February 8, 2023

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Medical Device Coating Market size will be USD 19 billion by 2029 : GreyViews

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Medical Device Coating Market Size By Product (Hydrophilic Coatings, Antimicrobial Coatings, Drug-eluting Coatings, Anti-thrombogenic Coatings, and Others), By Application (Neurology, Orthopedics, General Surgery, Cardiovascular, Dentistry, Gynecology, and Others), Regions, Segmentation, and forecast till 2029.

Pune India, Dec. 29, 2022 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the medical device coating market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the medical device coating market are present across various countries in the above-mentioned regions.

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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product, application, and region. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.

The significant players operating in the global medical device coating market are Royal DSM, Surmodics, Inc., PPG Industries, Inc., Sono-Tek Corporation, Materion Corporation, Hydromer Inc., Precision Coating Company, Inc., Freudenberg Medical, AST Products, Inc., Biocoat Incorporated, Covalon Technologies Ltd., Harland Medical Systems, Specialty Coating Systems Inc., Medical Surface Inc., Merit Medical Systems, Inc., Medicoat, Allvivo Vascular, Inc. among others. To achieve a substantial market share in the worldwide medical device coating market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.

Antimicrobial coatings have become more crucial since the coronavirus pandemic started in order to inhibit the potential illness from spreading. Antimicrobial coatings are used on a variety of medical devices, including catheters, surgical instruments, implanted devices, contact lenses, and more. Polymer-based medical coatings are used on medical implants, safety gear, and tools and equipment for the medical sector. The rise in instances of ischemic heart disease and chronic obstructive pulmonary disease is driving the demand for medical device coatings. In European countries, manufacturers are subject to tight regulations. Therefore, producers need to increase R&D to keep up with changing governmental regulations in order to increase their credibility. The demand for ventilators, cardiovascular devices, catheters, sutures, guide wires, stents, syringes, mandrels, and other protective equipment used in the medical sectors will be driven by rising government investment and an increase in COVID-19 cases around the world. Medical device coating is crucial for protecting different kinds of medical equipment. The medical device is protected from any viral and microbial attacks while still having improved functionality and agility thanks to these coatings. Additionally, it has excellent dielectric, dry-film lubricity, and thermal stability, all of which are predicted to significantly grow the market throughout the forecast period.

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Scope of Medical device coating market Report

Report Metric

Information

Study Period

2021-2029

Base Year          

2021

Forecast Period

2022-2029

Market Share Unit

10 USD Billion

Segments Covered

Product, Application, and Regions

Regions Covered

North America, Europe, Asia-Pacific, South America and Middle-East and Africa

Major Players

Royal DSM, Surmodics, Inc., PPG Industries, Inc., Sono-Tek Corporation, Materion Corporation, Hydromer Inc., Precision Coating Company, Inc., Freudenberg Medical, AST Products, Inc., Biocoat Incorporated, Covalon Technologies Ltd., Harland Medical Systems, Specialty Coating Systems Inc., Medical Surface Inc., Merit Medical Systems, Inc., Medicoat, Allvivo Vascular, Inc. among others

Segmentation Analysis

The antimicrobial coatings segment is expected to be the fastest-growing segment in 2021. 

The product segment includes Hydrophilic Coatings, Antimicrobial Coatings, Drug-eluting Coatings, Anti-thrombogenic Coatings, and Others. The antimicrobial coatings segment is expected to witness the highest growth rate during the forecast period.  This is explained by their low cost and excellent compatibility with a variety of device materials, including metal, plastic, carbon fibre, composite materials, and stainless steel. The segment will expand as a result of increased implanted device use and rising R&D initiatives.

The cardiovascular segment is expected to be the fastest-growing segment in 2021. 

The application segment includes Neurology, Orthopedics, General Surgery, Cardiovascular, Dentistry, Gynecology, and Others. The cardiovascular segment is expected to witness the highest growth rate during the forecast period. Because more people are getting implants and cardiac pacemakers. The market will expand as a result of the increased demand for coronary stents with drug-eluting coatings. An increase in cardiovascular disease incidence will be brought on by increased usage of these devices, an aging population, poor eating habits, and a sedentary lifestyle. Additionally, during the forecast period, favourable government policies like reimbursement coverage and increased healthcare spending will support the expansion of the cardiovascular segment.

Regional Analysis           

The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the medical device coating include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.

  • The North America region witnessed a major share. This is due to both the availability of good healthcare services and the rise in cardiometabolic diseases including Pulmonary Embolism (PE) and Deep Vein Thrombosis. Additionally, it is projected that the need for medical device coating would rise in the next years as a result of the rapidly rising COVID-19 positive cases, the widespread use of cutting-edge surgical techniques, and the growing healthcare infrastructure in the United States.

Country Analysis

Germany’s medical device coating market size was valued at USD 0.15 billion in 2021 and is expected to reach USD 0.23 billion by 2029, at a CAGR of 5.8% from 2022 to 2029. The growing need for these materials in cardiology, general surgery, and neurology equipment is driving the market for medical device coatings.

China’s medical device coating market size was valued at USD 0.24 billion in 2021 and is expected to reach USD 0.44 billion by 2029, at a CAGR of 8% from 2022 to 2029. A potential barrier to the market’s growth may be the adverse effects of antimicrobial coatings on human health, however significant technological developments in antimicrobial coating are opening up chances for regional markets for medical coatings.

India’s medical device coating market size was valued at USD 0.20 billion in 2021 and is expected to reach USD 0.36 billion by 2029, at a CAGR of 6.5% from 2022 to 2029. An surge in hospital-acquired infections has put more pressure on the healthcare system, which is cause for concern for the industry. The surge in illnesses contracted in hospitals has slightly raised the pressure on the healthcare sector. Antimicrobial coatings help decrease hospital acquired infections thanks to a variety of attributes, including biocompatibility.
Covid-19 Impact

Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.

Furthermore, the growth of this market is mainly driven due to the Increasing awareness regarding the advancement of medical treatments is also likely to boost the demand for medical coatings.

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GreyViews
Pune India
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