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Global Wound Care and Medical Device Coatings Market is Projected to Reach US$ 17,117 Mn by 2025

Author: QYResearch | Publish date: 2018-08-18 | Views: 52
New report published by QY Research which offers insights on the global Wound Care and Medical Device Coatings market. The Wound Care and Medical Device Coatings market has been experiencing steady growth graph since past years. During the 2017-2025 timeline, the global market for Wound Care and Medical Device Coatings is expected to reflect a 1.6x increase in the revenue growth. In 2017 the global Wound Care and Medical Device Coatings market was valued at US$ 10,389 Mn and by the end of the assessment year (2025), it is estimated to touch a value more than US$ 17,117 Mn growing at a value CAGR of 6.44% throughout the period of forecast.

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Global Wound Care and Medical Device Coatings Market: Market Driver and Restraint

Prolonged usage of medical devices results in adverse factors including wearing out of these devices, rise in infections, development of microbes, and increase in friction and corrosion. In order to counter these adverse effects, medical devices are coated. Different types of surface-coating technologies have been implemented in the recent past. These have helped reduce design complexity and have improved the overall usage of medical devices.


Global Wound Care and Medical Device Coatings Market: Forecast by Type

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 for use 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 significance, 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.


Global Wound Care and Medical Device Coatings Market: Forecast by Application

In terms of application, the global wound care and medical device coatings market can be segmented into wound care (medical tapes & bandages and wound drains) and medical devices (general surgery devices, cardiovascular devices, neurology devices, gynecology devices, orthopedic devices, dentistry, and others). Medical devices is estimated to be the dominant segment of the wound care and medical device coatings market during the forecast period. Rising health care expenditure, technological advancements, growing elderly population, and increasing prevalence of chronic diseases are driving the market. Wound care is projected to be the rapidly expanding segment of the wound care and medical device coatings market from 2018 to 2026. This is attributable to rapid growth of geriatric population, development of innovative wound care products, increasing number of road accidents and trauma injuries worldwide, and rising number of awareness programs for wound care treatment and management. Medical tapes & bandages is expected to be the dominant sub-segment of the wound care segment, whereas wound drains is likely to be the rapidly expanding segment during the forecast period.


Global Wound Care and Medical Device Coatings Market: Forecast by Region

Based on region, the global wound care and medical device coatings market can be classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America dominates the global market, due to favorable health care policies and rising frequency of cardiometabolic disorders such as pulmonary embolism (PE) and deep vein thrombosis (DVT) in the region. High adoption of advanced surgical treatments, increasing awareness regarding commercially available products, and development of health care infrastructure in the U.S. are likely to fuel the market in the region between 2018 and 2026. Europe constitutes the second-largest share of the global market for wound care and medical device coatings. However, the market in the region is expected to witness sluggish growth during the forecast period, due to stringent regulations imposed by the European Union. The market for wound care and medical device coatings in Asia Pacific is anticipated to witness rapid growth during the forecast period. Rising demand for coatings in cardiovascular devices and dentistry segments is likely to fuel the market in the region in the next few years. China, India, and Southeast Asia are expected to dominate the wound care and medical device coatings market in Asia Pacific in the near future. Increase in awareness about health care and rise in elderly population in Brazil are projected to boost the demand for wound care and medical device coatings in Rest of World from 2018 to 2026. Furthermore, cardiovascular devices and neurology devices segments are estimated to provide lucrative opportunities to the wound care and medical device coatings market during the forecast period.


Global Wound Care and Medical Device Coatings Market: Key Players

The global wound care and medical device coatings market witnesses’ high degree of competition among market players. The market is dominated by large players which are technologically advanced. They account for a major share of the global market. The wound care and medical device coatings market is capital intensive and technology intensive. Some of the key players operating in the global wound care and medical device coatings market include Surmodics, Inc., Royal DSM, Hydromer Inc., Covalon Technologies Ltd., AST Products, Inc., Abbott, and Precision Coating Company, Inc.


Click to view the full report TOC, figure and tables

https://www.qyresearch.com/index/detail/666498/global-wound-care-and-medical-device-coatings-market




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