Medical device components and electronics require protection to be effective. Electrical charges, moisture, bodily fluids and contamination can render a life saving device useless and ineffective. Medical coatings need to be ideal for most types of substrates, including metals, glass, plastics, ceramics and silicone rubber, and should be sterilizable on all of them. Physico–mechanical coatings are those designed with physico–mechanical properties such as moisture, chemical and electrical barrier properties as well as tribological (lubricous) properties. The damage to the mucosal lining has led to development of antimicrobial coatings with biological function (antimicrobial activity) and physico–mechanical function (lubricity). Medical device coatings are significantly used to enhance performance of devices and augment product surface function. In addition, coatings help in reducing friction between tissues and devices, provide wetting, surface coverage and coating homogeneity. Most of the medical devices require non-stick coatings over electrical insulation, molded, biocompatible or other finishes.
Medical Coating Market: Drivers
The increasing demand for coatings for life saving devices from medical industry is expected to increase the consumption of medical coatings. In addition, rising demand for life saving devices from emerging economies of Asia Pacific and Latin America is expected to increase the consumption of medical coatings. However, availability of substitutes, product aging, low shelf life and rising costs could hamper the growth of this market. In addition, varying government regulations for medical devices across countries may hamper the growth of medical device coating market to some extent.
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Medical Coating Market: Segmentation
Medical coatings market is segmented on the basis of type, application and region. By type, medical coating can be segmented into lubricants, antimicrobial and hydrophilic coatings. By application, the medical coating can be segmented into medical devices, implants, medical equipment and tools and others. On the basis of region, medical coating market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan (APEJ), Japan and Middle East and Africa (MEA).
Medical Coating Market: Regional Outlook
North America has the largest market share for medical coating, followed by Europe and Asia Pacific. However, Asia Pacific is expected to experience fastest growth during the forecast period. India and China are expected to be the major consumers of medical coatings in Asia Pacific due to presence of an established medical industry. Hong Kong, Australia, New Zealand, Republic of Korea, Japan, Vietnam, Malaysia and Indonesia are expected to be other major consumers of medical coatings in Asia Pacific. In addition, Latin America is expected to experience high growth due to rapid economic development and growth in medical industries. Argentina, Brazil and Peru are expected to be major consumers of medical coatings in Latin America.
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Medical Coating Market: Key Players
Large and medium medical equipment and pharmaceutical manufacturing companies dominate the medical coatings market. Some of the key players in this market are SurModics, the DECC Company, Hangzhou Kangsheng Medical Equipments Co., Ltd., Yangzhou Fuda Medical Devices Co., Ltd., Precision Coating Co., Inc. , Donwell Company, Inc., Merit Medical Systems, Inc., Harland Medical Systems , Applied Medical Coatings, LLC., Dymax Corporation , Raleigh Coatings , Abbott Laboratories , Biocoat Inc AeonClad , Bayer Material Science LLC, Boston Scientific Corporation , Covalon Technologies Ltd., Endura Coatings Ltd , Specialty Coating Systems Inc., and TheraSyn Pharmaceuticals Inc. among others.
Companies are using strategic acquisitions and mergers to increase their market share. In 2011, Kensey Nash, a medical device company focused on regenerative medicine, acquired the assets of Nerites, a developer of medical adhesives and anti-fouling coatings, for cash consideration of $20 million. In addition, companies are increasing their presence in emerging market of Asia Pacific and Latin America to remain competitive in market. Furthermore, companies are investing in research and development to introduce various types of medical coatings with superior characteristics and features.
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