Medical
Coatings Market 2022 - Market Size & Forecast, Industry Trends,
Manufacturers Analysis, & Opportunities 2030
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The global medical coatings market is expected to
expand at a compounded annual growth rate (CAGR) of 7.5% during the forecast
period of 2022-2030.
Medical devices used in the healthcare industry are
under constant threat from moisture, body fluids, and contamination. Medical
coatings are applied to protect these medical devices and instruments,
including guidewires, guide wires, catheters, and others. These coatings assist
in maintaining the effectiveness and durability of devices, enhance their
performance and agility, and save them from attacks from various microbial
factors and other pathogens. These coatings also have exceptional thermal
stability, dry-film lubricity, and dielectric characteristics.
Growth Drivers:
Factors
primarily driving the growth of this market include; the ever-increasing global
population with health issues including the rising prevalence of ischemic heart
disease, chronic obstructive pulmonary disease, and acute lower respiratory
infections in children due to soaring pollution levels; the burgeoning
awareness regarding the advancement of medical treatments; the proliferating
demand for quality healthcare; the growing usage of home healthcare facilities;
the rising demand for minimally invasive surgical procedures and devices; the
high healthcare investments in developing countries; the rapidly augmenting need
for early detection and non-invasive therapies, and the escalating preference
for implantable and non-implantable medical equipment worldwide.
Additionally,
the number of technological innovations and FDA approvals has been surging rapidly
in the healthcare industry in recent years. The advent of the antimicrobial
micro RESIST technology for orthopedic implants and catheters that aid in
eliminating microorganisms, in tandem with the development of minimally
invasive surgeries and AI-enabled diagnostics, are some of the recent
developments in the industry. In 2020, the U.S Food & Drug Administration
granted approvals to several medical devices, including the MiniMed 770G
Glucose Monitoring System from Medtronic, the VerciseTM PC, and Vercise GeviaTM
Deep Brain Stimulation from Boston Scientific and others. All these factors are
leading to the introduction of new devices in the industry, which, in turn, is
adding to the growth of the global medical coatings market.
Moreover,
the emergence of new promising startups is also creating ample growth
opportunities for the overall medical coatings market. These startups are
focused on providing state-of-the-art coatings solutions for all major and
minor medical devices in the medical industry used for a wide variety of
applications.
Furthermore,
other factors such as the rapidly expanding healthcare infrastructure across
the globe, including the increasing construction of various private &
public hospitals and clinics; the growing demand for various protective devices
used in the medical sectors; the surging government spending; the enhancing demand
for lightweight medical equipment; the surging income levels in developing
nations; the ever-rising geriatric population, and the escalating R&D
activities are expected to further bolster the growth of the global medical
coatings market during the forecast period.
However,
factors such as the high initial costs of medical coatings and the constant in
fluctuation in raw material prices are expected to hinder the growth of the
global medical coatings market to a certain extent during the forecast period.
Medical Coatings Market Segmentation:
By Coating Type:
·
Active Coatings
·
Passive Coatings
By Material Type:
·
Polymers
·
Metals
·
Others
By Application:
·
Medical Devices
·
Medical Implants
·
Medical Equipment & Tools
·
Protective Clothing
·
Others
By Region:
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
Middle East and Africa
Based on coating type, the passive
coatings segment held the largest share of the global medical coatings market
in 2021. The segment is expected to retain its lead further in the market
during the forecast period of 2022-2030. The high usage of hydrophilic coatings
on catheters, guidewires, and introducer sheaths due to their highly suitable
properties, including minimal invasion, easy insertion, low particulate count, low
friction coefficient, lubricity, and durability, is the primary factor ascribed
to the large share of this segment.
Based on material type, the polymers
segment is anticipated to witness the highest growth in the global medical
coatings market during the forecast period. The growing usage of polymer-based
medical coatings in medical equipment & tools, protective clothing, medical
devices, and medical implants due to their optimum performance, low-cost, easy
availability, multifunctionality, and low particulate technology is the
predominant factor attributed to the fast-paced growth of this particular
segment.
Based on application, the medical
devices segment is projected to attain the highest CAGR in the market during
the forecast period of 2021-2030. The proliferating usage of medical devices,
especially in the rapidly developing countries across the globe, is primarily
contributing to this segment’s high growth.
Regional Outlook:
The North American region captured 43.0% of the market
share and commanded the global medical coatings market in 2021. The region is
predicted to continue to lead the market during the forecast period of
2022-2030. The factors attributed to the large share and growth of this region
include the presence of robust healthcare infrastructure; the high incidence of
various diseases and disorders; the burgeoning adoption of advanced surgical
treatments; rising spending in the healthcare industry; the increasing exports
of medical devices; the rapid advancements in medical technology; the surging
demand for home healthcare; the escalating emphasis of the government to enable
access to quality healthcare services, and the augmenting demand for
high-quality medical technologies in the region. The U.S. and Canada stand as
the major contributors to the growth of the market in the region, with the U.S.
leading from the front.
The Asia Pacific region is poised to emerge as the
fastest-growing regional market for medical coatings during the forecast
period. The increasing number of cardiovascular problems; ever-growing obese
and geriatric population; the rising trend of home health care; the surging
number of bilateral agreements with developed nations with respect to medical
devices; the augmenting demand for improved healthcare facilities; the growing
number of hospitals; the surging need for advanced medical equipment, and the
fast-paced expansion of the healthcare infrastructure are predominantly driving
the growth of the market in the region. Moreover, factors such as the
increasing procurement of high-grade medical equipment and the growing number
of medical coatings manufacturers in the region also significantly contribute
to the growth of the medical coatings market in the Asia Pacific. India, China,
and Japan are the leading contributors to the growth of the market in the
region.
Key Companies in Medical Coatings Market:
·
Biocoat Inc.
·
Specialty Coating Systems Inc.
·
Covalon Technologies Ltd.
·
Endura Coatings
·
DSM
·
AST Products
·
Precision Coating Company Inc.
·
SurModics Inc.
·
Sono-Tek Corp
·
Hydromer Inc.
·
Harland Medical Systems Inc.
· Other Players