Medical Coatings Market to be Worth $3.32 Billion by 2030-Exclusive Report by Meticulous Research®
Added: (Wed Mar 20 2024)
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According to a new market research report, ‘Medical Coatings Market By Type (Hydrophilic, Antimicrobial, Drug-eluting, Anti-thrombogenic), Material (Polymer {Fluoropolymers, Parylene, Silicon}, Metal {Silver, Titanium}), Application (Medical Devices, Implants, Equipment) - Global Forecast to 2030', published by Meticulous Research®, the medical coatings market is projected to reach $3.32 billion by 2030, at a CAGR of 11.20% from 2023 to 2030.
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Medical coatings are thin layers of material applied to medical devices, such as implants, to improve biocompatibility and reduce the risk of infection. It is essential for various medical devices, implants, and equipment to improve the device durability and patient safety. Hydrophilic coatings are commonly used to reduce friction, improve lubrication, and reduce the risk of infection in medical devices such as catheters, stents, and intraocular lenses. Further, invasive surgical instruments must have some form of antimicrobial coating to reduce the chances of infections.
Major factors driving the medical coatings market are the rising incidence of healthcare associated infections (HAIs), growing adoption of minimally invasive surgical procedures, and high demand from the medical devices industry. Furthermore, the growing demand for customized and multifunctional coatings and potential in emerging economies are expected to provide significant growth opportunities for this market.
However, the rising raw material prices and high costs & miniaturization of medical devices are the factors that are expected to hinder the growth of this market. Additionally, factors such as the limitations of certain types of coatings with regards to biocompatibility, lack of standardization, and durability, among others and risk of coating failure associated with the use of hydrophilic and/or hydrophobic coated medical devices are some of the major challenges for the growth of this market.
The Impact of COVID-19 on the Medical Coatings Market
The outbreak of the COVID-19 pandemic in March 2020 resulted in lockdowns and restrictions all over the world. During the initial stages of the global pandemic, there was a shift in focus from regular healthcare services to emergency services due to the increasing number of COVID-19 cases and the high number of hospital admissions. Hospitals worldwide postponed elective or non-emergency surgeries to prevent the risk of spreading the virus. According to a study published in the British Journal of Surgery, an estimated 28 million surgeries were canceled or postponed during the pandemic's peak. In the U.S., 91.7% of elective surgeries were canceled during April 2020, according to a survey published in the Journal of Vascular Surgery. This reduction in elective medical procedures reduced demand for medical devices, negatively impacting the medical coatings market.
In addition, supply chains were disrupted, and production facilities slowed operations due to the strict lockdowns, causing delays in procuring medical devices. This caused a pronounced effect on surgical resource availability. Some companies operating in the medical coatings market also had to suspend their operation for limited periods because the employees were infected with COVID-19. These factors caused a short-term negative impact on the medical coatings market during the initial stages of the pandemic. However, as the impact of the pandemic subsided gradually, the market's growth rate is expected to normalize and reach beyond its pre-pandemic levels.
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The medical coatings market is segmented by Type (Hydrophilic Coatings, Antimicrobial Coatings, Drug-eluting Coatings, Anti-thrombogenic Coatings, and Other Types), Material Type [Polymers (Fluoropolymers {Polytetrafluoroethylene (PTFE), Polyvinylidene fluoride (PVDF), and Other Fluoropolymers}, Parylene, Silicones, Other Polymers), Metals (Silver, Titanium, and Other Metals), and Other Material Types], Application (Medical Devices {Neurological Devices, Cardiovascular Devices, Ophthalmology Devices, Orthopedics Devices, Dental Devices, Gynecology Devices, and Other Devices}, Medical Implants {Orthopedic Implants, Dental Implants, Cardiovascular implants, and Other Implants}, Medical Equipment & Surgical Tools, and Other Applications), and Geography. The study also evaluates industry competitors and analyzes their market share at the global and regional levels.
Based on type, in 2023, the hydrophilic coatings segment is expected to account for the largest share of the medical coatings market
The large market share of this segment is attributed to the high demand for hydrophilic coated medical devices such as guidewires, catheters, cannulas, and other devices due to its ability to improve the performance and maneuverability by reducing friction by imparting the necessary lubricity. This is especially important for minimally invasive procedures, which also increase in number, thus driving the market growth.
Based on material type, in 2023, the polymers segment is expected to account for the largest share of the medical coatings market
The large market share of this segment is attributed to factors such as the high utilization of various types of polymers for coating medical devices and equipment, advantageous properties of polymers in terms of offering better biocompatibility and inertness, and comparatively easier process of coating. Polymers are biocompatible and non-toxic, making them safe for use in medical applications. It can be used to improve the functionality of medical devices, such as reducing friction, promoting lubrication, and controlling drug delivery.
Based on application, in 2023, the medical devices segment is expected to account for the largest share of the medical coatings market
This segment's large market share is attributed to high medical device industry demand due to the growing adoption of minimally invasive procedures and the growing requirement to coat medical devices with a biocompatible material to prevent attrition with human tissue.
In 2023, North America is expected to account for the largest share of the medical coatings market, followed by Europe and Asia-Pacific.
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North America’s large market share is attributed to a robust healthcare industry, a large medical devices industry in the region, higher adoption of minimally invasive procedures, and increased awareness of hospital-acquired infections. The development of new medical technologies and an aging population has increased the demand for medical devices and coatings that enhance their functionality and safety. The region has a strong regulatory framework that supports the growth of the medical coatings industry and a large healthcare market. North America is also home to many leading pharmaceutical and medical device companies that invest heavily in R&D and drive innovation in the field.
The report also includes an extensive assessment of the type, material type, application, and geography, and key strategic developments adopted by leading market participants in the industry over the past years (2020–2022). The medical coatings market has witnessed numerous strategic developments in recent years.
The key players profiled in this market study are Hydromer Inc. (U.S.), Harland Medical Systems, Inc. (U.S.), SurModics, Inc. (U.S.), Koninklijke DSM N.V. (Netherlands), AST Products, Inc. (U.S.), Biocoat Incorporated (U.S.), Precision Coating Company, Inc (U.S.), Medicoat AG (Switzerland), Merit Medical Systems, Inc. (U.S.), and Specialty Coating Systems, Inc. (U.S.).
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