HYDROPHILIC COATINGS MARKET ANALYSIS

Regional Analysis

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North America has been dominating the global hydrophilic coatings market. The region is expected to account for 35.4% share in 2024, and is expected to retain its leading position in the coming years. The presence of a well-established medical device industry and high healthcare spending in the U.S. and Canada have boosted the demand for hydrophilic coatings in this region. Major medical device manufacturers are based in North America, who are the key consumers of hydrophilic coatings used in devices such as urinary catheters, guidewires, balloon catheters, and stents. Moreover, strict regulations regarding product safety and performance approval in the healthcare sector encourage the use of advanced hydrophilic coatings.

On the other hand, the Asia Pacific region has emerged as the fastest growing market for hydrophilic coatings globally. Rapidly developing healthcare infrastructure, growing medical tourism, and rising healthcare expenditures are driving the market growth. With improving economy and increasing disposable income, more people can afford expensive medical treatments. This is translating to higher sales of medical devices. Another factor is the presence of major generic drug manufacturers in Asia Pacific who export cost-effective devices to other markets. Countries like India, China, Japan, and South Korea are seeing substantial rise in the production and export of medical devices. This widespread production base of devices is propelling the demand for hydrophilic coatings from APAC.