Medical Coating Market Competitors And Growth
According to American Association of Orthopaedic Surgeons report, 2014, in U.S. around 4.5 million people are with artificial hip and 6.7 million people with artificial knee in 2010. According to Mayo Foundation for Medical Education and Research, around 370000 Americans receive cardiac pacemakers annually. These data shows only small segment of implantable device and likewise increases use will also increase chances of microbial infection, which can be avoided by using medical coating. This is expected to drive growth of the medical coating market over the forecast period.
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The main property of medical coating exploited for minimally invasive medical practice is its surface properties such as lubrication for device, which enters the body tissue. Increasing inclination of population towards minimally invasive medical procedures is a major factor driving the growth of the medical coating market. According to American Society of Plastic Surgeons (ASPS), cosmetic procedures continues to grow over the last year and there is shift in the type of procedure patients choose from conventional medical practice to preferable use of minimally invasive medical procedure. In the U.S., minimally invasive cosmetic procedures performed in 2015 has increased by 2% as compared to 2014 as per ASPS.
Advancements in technology such as target specific drug delivery system plays an important role in driving growth of the medical coating market. In 2017, Precision Coatings Co. Inc., a leading player in Fluropolymers applicator collaborated with DCHN LLC, specialised in anodic coating and printing expert, to combine their expertise to provide best in class medical coating service. Moreover, the key players adopt merger and acquisition strategies to thrive into the medical coating market. For instance, in 2011, Kensey Nash Corporation, a medical device company, acquired Nerites Corporation, a developer of medical adhesive and anti-fouling coating. The acquisition is intended to explore Nerites anti-fouling technology for preventing bacterial biofilm formation.
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