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The global medical coatings market size is expected to reach USD 7,990.0 million by 2027. The prevalence of methicillin-resistant staphylococcus aureus (MRSA) in European countries will have a tremendous impact on the global market, mentioned in a report, titled “Medical Coatings Market Size, Share & COVID-19 Impact Analysis, By Type (Hydrophilic Coatings, Anti-microbial Coatings, Anti-thrombogenic Coatings, and Others), By Material Type (Fluoropolymer, Silicone, Parylene, Metals, and Others), By Application (Medical Device, Medical Implants, Medical Equipment & Tools, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 3,690.0 million in 2019 and is expected to exhibit a CAGR of 9.7% between 2020 and 2027
Launch of UV-Curable Hydrophilic Coating by Biocoat, Inc to Intensify Business
Biocoat, Inc., a major specialty manufacturer of hydrophilic biomaterial coatings for medical devices custom engineered to meet specific clinical parameters announced that it has introduced HYDAK® UV. The new version of its original HYDAK® coating is intended to be cured using ultraviolet (UV) light, allowing for flexible integration with industry-standard UV coating systems. The cutting-edge coating technology included in the coating is built on the proven bi-laminar platform that is used in Biocoat’s existing thermal heat cure coating technology. The HYDAK® coating due to its internally developed UV coatings is used on neurovascular, cardiovascular, and ophthalmic devices in more than 150 countries around the world. The increasing development of medical coatings solutions to cater to the heavy demands of patients will promote the growth of this market. Also, the expansion of Biocoat’s in-house coating services, including UV and Thermal Coating Services can improve the possibilities for medical coatings in the forthcoming years.
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Surging Demand from the Medical Device Industry to Uplift Market
The increasing aging population, high cases of diseases, and reduced life expectancy are factors expected to drive the demand for medical devices, which, in turn, will stimulate the need for medical coatings. The growing prevalence of chronic diseases is expected to enhance the development of the market. Moreover, the increasing number of deaths will further spur opportunities for the medical coatings industry. According to the United Nations, the percentage of overall global deaths attributed to chronic diseases is expected to grow to 70%, and the global prevalence of chronic diseases is expected to hit about 60% by 2030. Besides, lack of physical exercise, hectic schedule and unsanitary eating habits results in chronic diseases such as diabetes and cancer, which, in turn, will spur opportunities for the market.
Adoption of key Strategies by Key Players to Accelerate Sales Proceedings
The key players in the market are adopting strategies to consolidate their position in the market. The high focus on a wide variety of technological services will further aid the expansion of the market. Companies are emphasizing the quality and standard of goods and equipment used in the production of products. The key players in the market are concentrating on expanding their production plants, building infrastructure, and engaging in R&D. Moreover, strategies such as collaboration, partnerships, and agreements will facilitate the healthy growth of the market in the forthcoming years.
The Report Lists the Key Companies in the Medical Coatings Market:
Further Report Findings:
The Market is Segmented into:
Value (USD Million) and Volume (Tons)
Type; Material Type; and Application; Region
By Material Type