North America Medical Coatings Market Analysis Report on Size and Growth to 2024

Market overview:

North America demand for the medical coatings market was at US$ 4.7 billion in 2019, with an annual compound rate of approximately 7.4% between 2019 and 2024, it is expected to reach US$ 7.3 billion by the end of 2024.

Medical devices need special protection to function effectively. Body fluids, loads, pollution and moisture make these medical devices inefficient and useless. Medical coatings sterilize various types of substrates, including silicone rubber, glass, ceramics, metals and plastics. These coatings consist of physical-mechanical properties, electrical barrier properties, humidity, chemical and tribological properties.

Recent developments:

In January 2014, DSM launched a medical coating service factory for ComfortCoat hydrophilic lubricant coatings in the United States for sizes and geometries of medical device components. In January 2012, the company worked with EPflex to launch a new guide wire to expand its product portfolio.

Market Drivers and Restraints:

Medical coatings optimize the performance of medical devices and improve product surface characteristics. Most medical devices require non-adhesive coatings such as biocompatibility, electrical insulation, molding, etc., which increases the demand of the medical coatings market. The medical industry is growing significantly, contributing to the growing demand for medical coatings in the North American market. Life-saving devices are in great demand that contribute to the growth of the market in this region.

On the contrary, the short life, availability of alternatives, rising costs and product aging can hamper market growth. Also, rising medical device costs, fluctuations in raw material prices and strict government regulations will hamper the expansion of the industry.

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Report segmented as:

The North American market for medical can rise with increasing practices in neurology, orthopedics, ophthalmology, general surgery, dentistry, gynecology and cardiology. Of these end-user segments, general medical devices are expected to generate greater demand in the market. On the other hand, the cardiology market may show faster growth in the near future. Therefore, the demand for coatings in occlusion device, transdermal device, coronary stent, balloon catheter, guidewire and angioplasty catheter can be high.

Geographical Segmentation:

North America is expected to experience tremendous growth during the forecast period in the medical coatings market. The government’s interest in the aging of the population and in providing quality medical care has made the United States the world’s largest market for medical devices.

Key market players:

The main players that dominate the North American market for medical coatings include SurModics, Merit Medical Systems, Inc., Raleigh Coatings, Yangzhou Fuda Medical Devices Co., Ltd., Hangzhou Kangsheng Medical Equipment Co., Ltd., Dymax Corporation, DECC Company, Abbott Laboratories Es. And Donwell Company, Inc.

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Scope of the report:

The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.

The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategically activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.

What else? Apart from the syndicated report, our in-house team has an expertise and experience in designing custom reports to meet your specific research needs and assist you in making well-informed decisions.

About Us:

Market Data Forecast is a firm working in the areas of market research, business intelligence and research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.

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