DUBLIN, June 14, 2023 /PRNewswire/ — The “Global Hydrophilic Coating Market by Substrate (Polymers, Glass/Ceramics, Metals, Nanoparticles), End User (Medical Devices, Optics, Automotive, Aerospace, Marine), and Region (APAC, North America, Europe, MEA, South America) – Forecast to 2027″ report has been added to ResearchAndMarkets.com’s offering.
The global hydrophilic coating market size is projected to grow from USD 16.8 billion in 2022 to USD 22.5 billion by 2027, at a CAGR of 6.0%, between 2022 and 2027.
The polymers segment is one of the fastest-growing substrate type segment during the forecast period
For decades, friction-reducing coatings have been used to facilitate the insertion and placement of devices within the body. These coatings are often used on devices designed for use in arterial and venous systems. Common products that use coatings to reduce friction include stents, catheters, bioabsorbable scaffolds, guidewires, and other products that are in contact with the bloodstream. This is because blood becomes notoriously tacky the longer a device is in the artery or the vein and can result in a device performing sub-optimally.
Today, there are a variety of surface modification options available to device engineers, from hydrophobic to hydrophilic coatings. This allows them to select the solution that best matches their specific design and performance requirements. One of the original coatings used in the medical field is polytetrafluorethylene (PTFE). Widely used to coat guidewires, PTFE has the unique property of providing a low-friction surface in the dry state.
Unlike hydrophilic polymers, PTFE does not need to be wet to provide lubricity. By contrast, polymers in hydrophilic coatings such as polyvinylpyrrolidone, which is contained in a hydrophilic coated solution, absorb aqueous liquids to make the surface slippery when wet. This feature makes hydrophilic coatings more lubricious than PTFE coatings.
Natural rubber, latex, and synthetic rubber materials provide great physical qualities for a variety of applications, including mechanical strength, low heat resistance, flexibility, and elasticity. Natural rubber is widely employed in many commercially accessible items because of these benefits.
Natural rubber is derived from the rubber tree Hevea brasiliensis and is chemically constituted of polymers containing isoprene repeating units (cis 1,4-polyisoprene). Natural rubber is hydrophobic due to its chemical makeup and the existence of unsaturated carbon-carbon double bonds, which can result in the irreversible adsorption of biological components onto its surface. Because latex is incompatible with blood and can cause bacterial, fungal, or protein deposition on the surface, the use of natural rubber for in vivo applications and devices is limited.
Medical devices segment in end user is expected to hold the one of the highest growth during the forecast period
The medtech business has seen substantial growth and development in recent years. Because of the aging population, the growing burden of chronic illnesses, and doctors’ and consumers’ increased faith in medical devices, pharmaceutical corporations and the medtech industry have formed stronger collaborations.
However, the medtech business is experiencing new hurdles, including an ever-changing regulatory environment, payment decreases, the high cost of modern medical technology, and safety concerns. Despite changing and increasingly complex reimbursement and regulatory processes, the global medtech market is expected to grow at a CAGR of 6% during the forecast period. This increased growth is mainly driven by M&A, increase in R&D expenditure, development of AI-based technologies and rising demand for medtech products in emerging geographies such as Latin America, Asia Pacific, and Middle East and Africa, and pre-established markets such as North America and Europe.
The global medical device industry has witnessed a steady and robust growth fueled by a range of factors such as the rising prevalence of chronic diseases, increasing aging population, and unforeseen demand for digital and connected devices, especially since the pandemic. According to the World Health Organization, the worldwide medical device business was valued at USD 425.2 billion in 2018 and was predicted to increase at a CAGR of 5.4% to roughly USD 612.7 billion in 2025. The industry is predominantly controlled by industrialized countries. In 2017, the US and Europe accounted for 40% and 27% of the worldwide medical device business, respectively.
For decades, manufacturers have focused on designing and producing technologies or medical equipment based on the demands of established markets before selling the same items in emerging areas with minor modifications. However, developing nation- or region-specific brand-new cost-effective items would be an efficient strategy for producers. For instance, GE Healthcare designed a compact and portable ultrasound machine for the Chinese market, costing merely USD 15,000 compared to over USD 100,000 for their high-end markets. The machine was an instant hit in China due to its affordability and portability; and it also created new sales opportunities for GE Healthcare in developed countries.
Middle East & Africa hydrophilic coatings market is estimated to register one of the highest CAGR during the forecast period
The Middle East & Africa includes countries such as South Africa, UAE, Saudi Arabia, and the Rest of Middle East & Africa. Saudi Arabia is investing several billion dollars in upgrading infrastructure in oil & gas, power, and transportation. The country is the largest importer of vehicles and auto parts in the Middle East. The Saudi Arabia market is experiencing a growing demand for smaller, low-priced cars resulting from a growing middle-class population.
The Saudi Government is attracting original equipment manufacturers (OEMs) to open facilities in the country and simultaneously developing a domestic automotive design and manufacturing capacity. Vehicle sales in the country are likely to increase, as the Ministry of Economy has initiated a policy of minimizing the price disparity between cars manufactured by local companies and those imported from other countries. The increased sales will play a crucial role in driving the demand for hydrophilic coating in manufacturing various auto parts.
Market Dynamics
Drivers
- Growing Automobile and Medical Devices Production
- Technological Advancements in Hydrophilic Coatings
Restraints
- Rising Raw Material Prices
- High Initial Cost and Lack of Skilled Workforce
Opportunities
- Establishing Authenticity Through Various Certifications
- Increasing Public-Private Partnerships in Operational Markets of End-Use Industries
Challenges
- Challenges in Supply Chain
- Stringent Regulatory Policies and Product Quality Concerns
Companies Mentioned
- Aculon, Inc.
- Advansource Biomaterials Corporation
- Applied Medical Coatings, LLC
- Ast Products, Inc.
- Biocoat, Inc.
- Biointeractions Ltd
- Cuumed Catheter Medical Co., Ltd
- Dontech Inc
- Duke Empirical Inc
- Formacoat LLC
- Fsi Coating Technologies, Inc (Mitsui Chemicals)
- Harland Medical Systems, Inc.
- Hemoteq Ag
- Hydromer, Inc.
- Innovative Surface Technologies Inc.
- Joninn
- Koninklijke Dsm Nv
- Lotus Leaf Coatings, Inc
- Medichem Nano Teknoloji San. Ve Tic. A.S.
- Noanix Corporation
- Pangolin Medical
- Shanghai Huzheng Nanotechnology Co., Ltd
- Surface Solutions Group, LLC
- Surmodics, Inc.
- Teleflex, Inc
For more information about this report visit https://www.researchandmarkets.com/r/45o5cf
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