Medical Coatings Market to be Worth $3.32 Billion by 2030-Exclusive Report by Meticulous Research®
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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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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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