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.
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.
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.
Medical devices segment dominates the global wound care and medical device coatings market
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.
North America dominates the global wound care and medical device coatings market
Geographically, 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.
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.
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