Burgeoning Demand for Surgical Equipment to Accelerate Medical Device Coating Sales by 7.2% CAGR through 2031: Fact.MR

Hydrophilic Medical Device Coatings Demand to Exceed US$ 2 Bn in Medical Device Coating Market

A detailed survey conducted by Fact.MR on the medical device coating market provide insights into vital dynamic elevating growth prospects in the market. It also uncover upcoming opportunities in various market segments based on type and application across seven regions. It examines the current market outlook and offers refined sales projection for the coming ten-years

Fact.MR – A Market Research and Competitive Intelligence Provider: As per an exhaustive survey published by Fact.MR, the global medical device coating market is expected to total US$ 1.2 Bn in 2021. Increasing use of coatings in orthopedic, neurology, cardiovascular, gynecology, and other devices is fueling the demand in the market.

Increasing prevalence of various diseases and rising number of minimally invasive surgical procedures across the world has increased the demand for medical equipment such as catheters, syringes, and others. Driven by this, the market is expected to grow at a CAGR of 7.2% between 2021 and 2031.

Historically, the market registered growth at 6.7% CAGR registered between 2016 and 2020. As protective coating such as anti-microbial coating are increasingly being used to safeguard patients from healthcare-related infections (HCAIs). Hence, the rise in demand for the aforementioned equipment will create lucrative growth opportunities in the market.

Citing this trend, several players in the market are launching novel protective medical coatings. For instance, LipoCoat, a medical technology manufacturer, announced launching bio-inspired coatings for medical devices, including implants, contact lenses, and catheters.

The coatings are hydrophilic and have anti-fouling properties offering a 5 nanometers thick protective layer. A multiplicity of such new product launches in the market are anticipated to drive the sales at 2X through 2031. 

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On the basis of type, the hydrophilic segment is expected to hold a significant share in the market, expanding at a CAGR of 6.8% from 2021 to 2031. Attributes favoring the growth in the segment include reduced coefficient of friction, high lubricity, optical clarity, and durability of hydrophilic coating compared to others. Furthermore, hydrophilic medical device coating market is expected to surge in the coming years.

“Rising number of research and development (R&D) activities to introduce robust and long-lasting coatings able to withstand maintenance processes such as sterilization by start-up companies is expected to elevate the growth in the market,” says a Fact.MR analyst.

Key Takeaways from the Medical Device Coating Market Study

• The market in the U.S. is anticipated to register the fastest growth in North America, expanding at an impressive CAGR of 12% through 2031.
• China is estimated to account for the largest share in the East Asia market, projecting sales growth at a CAGR of 7% over the assessment period.
• India is forecast to emerge as the most attractive market in South Asia, expanding at a CAGR of 10% between 2021 and 2031.
• Antimicrobial medical device coatings are forecast to dominate the coating type segment, accounting for nearly 50% of the sales by the end of 2031.
• Based on application, the orthopedic segment is expected to hold the lion’s share, surging at 6% CAGR during the forecast period.

Key Drivers

• Increasing emphasis to enhance the maneuverability and performance of medical devices and protect them from susceptible attacks of various microbial, pathogens, and others are propelling the demand for medical device coatings.
• Implementation of stringent regulation to increase patient care in hospitals and other medical institutions and increasing number of start-ups companies are anticipated to drive the growth in the market.

Key Restraints

• Extravagant cost of high-performance medical device coatings is hampering the sales across small hospitals, clinics, and ambulatory surgery centers.
• Strict and time-consuming regulatory approval by bodies, such as the Food and Drug Administration (FDA), in the U.S., Germany, China, and India among others is restraining the growth in the market

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Competitive Landscape

Key manufacturers in the global medical device coating market are emphasizing on adopting expansion strategies such as acquisitions, merger, strategic collaborations, and new product launches to expand their product portfolio and increase their production capacity. For instance,

• In June 2021, Amcor, an Australian-American packaging company, announced the launch of a heat seat coating, ACT2100 for the medical grade DuPont Tyvek2 packaging. The next-generation coating technology offer improved performance coatings for healthcare applications. The product launch will assist the companies to expand its portfolio across medical device coatings
• In 2020, Hydromer, a leading surface modification and coatings provider, announced intering into a partnership with a nano-engineered surface treatment and coating services provider, N2 Medical, to supply coatings for CeraShield endotracheal tubes. These tubes are plays a crucial role in the treatment of COVID-19 patients. The partnership will assist both the companies to strengthen their footprint in the coatings for the medical devices sector.

Some of the key players operating in the market profiled by Fact.MR are:

• AdvanSource Biomaterials Corporation
• AeonClad Coatings LLC
• Allvivo Vascular Inc.
• Armology of Connecticut Inc.
• AST Products Inc.
• Biocoat Inc.
• Carmeda AB
• Covalon Technologies Ltd.
• Hemoteq AG
• Hydromer Inc.
• Materion Corp.
• Royal DSM N.V (DSM Corporation)

More Valuable Insights on Medical Device Coating Market

The latest report by Fact.MR offers a detailed analysis on the global medical device coatings market, analyzing forecast statistics for the assessment period 2021-2031. The study offers refines sales projections in medical device coating market with detailed segmentation:

• Anti-Microbial Coatings
• Drug-Eluting Coatings
• Hydrophilic Coatings
• Other Types of Coatings

• Cardiovascular Devices
• Orthopedic Devices
• Neurology Devices
• Gynecology Devices
• Other Applications

• The market survey also highlights projected sales growth of the medical device coating market between 2021 and 2031
• The report offers insight into medical device coating demand outlook for 2021-2031
• Medical device coating market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others 
• Medical device coating market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry 

Explore Fact.MR’s Coverage on the Healthcare Domain –

Medical Grade Silicone Market Forecast- Medical grade silicone is widely utilized in a variety of products, including tubes, dental retainers, long- and short-term implants, breathing masks, non-stick containers, and more. The medical grade silicone market is divided into gels, medical adhesives, medical coatings, liquid silicone rubbers, and others based on the product form. Because of their biocompatibility and hydrophobicity, medial grade silicone is the chosen material for crucial medical components like defibrillators, heart pumps, and surgical reconstructive components. The need for prosthetics and orthopedic devices is rapidly increasing, which is positively boosting market growth. 

Medical Device Contract Manufacturing Market Scope- To meet the growing demand for medical devices around the world, manufacturers are turning to innovative technology. The drive toward miniaturization has pushed OEMs and contract manufacturers to create small equipment for minimally invasive procedures. These devices are more compact, flexible, cost less, use less power, and are easier to move. Furthermore, robotics and endoscopic techniques are used in minimally invasive operations. In the medical device contract manufacturing industry, 3D printing is developing as a potential technical improvement.

Medical Device Reprocessing Market Insights- In comparison to brand new medical devices, adoption of low-cost reprocessed medical devices is rapidly expanding. In addition, increased efforts to reduce regulated medical waste (RMW) are boosting the medical device reprocessing market. Furthermore, future market growth is likely to be aided by an increase in the number of surgical procedures related with the increased prevalence of chronic disorders. Changing legislative scenarios in numerous countries, such as France and Japan that favour medical device recycling, would offer up new areas of potential for market players.

About Fact.MR

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Source: Fact.MR