Market Trends of Medical Coatings Industry
This section covers the major market trends shaping the Medical Coatings Market according to our research experts:
Anti-Microbial Coating Type is likely to Witness the Highest Growth Rate
- The antimicrobial coatings industry is expanding and is currently regarded as a billion-dollar sector. This sector is being developed to prevent the growth of bacteria and germs on several surfaces.
- Antimicrobial coatings eliminate the need for harsh cleaning chemicals and the excessive use of sanitizers and disinfectants. Also, an antimicrobial coating is a chemical solution that is put on a surface and can stop or slow the growth of microorganisms that cause disease and allergies.
- These coatings and surfaces may guard against hazardous, disease-causing bacteria and boost the surface's longevity, appearance, corrosion resistance, and cleanability. Thus, these coatings are used extensively in the healthcare industry.
- In hospitals, antimicrobial coatings are used on catheters, medical tools, surgical devices, and other medical tools and gadgets to stop infections from spreading.
- Hence, with the expanding healthcare sector, the demand for antimicrobial coatings increases significantly to ensure a safe, clean, and germ-free hospital environment. Several investments have been made to expand the healthcare sector. According to the IBEF, by 2025, government expenditure on healthcare is expected to reach nearly 2.50% of GDP.
- Also, the Department for Promotion of Industry and Internal Trade in India says that between April 2000 and June 2022, USD 19.90 billion worth of FDI went into the medicines and pharmaceuticals sector.
- Due to all of these factors, the anti-microbial coating is likely to have the fastest growth rate.
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North America to Dominate the Market
- Over the next few years, the medical coatings market in North America is expected to grow a lot, thanks to the growing healthcare, building and construction, and other industries.
- North America is expected to be a major contributor to the industry because of its advances in medical devices, easy access to better tools and care, large number of healthcare facilities like diagnostic centers, and strong investments in healthcare R&D.
- The rise in the geriatric population and the associated healthcare-related difficulties are expected to fuel market growth in North America. Also, the need for early disease diagnosis is expected to drive demand for medical devices, which will help the industry grow over the projection period.
- Hence, with the expanding healthcare industry in North America, the demand for medical coatings has increased significantly. since healthcare institutions are prone to healthcare-associated infections. These coatings help reduce the speed and risk of bacteria and germs on high-touch surfaces like keyboards.
- In 2021, healthcare spending in the United States increased by 2.7 percent, reaching USD 4.3 trillion (accounting for USD 12,914 per person). thus supporting market growth in the region.
- Furthermore, health spending accounted for 18.3 percent of the Gross Domestic Product in the United States. So, with healthcare costs going up, the region is likely to use a lot more medical coating.
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