Medical Device Coatings Market

Product Overview

Medical Device Coatings Market size was USD 5.62 billion in 2021 and is projected to grow from USD 6.5 billion in 2023 to USD 12.2 billion by 2032, exhibiting a CAGR of 7.3% during the forecast period.

Medical Device Coatings are simply lubricants like water-repellent polymers and antimicrobial solutions. Each type of coating is applied to several devices for a wide range of applications. Every stage of medical treatment, from routine check-ups to operations and clinical tests, uses medical equipment and technologies. Medical coatings are now widely used in the industry due to the expanding use of medical equipment.

Market Highlights

Medical Device Coatings Market is expected to project a CAGR of 7.3 % during the forecast period, 2022-2032

Medical Device Coatings market is expected to reach USD 12.2 billion, growing at a CAGR of 7.3% during the forecast period owing to the increasing prevalence of cardiovascular issues, arthritis, and cancer which require complicated surgical treatment. The need for minimally invasive procedures has increased due to this. Hence, the market is witnessing greater demand for light-weight medical devices that proficiently navigate complex procedures.

Medical Device Coatings Market Segmentation:

Hydrophilic Coatings segment is expected to dominate in the forecast period

Medical Device Coatings Market is classified based on the Coating Type into Hydrophilic Coatings, Antimicrobial Coatings, Drug-Eluting Coatings, Anti-Thrombogenic Coatings, and Others. The Hydrophilic Coatings category contributed with major revenue in 2020, and is anticipated to expand significantly over the projection period. The advantages these coatings offer over their competitors are among the main drivers. These coatings are lubricious, abrasion resistant, non-thrombogenic,and biocompatible in nature. Owing to these characteristics, hydrophilic coatings are suitable for covering vascular catheters, guide wires, and other medical devices that are used to treat some of the most common disorders, including cardiovascular and orthopaedic conditions.

General Surgery segment is expected to dominate in the forecast period

Medical Device Coatings Market is classified based on the Application into General Surgery, Cardiovascular Devices, Orthopedics, Dentistry, Neurology, Gynecology, and Others. In 2020, the General Surgery segment contributed with the major revenue. The demand for the medical devices utilized in general surgery is increasing, which in turn is driving the demand for the device coatings utilized on these devices.

Market Dynamics:                                                    

Growth Drivers

Number of Benefits of Medical Devices Coatings is Expected to Boost the Market Growth

Medical Devices Coatings are important for guarding the different medical devices used in the medical industry. These coatings improve the efficiency and manoeuvrability of medical equipment while shielding them from bacteria and other infections. Moreover, it has superior dry-film lubricity, thermal stability, and dielectric qualities, offering considerable market potential.

Mounting Demand for Multiple Medical Devices Post-Pandemic and Growing Cases of Chronic Diseases are Expected to Boost the Market Growth

Owing to the rising government spending on healthcare facilities following COVID-19, the demand for ventilators, catheters, guide wires, cardiovascular devices, syringes, sutures, stents, mandrels, and other devices used in the healthcare industry is expected to increase globally. In the near future,  factors like the growing elderly population, increased desire for early illness detection & non-invasive therapies, and growing demand for high-quality healthcare will propel the Medical Device Coatings Market.

Restraint

Ascending Prices of Raw Materials may Restrain the Market Growth

The price of producing coatings is directly impacted by changes in the price of raw ingredients. The uniformity of these chemicals' prices aids in regulating the overall manufacturing costs of coatings since a variety of chemicals are necessary for determining the qualities of the substrate which needs the coating application. The product demand is anticipated to be constrained by the rising price of raw materials like PTFE and silicone rubber.

Recent Developments:

• Biocoat Inc. declared the growth of its ISO-certified on-site, full-service contract coating service unit to comprise the ability to cure via plasma and UV light treat interventional medical devices, in 2021 September. Moreover, plasma therapy options for chemicals that are challenging to coat have been stated.
• Hydromer Inc. stated in September 2021 that its new provision in North Carolina is completely operating and has multiple additional capabilities. The plant will create coatings that can be UV or heat cured, in water-based or solvent forms, as it is a global super-specialty coatings manufacturer for medical and industrial purposes.

Medical Device Coatings Market

Key Players Covered:

• DSM Corporation
• Merit Medical Systems Inc.
• Freudenberg Medical
• SurModics Inc.
• Specialty Coating Systems Inc.
• Precision Coating Company Inc.
• Covalon Technologies Ltd.
• Harland Medical Systems
• Sono-Tek Corp.
• Biocoat Incorporated
• Hydromer Inc.
• Allvivo Vascular Inc.
• Medical Surface Inc.
• Medicoat
• Kisco Ltd. 
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Medical Device Coatings Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. In 2022, North America region led the global market and generated majority of the revenue. The high prevalence of certain diseases like Pulmonary Embolism and Deep Vein Thrombosis, along with the favorable healthcare resources are responsible for the large share of this region. Also, it is anticipated that during the forecast years, the U.S.'s high adoption rate of cutting-edge surgical procedures and expanding healthcare infrastructure will support product demand.

Impact of Covid-19 on Medical Device Coatings Market

COVID-19 had a negative effect on the medical device coatings market due to a sharp drop in the production of medical equipment and devices by the mid 2020. The industry suffered due to the adverse effects on supply networks. Also, the demand for several equipment and implants decreased due to the postponement or cancellation of elective surgical procedures. Hence, the market faced a few challenges, which, in turn, resulted in a low product demand for such devices.

Medical Device Coatings Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Medical Device Coatings Market Scope and Segments:

Frequently Asked Questions (FAQ):