, Inc. (U.S.), Materion Corporation (U.S.), Hydromer Inc. (U.S.), Sono-Tek Corp (U.S.), Speciality Coating Systems Inc. (U.S.), Royal DSM N.V (The Netherlands), Precision Coating Company, Inc. (U.S.)., and Biocoat Incorporated (U.S.)
Segmentation: The Global Medical Device Coating Market is segmented on the basis of type, application, and region. On the basis of type, the market is classified into antimicrobial, drug-eluting, and anti thrombogenic. By application, the market is divided into cardiovascular, orthopedics, neurology gynecology, and others. Geographically, the Global Medical Device Coating Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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