Medical Device Coating Market Size to Reach $12,705 Million by 2030

The global medical device coating market was estimated at $7,280 million in 2020 and is expected to reach $12,705 million by 2030, registering a CAGR of 6.8% from 2021 to 2030.

Medical device coatings (MDCs) are substances that enhance the mobility and performance of a medical device. MDCs are utilized to prevent surfaces of several medical devices, such as, dentistry, neurology and others. Their use results in proper sanitation, corrosion resistance and biocompatibility. Their use reduces thrombogenicity, allergic reactions and trauma to blood vessels. In addition, the medical device coatings exhibit different types of properties such as these coatings can be hydrophilic or hydrophobic in nature. Furthermore, these coatings are used for various kind of medical devices such as in general surgery devices, cardiovascular devices, orthopedic devices, dentistry implants, neurology devices, gynecology devices and others.

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The medical device coating market growth is driven by a rise in prevalence of hospital acquired infections (HAI). For instance, hospital acquired infections can spread through the use of devices that are contaminated and hence, require medical device coating, which can prevent HAIs. Thus, antimicrobial properties of medical device coatings can help prevent the spread of HAIs, thereby driving their demand, which in turn fuels the growth of the market. Furthermore, factors such as, rise in prevalence of diseases such as cardiovascular diseases, orthopedic diseases , which require the use of medical coating devices and thus, drive the growth of the market. Furthermore, surge in awareness toward minimally invasive medical devices has fueled their interventions in several distinct fields of surgeries. These devices are designed to cause minimal harm to the patients and have appropriate coatings to protect the patients from thrombogenicity, blood vessel damage, and other internal injuries.

Scope of the Report

In addition, other factors such as advancement & emergence of novel medical devices, stringent regulatory policies with respect to MDC, increase in demand for implantable devices, surge in disposable income of the global population also drive the growth of the market. However, strict government implications in this field is a restraint that might limit the expansion of MDCs market. Furthermore, frequent change in raw material prices and time-consuming regulatory approvals are expected to restrain the market growth. Conversely, untapped potential of emerging markets, such as China and India, and development of multifunctional coatings are expected to provide lucrative opportunities to the market players. Furthermore, an emerging demand of nanocoating is also expected to give rise to lucrative opportunities in the medical device coating market in near future.

The World Health Organization (WHO) on January 30, 2020 declared COVID-19 outbreak a public health emergency of international concern. COVID-19 has affected around 210 countries across the globe. Due to the COVID-19 pandemic, governments across the globe announced country-wide lockdowns as well as social distancing measures to prevent collapse of the healthcare system. Similarly, medical device coatings industry was impacted due to the COVID-19 pandemic. The medical device manufacturing was impacted which in turn lead to impact on the coating business. Furthermore, the disruptions in supply chains of medical devices, raw materials for coating manufacturing also left a grave impact on the market.

The overall impact of COVID-19 remained negative for medical device coating market. As the COVID-19 phase has witnessed a significant downfall in the initial phase of 2020 in medical device manufacturing. Furthermore, supply chains were also hit in a negative manner leading to a negative impact. In addition, the elective surgical procedures were postponed or cancelled, which lead to lower demand for devices such as implants and other medical device. Thus, this lead to a drop in demand for medical devices, which in turn lead to lower demand for medical device coatings. Hence, factors aforementioned contributed to negative impact of the medical device coating market.

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Medical Device Coating Market Segmentation

The medical device coating market is segmented on the basis of coating, material, device type, and region to provide a detailed assessment of the market. By coating, it is divided into hydrophilic and hydrophobic. By material, it is classified into metals, ceramics, and polymers. Furthermore, metals is further classified into silver, titanium and other. Similarly, polymer is further divided into silicones, parylene, and fluoropolymers. In addition, fluoropolymers is classified into polytetrafluroethylene (PTFE), polyvinylidenedifluoride (PVDF), and others. On the basis of application, the market is divided into medical device and medical implants. By device type, it is classified into general surgery, cardiovascular, orthopedics, dentistry, neurology, gynecology, and others.

By region, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, Taiwan, and rest of Asia-Pacific) and LAMEA (Brazil, Turkey, Saudi Arabia, South Africa, and rest of LAMEA).

Coating segment review

By coating, the hydrophilic was the major revenue contributor in 2020, and is projected to grow significantly during the forecast period. The factors that drive the growth of the medical device coatings market include the benefits these coatings provide over other counterparts. For instance, hydrophilic coatings are abrasion resistant, lubricious, biocompatible, and non-thrombogenic in nature. Thus, these properties make these coatings suitable for coating guide wires, vascular catheters, and other medical devices, which are used in some f highly prevalent diseases such as orthopedics diseases, cardiovascular diseases and others.

Device type segment review

By device type, the general surgery devices segment was the major revenue contributor in 2020. Surge in number of general surgery procedures drives the demand for medical devices used in these surgeries, which in turn drives the demand for medical device coatings used on these devices. Furthermore, stringent regulations against hospital acquired infections that can spread through medical devices is also a major factor for growth as medical device coatings help curb these infections. Furthermore, the orthopedics segment is expected to exhibit the fastest growth rate during the forecast period owing to surge in prevalence of orthopedic diseases, which require a prominent use of implants and other such devices that require medical device coatings.

Application segment review

By application, the medical devices segment was the major revenue contributor, and is projected to grow significantly during the forecast period, owing to a rise in number of general surgeries that involve the use of such devices. Furthermore, the implants segment is expected to exhibit the fastest growth rate during the forecast period owing to surge in incidence of diseases that required the use of implants.

Major key players operating in the medical device coating market include AST Products, Inc., Bayer Ag, Biocoat Incorporated, Covalon Technologies Ltd., Harland Medical Services, HydromerInc, Kisco Ltd., Precision Coating, Surmodics Inc., and Royal DSM.

Key benefits for stakeholders

• The study provides an in-depth analysis of the medical device coating market size along with the current trends and future estimations to elucidate the imminent investment pockets.
• It offers medical device coating market analysis from 2020 to 2030, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market.
• A comprehensive analysis of four regions is provided to determine the prevailing opportunities.
• The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook and global medical device coating market growth.

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