The market for medical coatings is anticipated to increase at a CAGR of 10% from US$ 4.27 billion in 2022 to US$ 10.91 billion by 2032.
| Report Attribute | Details |
|---|---|
| Medical coatings market Value (2022) | US$ 4.27 Billion |
| Medical coatings market Anticipated Value (2032) | US$ 10.91 Billion |
| Medical coatings market Growth Rate (2022 to 2032) | 10% CAGR |
Medical device components and electronics require protection to be effective. Electrical charges, moisture, bodily fluids and contamination can render a life saving device useless and ineffective. Medical coatings need to be ideal for most types of substrates, including metals, glass, plastics, ceramics and silicone rubber, and should be sterilizable on all of them.
Physico-mechanical coatings are those designed with physico–mechanical properties such as moisture, chemical and electrical barrier properties as well as tribological (lubricous) properties. The damage to the mucosal lining has led to development of antimicrobial coatings with biological function (antimicrobial activity) and physico–mechanical function (lubricity).
Medical device coatings are significantly used to enhance performance of devices and augment product surface function. In addition, coatings help in reducing friction between tissues and devices, provide wetting, surface coverage and coating homogeneity. Most of the medical devices require non-stick coatings over electrical insulation, molded, biocompatible or other finishes.
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Hospital-acquired infections (HAIs) are on the rise right now as a result of contaminated medical devices like catheters and respiratory equipment. This is one of the main variables influencing the industry, coupled with the antibacterial qualities of MDCs. Additionally, there is a rise in the usage of minimally invasive (MI) medical devices that have the right coatings to do the least amount of damage and shield patients from thrombogenicity, blood vessel damage, and other internal ailments. This is helping to drive the market along with the increasing accessibility of revolutionary medical gadgets worldwide.
The market is expanding as a result of the growing use of implantable devices to save patients' lives, including cardiac pacemakers, implantable cardiac defibrillators (ICDs), coronary stents, hip implants, intraocular lenses, and implantable insulin pumps. In addition, the growing need for medical device Nano-coating to repel dry particles, water, oil, and dirt is creating profitable growth prospects for investors in the sector. In addition, numerous governments are making significant investments in the healthcare sector, which is supporting the market's expansion.
The antimicrobial coatings market is growing and is now estimated to be worth US$ 1 billion. The industry is being established to stop the spread of germs and bacteria on various surfaces. North America accounts for a sizable portion of the market for antimicrobial coatings and has a sizable market. Antimicrobial coatings can improve the hygienic conditions in healthcare facilities in addition to assisting in limiting the growth and spread of bacteria and germs on medical instruments. Furthermore, active cleaning solutions that are typically used to clean healthcare facilities are not necessary if antimicrobial coatings are applied to counters.
The use of antimicrobial coatings is probably going to significantly lessen the environmental impact of cleaning in medical institutions. As a result of the aforementioned factors, the anti-microbial coating is predicted to increase at the fastest rate.
Principal Consultant
Over the course of the forecast period, North America is anticipated to experience phenomenal growth in the medical coatings market. The United States continues to be the largest market for medical devices in the world because of the country's ageing population and the government's commitment to delivering high-quality healthcare services. More than half of the Canadian medical device market is in the hands of American producers.
The Canadian market is developed and sophisticated, and there is a significant need for top-notch medical solutions. This is mostly because the two nations' identical safety and quality standards and close geographic proximity. Therefore, as a result, it is probable that throughout the projection period, the North American region would dominate the global market.
The increasing demand for coatings for life saving devices from medical industry is expected to increase the consumption of medical coatings. In addition, rising demand for life saving devices from emerging economies of Asia Pacific and Latin America is expected to increase the consumption of medical coatings.
However, availability of substitutes, product aging, low shelf life and rising costs could hamper the growth of this market. In addition, varying government regulations for medical devices across countries may hamper the growth of medical device coating market to some extent.
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North America has the largest market share for medical coating, followed by Europe and Asia Pacific. However, Asia Pacific is expected to experience fastest growth during the forecast period. India and China are expected to be the major consumers of medical coatings in Asia Pacific due to presence of an established medical industry.
Hong Kong, Australia, New Zealand, Republic of Korea, Japan, Vietnam, Malaysia and Indonesia are expected to be other major consumers of medical coatings in Asia Pacific. In addition, Latin America is expected to experience high growth due to rapid economic development and growth in medical industries.
Argentina, Brazil and Peru are expected to be major consumers of medical coatings in Latin America.
Large and medium medical equipment and pharmaceutical manufacturing companies dominate the medical coatings market. Some of the key players in this market are SurModics, the DECC Company, Hangzhou Kangsheng Medical Equipments Co., Ltd., Yangzhou Fuda Medical Devices Co., Ltd., Precision Coating Co., Inc. , Donwell Company, Inc., Merit Medical Systems, Inc., Harland Medical Systems , Applied Medical Coatings, LLC., Dymax Corporation , Raleigh Coatings , Abbott Laboratories , Biocoat Inc AeonClad , Bayer Material Science LLC, Boston Scientific Corporation , Covalon Technologies Ltd., Endura Coatings Ltd , Specialty Coating Systems Inc., and TheraSyn Pharmaceuticals Inc. among others.
Companies are using strategic acquisitions and mergers to increase their market share. In 2011, Kensey Nash, a medical device company focused on regenerative medicine, acquired the assets of Nerites, a developer of medical adhesives and anti-fouling coatings, for cash consideration of $20 million.
In addition, companies are increasing their presence in emerging market of Asia Pacific and Latin America to remain competitive in market. Furthermore, companies are investing in research and development to introduce various types of medical coatings with superior characteristics and features.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Medical coatings market is segmented on the basis of type, application and region.
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Medical Coatings Market
