The main purpose for coating medical devices and equipment is functional. The medical coatings are widely used in medical devices, implants, medical equipment and tools, and other industries including drug delivery system, and storage system. The medical devices are made of stainless steel, aluminum or ceramic which are not always compatible when they come in contact with body fluids or tissues. This can result in complications which the coatings help to reduce. Population growth as well as the aging population is the major drivers of this market. The U.S. is projected to reach population of 9.6 billion by 2050. But majority of the population growth is projected to come from developing countries. As a result, the demand for medical coatings is expected to grow parallel with the rise in population and income level of people in respective countries.
The improvement in fertility rates in the developed countries is projected to be the major driver of the population growth. Countries such as China, India, the U.S., Indonesia, Brazil, and Nigeria are expected to be the countries with highest population by 2050. Moreover, the aging population of China and Japan is projected to be the major driver of medical coatings as the demand for minimal invasive surgeries are expected to increase. The rising demand for dental and coronary implants, medical devices, and equipment and tools are expected to contribute to the growth of medical coatings in China and Japan.
By 2019, the Asia-Pacific region is expected to be the third largest consumer of medical coatings with an estimated market size of $3.41 billion in terms of value. The medical device and equipment industry in Europe mainly in Germany and France has been the largest in the world and is projected to grow at a steady rate which in turn is expected to lead to growth in use of hydrophilic and hydrophobic coatings. The medical coatings market in North America is being driven by the U.S. which has observed high R&D investments since 2011. Therefore, the medical coatings market in North America is expected to grow at a high rate in the next five years.
The medical coating market size is projected to reach $13.23 billion, in terms of value, by 2019. The hydrophilic coatings are projected to grow at a higher CAGR than hydrophobic coatings between 2014 and 2019.
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