Hydrophilic coatings create medical devices that boost Hydrophilic Coatings Market growth

Hydrophilic Coatings 

Hydrophilic Coatings Market By Substrate (Polymer, Glass/Ceramic, Metal, and Nanoparticle), End-User Industry (Medical, Optics, Automotive, Transportation, and Other End-user Industries), and Geography (North America, Europe, Asia-Pacific, and Rest of the World) Size, Share, Outlook, and Opportunity Analysis, 2023-2030

The global Hydrophilic Coatings Market is estimated to be valued at reach US$ 16.8 billion in 2022 and is expected to exhibit a CAGR of 6 % over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Hydrogels are hydrophilic coatings. A hydrogel coating engrosses water and bulges while exposed to water or an aqueous solution. These wet areas offer exceptional compatibility with water and bodily liquids, and enhance the lubricity and feel at medical, minimally invasive surgeries. Hydrophilic coatings are low-coefficient of friction.

Competitive Landscape:

 Key players involved in the growth of global hydrophilic coatings market are Corning Incorporated, Aculon, Hdydromer Inc, Applied Medical Coatings and DSM.

Market Key Drivers:

Hydrophilic coatings are mostly used to produce medical devices. The rising incidences of chronic diseases is expected to boost the growth of the global hydrophilic coatings market. For instance, as per NCBI, around one in three elders suffer from chronic diseases across the globe.

The rising number of hospitals and rising assistance of medical devices is projected to propel the growth of global hydrophilic coatings market. For instance, as per World Hospital Directory there have been around 1, 05,000 hospitals across the globe.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of the global hydrophilic coatings market due to the imposition of strict lockdown by the regulatory. The disruption in the supply chain of the goods and closure of manufacturing and production units and halt in supply of products has impeded the market growth.

Key Takeaways:

The global hydrophilic coatings market is anticipated to exhibit a CAGR of 6 % during the forecast period due to increasing investment in healthcare. For instance, as per ITA, around US$ 36.8 billion was spent by the Saudi Government on healthcare sector. 

Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the global hydrophilic coatings market due to rising prevalence of diseases, geriatric population, rising automotive production, rise in aviation sector and investment in healthcare infrastructure. For instance, China needs 6,810 new aircraft in the upcoming decades, with a total valuation of US$ 1.025 trillion.