Medical Coatings Market 2022 - Market Size & Forecast, Industry Trends, Manufacturers Analysis, & Opportunities 2030

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