The global wound care and medical device coatings market was valued at US$ 8539.95 Mn in 2017 and is anticipated to expand at a CAGR of 6.4% from 2018 to 2026, according to a new report titled ‘Wound Care and Medical Device Coatings Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ published by Transparency Market Research (TMR). The global wound care and medical device coatings market is driven by technological advancements in wound care and medical device coatings systems. North America accounts for a major share of the global market, due to favorable health care policies in the region.
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Technological advancements in wound care and medical device coatings systems
Technological advancements such as introduction of fluorinated, silver, and spin coatings and usage of hydroxyapatite and micro-blasting technique are anticipated to drive the market during the forecast period. Development of modern medical implants is a multi-stage, design- and technology-specific manufacturing process, which is primarily based on in-vitro tests. Technological advances in wound care and medical device coatings are projected to drive the market from 2018 to 2026. Increase in the global demand and rise in funding for advancements in technology are boosting the market. The number of sponsorships and alliances by companies is increasing, as these companies are interested in funding and sponsoring clinical research trials related to medical coatings. Government bodies such as the U.S. NSF, the European Commission, and Dutch Ministry of Economic Affairs, Agriculture and Innovation have shown interest in funding for implant coatings.
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Laboratory budget constraints affect the procurement of wound care and medical device coatings systems
Rise in cost of health care devices, volatile raw material prices, and stringent government regulations are expected to hinder the global wound care and medical device coatings market during the forecast period. Stringent regulations and coating safety procedures are anticipated to hinder the commercialize wound care and medical device coatings. Manufacturers need to comply with various regulations in terms of production, safety, and sustainability of coatings and their quality in order to introduce biomedical implants into the market.
Antimicrobial segment to dominate the global wound care and medical device coatings market
Based on product, the global wound care and medical device coatings market has been segmented into: antimicrobial, hydrophilic, drug-eluting, and antithrombogenic & others. Antimicrobial is the most widely used product type of wound care and medical device coatings. The segment is likely to dominate the global wound care and medical device coatings market during the forecast period, due to high demand for antimicrobial coatings in the health care industry. Antimicrobial coatings have low cost and high compatibility with various materials of medical devices including metal, plastics, carbon fiber, composite materials, and stainless steel. Antimicrobial coatings resist the formation of microbial growth on the coating substrate. On the other hand, hydrophilic is estimated to be a rapidly expanding segment of the wound care and medical device coatings market during the forecast period. Hydrophilic coatings are gaining importance, as they provide sufficient wetting ability to facilitate smooth lubrication. Cardiovascular devices is likely to be the rapidly expanding application segment of the market during the forecast period.
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High degree of competition among market players
High degree of competition exists among market players operating in the global wound care and medical device coatings market. The market is dominated by large players which are technologically advanced. They account for a major share of the global market. Key players profiled in the report are Surmodics, Inc., Royal DSM, Hydromer Inc., Covalon Technologies Ltd., AST Products, Inc., Abbott, and Precision Coating Company, Inc.
Global Wound Care and Medical Device Coatings Market, by Product
- Hydrophilic
- Antimicrobial
- Drug-eluting
- Antithrombogenic & others
Global Wound Care and Medical Device Coatings Market, by Application
- Wound Care
- Medical Tapes & Bandages
- Wound drains
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