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Report Overview: Medical Device Coating MarketThe global medical device coating market size was valued at USD 8.88 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 7.2% from 2021 to 2027. Rising demand for ventilators, cardiovascular devices, catheters, sutures, guide wires, stents, syringes, mandrels, and other protecting devices used in the medical sectors owing to increasing government spendings and rising number of COVID-19 cases across the globe will fuel the market growth. Medical device coating is crucial when it comes to protecting various types of devices used in the healthcare sector. These coatings enhance the performance and maneuverability of medical device and protect it from susceptible attacks of various microbial factors and other pathogens. In addition, it offers excellent dielectric properties, thermal stability, and dry-film lubricity, which is likely to create immense market potential over the forecast period 2021-2027. Rising occurrences of ischaemic heart disease, chronic obstructive pulmonary disease, and acute lower respiratory infections in children owing to surging pollution level, along with increasing demand for hydrophilic lubricious coatings in several cardiovascular and urology catheters, sheaths, and short-term implanted device as it induces biocompatibility, are anticipated to foster the market growth in the coming years. Moreover, augmented demand for quality healthcare, increasing geriatric population, and growing need for early detection and non-invasive therapies are expected to propel the demand for medical devices, which, in turn, will foster the market growth over the forecast period The ongoing COVD-19 pandemic across the globe has adversely affected the medical device coating manufacturing owing to the supply disruption. The coating manufacturers are finding it difficult to import important raw materials from outside countries. Even though some of the countries have restored operation, shipping complications, and shortage of raw material are cascading throughout the industry value chain. This is expected to have a negative impact on the marginal profitability of medical device coating manufacturers in the short term. However, the growing need for protective devices or other medical equipment for treatment and constraining the spread of the coronavirus is expected to have a positive impact on the market growth in the coming years.
Product Insights: Medical Device Coating MarketIn terms of revenue, antimicrobial coatings lead the market with a share of 31.5% in 2019. This is attributed to their low cost and high compatibility with various device materials, including metal, plastic, carbon fiber, composite materials, and stainless steel. Furthermore, increasing R&D activities, along with growing usage in implantable devices, will propel the segment growth. Hydrophilic coatings are expected to expand at the fastest CAGR of 7.6% in terms of revenue from 2020 to 2027 owing to widespread usage in medical devices, including cardiac pacemakers and high lubrication. Furthermore, benefits including optical clarity and ability to with-stand maintenance procedures, such as storage, sterilization, and cleaning, will drive the product demand.
Application Insights: Medical Device Coating MarketThe cardiovascular application segment held the largest revenue share of 26.4% in 2019 on account of the rising preference for implants and cardiac pacemakers. Furthermore, increasing demand for drug-eluting coatings for coronary stents will fuel the segment growth. Increasing usage of these devices in light of growing geriatric population and unhealthy dietary habits, coupled with a sedentary lifestyle, will increase the occurrences of cardiovascular diseases. Furthermore, favorable government policies including reimbursement coverage and increasing healthcare spending will augment the growth of the cardiovascular segment over the forecast period. In terms of revenue, general surgery emerged as the second-largest application segment in 2019 and is expected to witness significant growth in the forthcoming years. This is attributed to rising usage of the product in various parts including CPU, graphic cards, hard disks, and chipsets. Other factors including rapid urbanization, rising income, and changing lifestyles will further augment the segment growth in coming years.
Regional Insights: Medical Device Coating MarketNorth America lead the market for medical device coating with a revenue share of 42.1% in 2019. This is attributed to favorable healthcare resources, along with the rising frequency of cardiometabolic disorders, such as Pulmonary Embolism (PE) and Deep Vein Thrombosis (DVT). Moreover, rapidly increasing COVID- 19 positive cases, high adoption of advanced surgical treatments, and rising healthcare infrastructure in the U.S. are expected to increase the demand for medical device coating in the coming years. Asia Pacific is expected to expand at the fastest CAGR of 8.0% in terms of revenue from 2020 to 2027 owing to growing demand for better healthcare facilities, coupled with rising number of hospitals. High obesity rates, along with growing geriatric population, are expected to drive the occurrence of cardiac diseases, which, in turn, will stimulate demand for medical equipment. The ease of private health insurance and growing home health care market will further propel industry growth.
Key Companies & Market Share Insights: Medical Device Coating MarketThe overall market is fragmented due to the presence of large- and small-scale manufacturers. Medical device coatings manufacturers aim to intensify market positions by widening their customer base. Furthermore, these manufacturers are focusing on distribution, new product launches, technology licensing, contract manufacturing, mergers &acquisitions, and partnerships to gauge existing as well as future demand patterns from various application sectors. Major players are focusing on the research & development of novel nanotechnology-based coatings and various coating technologies, such as UV radiation cured and waterborne, owing to various regulations over VOC emissions. For instance, Covestro AG manufactures waterborne, biocompatible coatings for various medical device applications, including wound care and drug delivery. Some of the prominent players operating in the global medical device coating market include:
Key companies Profiled: Medical Device Coating Market Report
This report forecasts volume and revenue growth at the global, regional, and country levels, and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global medical device coating market report on the basis of product, application, and region:
- SurModics Inc.
- Sono-Tek Corp
- Biocoat, Inc.
- Specialty Coating Systems, Inc.
- Covalon Technologies Ltd.
Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Hydrophilic Coatings
- Antimicrobial Coatings
- Drug-eluting Coatings
- Anti-thrombogenic Coatings
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- General surgery
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Market Definition 1.3. Information Procurement 1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum) 1.3.2. IFF Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1.5. Market Formulation & Data Visuali | read more...