The global medical hydrophilic coatings market size is expected to grow at a substantial rate owing to the increasing awareness regarding healthcare across the globe, observes Fortune Business Insights™ in its report. The emergence of COVID-19 has necessitated nations around the globe to upgrade their medical and health care infrastructure in order overcomes the current and future health emergencies. This is expected to expand the global healthcare industry on a vast scale. Growing opportunities for expansion in infrastructure in the developing regions will further boost the market growth. Since hydrophilic coatings have extensive applications in the healthcare sector, such as in catheters and guide wires, the aforementioned factors will drive the growth for the global medical hydrophilic coatings market.
The aftermath of the widespread lockdowns enforced in fight against COVID-19 has an adverse effect on the global economy. Several businesses have been hit hard owing to the prolonged shutdowns of the global manufacturing units and factories. Major economies of the world are taking unprecedented fiscal and monetary actions in order to survive this coronavirus-induced depression.
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Highlights of the report:
- Capturing data on the revenue of key market players through secondary sources such as company websites, corporate filings, annual reports, and investor presentations
- Employing bottom-up procedure to arrive at the overall size of the market by estimating revenues of key market players
- Conducting extensive interviews with key industry experts, such as CEOs, VPs, directors, and executives
- Tracking and analyzing competitive developments such as partnerships, mergers & acquisitions, new product launches, and research & development activities
Increasing Aging Population to Drive the Market
As per the data given by the World Health Organization (WHO), as of 2020, the number of people aged 60 years and older is more than the number of children aged five. As per the United Nations (UN), the population aged 60 and above is growing faster than any other age groups worldwide. Growing aging population across the globe is expected to expand the healthcare industry globally. This will increase the demand for medical hydrophilic coatings, thereby driving the global medical hydrophilic coatings market. In addition, growing awareness about healthcare is boosting the demand for better healthcare facilities, which is further driving the market for medical hydrophilic coatings.
Better Healthcare Infrastructure in North America to Dominate the Market
North America holds the largest share of the global medical hydrophilic coatings market owing to the large number of hospitals and medical facilities available in the region. Europe holds a significant share with Western Europe contributing more than half of the total overall coating industry in the region. The gradually increasing ageing population is expected to accelerate the demand for medical hydrophilic coatings in these areas.
Asia Pacific is showcasing considerable growth as emerging countries including China and India are experiencing rapid expansion in the healthcare sector. This, in turn, is expected to increase the demand for medical hydrophilic coatings. The Middle East and Africa is expected to grow at a moderate rate over the upcoming years owing to the substantial investments from the GCC countries in the medical sector. This is expected to drive the market in the region.
Key Players Focusing on Latest Technologies to Gain Market Share
Major players in the market are focusing on enhancing their product line in order to gain the optimum share of the market. They are spending extensively on cutting edge technologies to explore new areas of development in the field of medical hydrophilic coatings. In addition, the key players are setting up new R&D centers for the refinement of their existing products.
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List of Key Players Covered in the Global Medical Hydrophilic Coatings Market Report:
- DSM Biomedical
- Thermal Spray Technologies
- Harland Medical Systems
- Precision Coating
- AST Products Surface Solutions Group
- AdvanSource Biomaterials
- In October 2016,Surmodics, Inc. introduced serene coatings, its new hydrophilic coating series. The coatings offered can be employed in various medical device substrates used in healthcare settings including peripheral, neurovascular, and coronary.
- In April 2020, Royal DSM, a leading global solutions supplier, acquired Glycom, which is the world’s leading supplier of human milk oligosaccharides for an enterprise value of USD 833.31 million. This acquisition will enable the company to gain a competitive market share.
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