The global medical grade coatings market is projected to reach USD 7.61 billion in 2023 and is projected to reach USD 19.8 billion by 2033, expanding at a CAGR of 10% during the forecast period.
The global market of medical grade coatings is anticipated to grow at a significant rate between 2023 and 2033 owing to its crucial role in various tools, medical devices, and equipment for surgeries and treatment in the healthcare sector.
Various tools, equipment, and devices used in surgeries of cardiovascular, neurology, oral treatment, general surgery, and in various other medical treatments require medical grade coatings. These coatings make medical equipment and devices corrosion and friction resistance and keep them free from microbes and pathogens. The expansion of the healthcare sector will therefore fuel the demand for medical grade coatings in the coming years.
A number of regulatory agencies, including the Environmental Protection Agency and the European Commission for Medical Device Regulation (MDR), have been very concerned with perfluorobutane sulfonic acid (PFOS) and perfluorooctanoic acid (PFOA) utilized in the production of polytetrafluoroethylene (PTFE) coatings for medical devices for more than a decade.
A major shift in product strategy has resulted from changing regulations. For instance, 3M will stop producing PFAS by 2025, while PPG has stopped manufacturing coatings for medical devices. In order to eliminate PFAS from the processing of PTFE by 2030, Chemours has committed to eliminating at least 99% of the PFAS.
Two other coatings manufacturers are also reducing restricted chemicals while maintaining product performance standards by reformulating existing coatings and creating new ones based on evidence-based scientific data. Their success depends on relentlessly seeking viable solutions and filling in the gaps left by others in the supply chain. In addition to PFOS, PFOA, solvents, and hex chrome compounds, they have created low-friction, water-based coatings for medical devices. Additionally, they comply with REACH and RoHS.
An orthopedic implant coated with a smart coating that monitors strain has been developed by researchers at the University of Illinois. Infection-causing bacteria are killed by these coatings and early warnings of implant failure are provided. Nanostructured antibacterial surfaces are integrated with flexible sensors. According to the researchers, dragonfly and cicadas' wings inspired the surface.
| Report Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 7.61 billion |
| Anticipated Forecast Value (2033) | USD 19.8 billion |
| Projected Growth Rate (2023 to 2033) | CAGR of 10% |
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Medical grade coatings consumption is anticipated to grow by 1.9X over the assessment period owing to increasing demand from various application segments. The expansion of the healthcare sector is expected to bode well for the market. The report predicts solid growth of the market, driven by the increasing use of medical grade to protect surgery and treatment devices and tools.
On the basis of geographical outlook, North America and Europe are expected to remain the dominant regions in the market and are expected to maintain their position throughout the assessment period. This dominance of these regions, especially North America is estimated to continue owing to the increasing investment in the healthcare sector and expansion of the pharmaceutical sector. Moreover, the increasing investment by regional governments in the medical sector is one of the key factors enabling sales in the region.
Prominent market participants are expanding their market presence by acquiring small and medium size players. They also are investing in research and development of innovative and advance products to cater the growing demand from the various application segments.
According to FMI’s analysis, medical grade coatings sales is estimated to grow at 6.7% CAGR over the assessment period. Medical grade coatings are used in the coating of various tools, equipment, and devices, which are used across medical practices such as, general surgery, neurology, dentistry, orthopedics and many others. These coatings are anti-fungus, anti-bacterial and anti-pathogen, resistant to corrosion, friction less and do not cause harm to the internal organs and glands. These type of coatings are further used in the clothes those are wear by the surgeons during the time of several operations.
Investment in research and development (R&D) of advanced and innovative products has been increasing. This is also because there is an increasing focus on catering to the demand for biocompatible and biodegradable products in the medical sector. Soaring carbon footprint is responsible for the trend, which is unlikely to slow down in the coming years.
