Growth in the surgical device market and rising usage of minimally invasive surgical procedures are key factors driving market growth

Medical Coatings Market Size – USD 11.09 Billion in 2020, Growth – at a CAGR of 8.6%, Trends – Shift towards Plasma-applied coatings

The global Medical Coatings Market size is expected to reach USD 21.32 billion in 2028 and register a revenue CAGR of 8.6% over the forecast period, according to a latest report by Reports and Data. Increasing prevalence of acute lower respiratory infections, cardiovascular diseases, and obstructive pulmonary disease is driving the demand for medical equipment and this is expected to contribute significantly to market revenue growth. Also, changing dietary patterns and sedentary lifestyle are factors resulting in rising prevalence of chronic diseases and boosting demand for devices such as syringes, catheters, ventilators, and other medical devices. Increasing demand for minimally invasive surgical procedures and expansion of the surgical device market are expected to drive market revenue growth during the forecast period.

Medical Coatings Market Growth:

The global Medical Coatings market is expected to grow due to increasing demand for advanced and innovative medical devices, the growing prevalence of chronic diseases, and the increasing aging population. The growing demand for minimally invasive procedures, which require medical devices with specialized coatings, is also expected to drive market growth. Additionally, the increasing focus on reducing healthcare costs and improving patient outcomes is expected to drive the demand for Medical Coatings. However, the high cost of coating processes and stringent regulatory requirements may act as a restraint to the market's growth.

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Top Companies: Materion Corp., PPG Industries, Inc., Covalon Technologies Ltd., Specialty Coating Systems, Inc., Biocoat, Incorporated, Hydromer, Inc., Royal DSM, Sono-Tek Corporation, SurModics, Inc., and Precision Coating Company, Inc.

Further Key Finding from the Report Suggestion:

• In February 2020, Biocoat Incorporated, which is a specialty manufacturer of hydrophilic biomaterial coatings for medical devices, introduced an innovative UV-curable Hydrophilic coating for medical devices, named HYDAK UV. The new version of its original HYDAK coating is designed to cure diseases by utilizing ultraviolet light, thereby allowing for flexible integration with industry standard UV coating system. The innovative coating is built in the proven bi-laminar platform that is used in the company’s existing thermal heat cure coating technology.
• The antimicrobial coatings segment is expected to account for largest revenue share in the global Medical Coatings market over the forecast period owing to increasing need to improve patient health while minimizing the risk of hospital acquired infections. Addition of antimicrobial additives into medical equipment and healthcare furnishing is helping in the prevention and control of infection in the healthcare facilities.
• The polymer segment is expected to register steady revenue growth over the forecast period. Inexpensiveness of polymers in comparison to materials made up of metal is expected to boost the revenue growth of the segment. Also, their rising usage in pacemakers, stents, defibrillators and many other devices would aid growth. Additionally, their biocompatibility and easy fabrication are likely to bolster growth.
• The cardiovascular segment is expected to account for a considerably large revenue share in the global Medical Coatings market. Rising prevalence of cardiovascular diseases due to changing dietary patterns, sedentary lifestyle, and increasing aging population is boosting demand for cardiovascular devices such as implants and cardiac pacemakers, thereby driving usage of Medical Coatings.

Market Overview:

Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.

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The global Medical Coatings market is segmented into:

Product Outlook (Revenue, USD Billion; Volume, Kilo Tons, 2018-2028)

• Hydrophilic Coatings
• Antimicrobial Coatings
• Drug-eluting Coatings
• Anti - thrombogenic Coatings
• Others

Material Outlook (Revenue, USD Billion; Volume, Kilo Tons, 2018-2028)

• Metal
• Ceramic
• Polymer

Application Outlook (Revenue, USD Billion; Volume, Kilo Tons, 2018-2028)

• Neurology
• Orthopedics
• General Surgery
• Cardiovascular
• Dentistry
• Gynecology
• Others

Regional Outlook:

• North America (U.S.A., Canada, Mexico)
• Europe (Italy, U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Key Questions Addressed in the Report:

• What are the dominating factors that are influencing the growth of the industry?
• In the forecast period, which market segment is expected to rise the most?
• What are the risks and challenges that the industry is facing?
• In the coming years, which area is projected to dominate the market?
• Who are the major players in the market?
• What kind of strategic business plans have they made?

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