Global medical device coating market to grow at CAGR of 7.8% over 2016-2021; Brazil expected to grow at noticeable growth rate
According to a market research report published by Zion, global demand for the medical device coatings market was valued at around USD 8.1 billion in 2015 and is expected to generate revenue of USD 11.8 billion by the end of 2021, growing at a CAGR of around 7.8% over 2016-2021. Medical device coatings are used to modify the surfaces of devices, equipment and implants. Medical device coatings help improve the surface properties of medical devices. The increase in the spread of communicable diseases, especially in healthcare facility providing sites, has resulted in an increase in demand for medical device coatings. The key factors driving the growth of the market include rising demand for minimally invasive procedures along with technological innovations and growth of the Asian medical device industry, especially China. Growing demand for nano-coatings as the medical device coating materials would create new opportunities for the medical device coatings market in the near future. However, volatile raw material prices and strict government regulations implied on this industry are major restraints that may limit the growth of the market. The Latin American regional market is expected to grow at a noticeable market share in the global medical device coatings market. Brazil, the anti-microbial market is expected to grow at a noticeable growth rate over the forecast period.