Key market participants generally invest about 4 to 6% of their revenue in R&D activities to develop advanced technologies and keep pace with evolving trends within the industry. Emerging field of nanotechnology is anticipated to play a significant role in research and development activities conducted on medical grade coatings. The rising demand for materials to ensure improved efficiency of the tools, devices, or equipment to be used will bode well for the market.
Principal Consultant
Biocompatibility is one the most critical criteria that medical devices should fulfill before being certified safe for sales and for use in the healthcare industry. Biocompatibility is defined as the compatibility of a medical device, tool or equipment with the human biological system and those that do not cause any harm to the internal organs of a human body.
Biocompatibility requirements are even more stringent for medical devices that are meant for surgical applications and those used as implants. Some of the common examples are orthopedic implants, stents, and pacemakers among others. Medical grade coatings are used for improving the biocompatibility of the medical devices, tools and equipment, making them safe for human use.
For example, in angioplasty procedures and the implantation of stent trigger body responses leading to restenosis in the arteries. To overcome these problems, drug eluting coatings have been used to coat metal stents to allow the controlled release of drugs that inhibit the restenosis process. Similarly, medical grade coatings are used to coat devices whose substrate materials may harmfully react with body tissues or fluids. Thus, the role of medical grade coatings in improving the biocompatibility of medical devices is a key factor in market growth.
China is forecast to remain one of the fastest growing markets of medical grade coatings during the forecast period. The country is estimated to hold account for more than half of the market share in East Asia.
According to the World Bank, healthcare spending in China accounted for 5.3% of the GDP. With healthcare expenditure forecast to increase in China, the demand for medical grade coatings will rise in response.
North America is anticipated to remain dominant in the global market, especially due to the increasing demand from the United States. pharmaceutical and medical sectors. According to the Centers for Medicare and Medicaid Services, the health care spending in the United States. grew by 4.6% in 2019, reaching USD 3.8 trillion. With a focus on healthcare and modern treatment poised to surge, the USA will emerge as a highly lucrative market for medical grade coatings.
Advancements in products are expected to be achieved by the country due to the presence of skilled labors, excellent researchers, and growing field of biotechnology, and nanotechnology. FMI has projected the United States medical grade coatings market to account for more than one-fourth volume share in the global market.
The demand for medical grade coatings is expected to rise considerably in India during the assessment period owing to the significantly growing private healthcare sector, as public health facilities are already overstretched.
Following the COVID-19 outbreak, the healthcare expenditure of the country is expected to grow substantially which will benefit medical grade coatings manufacturers in the coming years. Moreover, the growing demand for various medical tools, devices, and equipment from hospitals is projected to boost the market in the near future.
The improving facilities in the medical field and expanding infrastructure of hospitals are anticipated to boost the market of medical grade coatings in the GCC countries in the coming years.
The GCC Countries are estimated to contribute about two fifth of the overall market share in the MEA medical grade coatings market. GCC Countries are further estimated to grow at a considerable rate due to the increasing investment in healthcare facilities and urbanization.
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Polytetrafluoroethylene (PTFE) medical grade coatings segment is estimated to hold around one-third of the market share. PTFE is further estimated to remain one of the fastest-growing segments in terms of materials in the market.
PTFE coated tools, equipment, or devices are highly resistant to corrosion. They also offer excellent heat and friction resistance, which is expected to seal their dominance in the market.
The general surgery segment is anticipated to exhibit significant growth e in the coming years, owing to the substantial use of various medical tools, equipment, and devices. As the segment encompasses treatment and surgery conducted for various health conditions, including maladies affecting gall bladders, stomach, small and large intestines, pancreas, and other organs and glands. The demand for various types of tools and devices is expected to increase for use in general surgery, thus fuelling the demand for medical grade coatings.
Medical coatings prevent foreign objects from sticking to tools and eliminate cross-contamination. Providing healthcare and improving health through surgeries is an efficient way to improve the well-being of individuals. With increased research and development and technological advancements in the medical sector, various tools are now used in many different situations.
