The global medical coatings market size is expected to reach USD 7,990.0 million by 2027, exhibiting a CAGR of 9.7% during the forecast period. The increasing preference for antimicrobial coatings over disinfectants and other cleaning agents will enable speedy expansion of the market, states Fortune Business Insights, in a report, titled “Medical Coatings Market Size, Share & Industry Analysis, By Type (Hydrophilic Coatings, Anti-microbial Coatings, Anti-thrombogenic Coatings, and Others), By Material Type (Fluoropolymer, Silicone, Parylene, Metals, and Others), By Application (Medical Device, Medical Implants, Medical Equipment & Tools, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 3,690.0 million in 2019. The coronavirus incident has caused colossal loss to several industries across the globe. The governments of several countries have instigated a lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
Heavy Demand for Medical Devices to Aid Market amid Coronavirus
The mounting demand for medical equipment such as PPE (Personal Security Equipment), ventilators, and diagnostic kits among healthcare professionals will ultimately enhance the progress of the market during coronavirus. The need for test kits and ventilators has posed enormous pressure on the medical industry. The European Commission has recently introduced updated harmonized guidelines to speed up the development of surgical masks, gloves, containers for intravenous injections, sterilization instruments, and disinfectants. However, the existing supply chain problems related to the pandemic can relatively affect the market amid coronavirus.
Emphasis on Value Chain Activities by Industry Players to Fortify Business
Prominent companies are now searching for ways to strategically improve their value chain activities. These initiatives will help companies to cater to the growing global demand, boost productivity, strengthen their sales and market presence, produce new goods and technology, and reduce their cost of production and grow their customer base.
Information source: https://www.fortunebusinessinsights.com/medical-coatings-market-104536