Pune, India, Sept. 26, 2022 (GLOBE NEWSWIRE) -- The global medical coatings market size was valued at USD 3.95 billion in 2021 and is expected to reach a valuation of USD 4.27 billion in 2022. The market is expected to reach USD 8.20 billion by 2029 with a CAGR of 9.8% during the forecast period. The growing need for antimicrobial coatings instead of other chemicals is expected to boost the market growth.
Huge application of such coatings in recent years owing to its advantages is predicted to increase market progress. Fortune Business Insights™ shares this information in its report titled “Medical Coatings Market, 2022-2029.”
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The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Report Scope & Segmentation:
|Forecast CAGR||9.8 %|
|2028 Value Projection||USD 8.20 Billion|
|Medical Coatings Market Size in 2021||USD 3.95 Billion|
|No. of Pages||80|
|Segments Covered||By Type, End-user and Regional Insights|
|Medical Coatings Industry Growth Drivers||Need for Antimicrobial Coatings to Propel Market Expansion|
|Hydrophilic Coatings to Lead Segment Due to Increasing Demand for Medical Devices|
Key Players to Expand Market Owing to Partnership Strategies
Key players of the market have used partnership strategies to gain market traction. In May 2021, Hydromer announced the selection of prime coatings partner for Avinger Inc. The coatings will be used for catheter-based systems for diagnosis and treatment of Peripheral Artery Disease (PAD). This follows the adoption of new technologies to advance in the market, which is projected to propel market growth.
List of Key Players Profiled in the Medical Coatings Report
- Hydromer (U.S.)
- Harland Medical Systems, Inc. (U.S.)
- SURMODICS (U.S.)
- DSM (Netherlands)
- AST Products, Inc. (U.S.)
- Biocoat Incorporated (U.S.)
- Precision Coating Company, Inc. (U.S.)
- Medicoat AG (Switzerland)
- Merit Medical Systems, Inc. (U.S.)
- Specialty Coating Systems Inc. (U.S.)
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Hydrophilic Coatings to Lead Segment Due to Increasing Demand for Medical Devices
Based on type, the market is segmented into hydrophilic coatings, antimicrobial coatings, anti-thrombogenic coatings, and others. The hydrophilic coatings segment is anticipated to hold a major market share due to its advantages. The dominance is also attributed to advantages such as ability to withstand various procedures, including sterility, cleaning, and storage. The antimicrobial coatings segment is also expected to grow at a quick pace due to increasing usage in medical products and medical appliances.
Fluoropolymer to be the Principal Segment Due to its Non-Wetting Nature
Based on material type, the market is segmented into fluoropolymer, silicone, parylene, metals, and others. The fluoropolymer segment held the highest market share in the segment due to its non-wetting and inert nature, which averts substance from reacting and adhering to the coated surface.
Medical Device to be the Prime Part Due to Increasing Use of Devices
According to application, the market is segmented into medical devices, medical implants, medical equipment & tools, and others. Various types of coatings are used for coating medical devices, including hydrophilic, hydrophobic, antimicrobial, anti-thrombogenic, and other coatings.
Drivers and Restraints
Usage of Minimally Invasive Surgical Procedures to Drive Market Trajectory
The rising preference for minimally invasive surgeries is anticipated to drive the medical coatings market growth. The trend for making less incisions and less pressure than traditional surgeries is expected to drive the market. Over the past few years, there has been a noteworthy development and rise in Minimally Invasive Surgery (MIS) procedures. Growing cases of cardiovascular diseases, cancer, and arthritis are estimated to facilitate market development.
However, increasing prices of raw materials used and high upfront costs are projected to obstruct market development.
Regulations by EUAs Created the Demand for the Product
The outbreak of COVID-19 highlighted the need for proper medical equipment. Regulations issued by Emergency Use Authorizations (EUAs) expanded the availability and capability of medical devices. Such regulations increased the demand for coatings that protect medical devices, which helped in creating demand for medical coatings.
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North America to Lead the Market Due to High Penetration of Advanced Healthcare Infrastructure
North America is expected to lead the medical coatings market share due to the high penetration of advanced healthcare infrastructure. The region reached a valuation of USD 2.13 billion in 2021 due to increasing demand for medical coatings. The U.S. is one of the leading countries in the region due to R&D activities and medical facilities, which is expected to support the market growth.
Europe is also expected to have significant growth due to rising cases of obesity, cardiac ailments, and other health problems. Germany holds the largest part in the region and the third largest globally, which is anticipated to drive market growth in the region.
Asia Pacific is estimated to have considerable growth due to the rise in healthcare spending in countries such as India and China.
Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on Global Medical Coatings Industry
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Medical Coatings Industry Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Volume/Value)
- Hydrophilic Coatings
- Anti-microbial Coatings
- Anti-thrombogenic Coatings
- By Material Type (Volume/Value)
- By Application (Volume/Value)
- Medical Device
- Medical Implants
- Medical Equipment & Tools
- By Region (Volume/Value)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- By Type (Volume/Value)
Key Industry Development
- April 2022- Biocoat Inc., a company that manufactures hydrophilic biomaterials coatings and coating equipment for medical and devices, announced the expansion of hydrophilic dip coatings. The company is set to design, develop, and deliver dip coating technology for medical devices.
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