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Rise in Aging Population, Income Levels, and Awareness About Healthcare Acquired Infections are the Reasons for Growing Demand for Medical Coatings Market in North America and Europe
The key players in the global medical coatings market adopted the partnerships, agreements, collaborations and product launch strategies to increase their market share between 2012 and 2016. The increasing demand for medical coatings in medical equipment & tools, medical devices, and implants, and the increasing consumption of these coatings in the developed as well as emerging markets such as U.S., U.K., Germany, France, Netherlands, China, India, Malaysia, and Japan have encouraged companies to adopt these strategies. The players in these markets have also undertaken the expansions strategy to increase their market penetration.
Partnerships, agreements and collaborations altogether was the most preferred growth strategy adopted by market players between 2012 and 2016 accounting for a share of 50.0%, respectively, of all development strategies. The second-most preferred growth strategy adopted by manufacturers was new product launches that accounted for 20.0% of the total development strategies as witnessed in the recent years in the medical coatings market. Expansions, the third-most preferred strategy adopted by the players in this market, accounted for 16.7% of all the strategies.
Major manufacturers such as Royal DSM (Netherlands), Hydromer, Inc. (U.S.), Surmodics, Inc. (U.S.), AST Products, Inc. (U.S.), and Covalon Technologies Ltd. (Canada) are profiled in this report. These companies have adopted various organic and inorganic growth strategies such as agreements, new product launches, acquisitions, collaborations, partnerships, and expansions.
Royal DSM (Netherlands), Hydromer, Inc. (U.S.), Surmodics, Inc. (U.S.), AST Products, Inc. (U.S.), and Covalon Technologies Ltd. (Canada), Abbott Laboratories (U.S.), Precision Coatings Inc. (U.S.) are the most active players in the medical coatings market. These companies undertook the maximum number of development strategies in the medical coatings market, accounting for over 80.0% of the total global medical coatings market activities between 2012 and 2016.
Hydromer, Inc. (U.S.) is the largest contributor to the overall developments recorded, and is the leading company in the medical coatings market. The company majorly follows organic growth strategies such as, new product development, and agreements to enhance its presence in Europe, the U.S., and China, among other emerging economies. For instance, in 2015, the company launched its three new ultra-hydrophilic coatings under the brand name STAYWET. These coatings remain hydrated for a longer time and are used for urological, gynecological and gastrointestinal catheters and devices. The diverse product portfolio of the company and technologically advanced R&D center has also led to its innovation-driven growth, thereby accounting for a large share in the medical coatings market.
Royal DSM (Netherlands) is another major player that has established a strong foothold in the medical coatings market, especially in the European region. The company has a broad and diversified medical coatings and technology product portfolio, which ensures consistent growth in the medical coatings market. The company is focused mainly on organic growth strategies. For instance, in 2016, Royal DSM entered into partnership with Vention Medical, a global integrated solutions partner to provide a single-source solution for catheters and coatings manufacturers. The partnership also offers the option to integrate the development, testing and application of DSMís ComfortCoat coating into the catheter manufacturing process. These strategies have helped the company to enhance its technical expertise and expand its regional as well as global reach in the medical coatings market.
Medical Coatings Market by Type (Hydrophilic and Hydrophobic Coating), Application (Medical Devices, Implants, Medical Equipment & Tools), and Region (Asia-Pacific, Central & Eastern Europe, North America, Western Europe and RoW) - Global Forecast to 2021
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