Drug-eluting coating segment is expected to remain preferred grade. The segment is further anticipated to exhibit considerable growth in the coming years owing to its increasing use of drug eluting grades for treatment of various ailments. With the growing patients of in this category, the sector is going to gain a significant business opportunity over the forecast period. Further, growing investment and study in nanotechnology are expected to drive growth in the drug eluting segment in the coming years.
Compared to conventional angioplasty, stent technology has demonstrated excellent performance in preventing occlusions and restenosis over the last decade. Recent years have seen the use of drug-eluting stents (DES) revolutionize the treatment of coronary artery disease (CAD), resulting in fewer ISRs and fewer target vessel revascularizations (TVR). In the past few years, DES use has increased dramatically, which has led to a rise in stent thrombosis (ST), particularly late ST (LST).
Powder coatings are expected to remain the key formulation in the market for medical grade coatings owing to easy maintenance, easy use, and effectiveness. The segment is also estimated to witness significant growth over the forecast period.
Powder coating is typically applied electrostatically and then cured under heat or with ultraviolet light on the medical device, equipment, and tools. The growing demand for special formulations is expected to fuel the demand for powder coatings in the coming years.
Medical grade coatings are one of the key markets in which start-ups are crucial to identifying growth opportunities. Inputs are effectively converted into outputs and market uncertainties are adapted, contributing to the expansion of the industry. Market growth in medical grade coatings is being driven by some start-ups.
Key players are focusing on research and development activities to introduce new and innovative products, solutions, and technologies. The global medical grade coatings market can be considered as oligopolistic due to the presence of a considerable number of players across the globe, accounting for a considerable volume of share. There is an increasing focus on collaboration and acquisitions to increase market presence. Some prominent players in the market include:
Some recent developments in the market are:
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion for Value |
| Key Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, China, Japan, South Korea, Singapore, Thailand, Indonesia, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Kay Segments Covered | Material, Application, Type, Formulation, Region |
| Key Companies Profiles | Medtronic PLC; DuPont; Koninklijke DSM NV; SurModics, Inc.; Specialty Coating Systems Inc.; Precision Coating Co. Inc.; Biocoat Inc.; Covalon Technologies Ltd.; Harland Medical Systems Inc.; Hydromer Inc.; Medicoat, Inc.; AST Products Inc.; Aculon Inc. |
| Customization & Pricing | Available upon Request |
China is set to register exponential growth in the market.
Growing focus on infection control and the rising adoption of minimally invasive surgeries.
The growing demand for biocompatible and biodegradable coatings is the key trend.
The medical grade coatings market recorded a CAGR of 7.7% in 2022.
Investment in pharmaceutical and medical sector is the key opportunity.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material 5.1. PTFE 5.2. PVDF 5.3. Silicone 5.4. Parylene 5.5. Metals 5.6. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. General Surgery 6.2. Cardiovascular 6.3. Orthopedics 6.4. Neurology 6.5. Gynecology 6.6. Dentistry 6.7. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 7.1. Hydrophilic 7.2. Hydrophobic 7.3. Anti-Microbial 7.4. Drug Eluting 7.5. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Formulation 8.1. Solvent Based 8.2. Water Based 8.3. Powder Coating 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific 9.5. MEA 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Medtronic PLC 17.2. DuPont 17.3. Koninklijke DSM NV 17.4. SurModics, Inc. 17.5. Speciality Coating Systems Inc. 17.6. Precision Coating Co. Inc. 17.7. Biocoat Inc. 17.8. Covalon Technologies Ltd. 17.9. Harland Medical Systems Inc. 17.10. Hydromer Inc. 17.11. Medicoat, Inc. 17.12. AST Products Inc. 17.13. Aculon Inc. 18. Assumptions & Acronyms Used 19. Research Methodology
Chemicals & Materials
October 2023
REP-GB-6134
309 pages
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Medical Grade Coatings Market
