Global Medical Device Coatings Market 2023

Global Medical Device Coatings Market 2023

Description
The global medical device coatings market is projected to reach USD 15.58 billion by 2029, with a CAGR of 4.8% from 2023 to 2029. Market growth is driven by the demand for minimally invasive surgeries and innovative coating materials. Antimicrobial coatings, including nano coatings, are effective against hospital-acquired infections (HAIs) due to their long-lasting properties and cost-effectiveness.

The COVID-19 pandemic has increased interest in medical device coatings, driven by the focus on hygiene and cleanliness. The surge in COVID-19 cases and the need for safer medical procedures have intensified the demand for coatings in hospitals, diagnostic centers, and research laboratories.

Outsourcing medical device coatings benefits manufacturers. However, market growth may face challenges from fluctuating materials prices, biocompatibility concerns, and regulatory guidelines. Advancements in coating techniques and the emergence of start-up organizations offer new opportunities. Engineers seek to enhance medical device substrate performance through engineered coatings. The growing demand for antimicrobial coatings in the healthcare sector is driven by the increasing target population affected by HAIs.

The report covers market size and growth, segmentation, competitive landscape, trends and strategies for global medical device coatings market. It presents a quantitative analysis of the market to enable stakeholders to capitalize on the prevailing market opportunities. The report also identifies top segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Market Segmentation
The market is segmented based on various factors, including coating type, material, product, and geography.
Product: catheters, implants, electrosurgical instruments, stents, others
Material: metallic, non-metallic
Coating type: hydrophilic, antimicrobial, drug-eluting, thromboresistant, others

Segmentation by Geography
North America – US, Canada
Europe – Germany, France, UK, Italy, Spain
APAC - China, Japan, India, South Korea, Australia
Latin America – Brazil, Mexico, Argentina
Middle East & Africa – South Africa, Saudi Arabia, Turkey

During the forecast period, the hydrophilic segment is expected to witness significant growth, driven by the demand for biocompatible and durable coatings in cardiology and urology. Healthcare organizations are utilizing hydrophilic coated devices in emergency departments and labor & delivery units due to their disposability.

Additionally, the antimicrobial coating devices market is projected to experience a high absolute growth rate of 51.4%. Metallic coatings, such as silver and copper, provide long-lasting protection, cleanliness, cost-effectiveness, and fine finishing. They are widely used in vascular catheters, prosthetic heart valve sewing rings, fracture-fixation devices, and surgical sutures.

The global catheter coatings market is projected to grow at a CAGR of 4.3%. Antibacterial coatings, including rifampin, gentamicin, and vancomycin, will contribute to market growth. The demand for implantable medical devices (IMDs) is expected to rise due to aging populations and chronic diseases. In 2022, North America dominated the medical device coatings market, driven by factors like a growing geriatric population and demand for minimally invasive procedures. The APAC market is expected to grow at the fastest rate, fueled by healthcare expenditure, surgical procedures, and medical infrastructure development.

Competitive Landscape
Key players in the industry include Advanced Industrial Coatings, Inc., AdvanSource Biomaterials Corporation, Allvivo Vascular, Inc., AST Products, Inc., Avient Corporation, Axalta Coating Systems Ltd., Biocoat Incorporated, BioCote Ltd., BioInteractions Ltd., Biomerics LLC, Carmeda AB, Corline Biomedical AB, Covalon Technologies Ltd., Cytonix Corporation, DOT GmbH, Endura Coatings, LLC, Ens Technology, LLC, Formacoat, LLC, Freudenberg Medical, LLC, Harland Medical Systems, Inc., Hemoteq AG, Hydromer, Inc., Integrated Surface Technologies Inc, Isoflux Incorporated, Jmedtech Coating Technologies Pte. Ltd., Medtronic plc, Merit Medical Systems, Inc., Microban International, Ltd., Mitsui Chemicals, Inc., Orchid MPS Holdings, LLC, Orion Industries, Ltd., Para-Coat Technologies Inc, Precision Coating Company, Inc., Royal DSM N.V., Sciessent LLC, Sherwin-Williams Company, Specialty Coating Systems, Inc., Surface Solutions Group, LLC, SurModics, Inc., Teleflex Incorporated, among others. These companies employ strategies such as product launches, marketing activities, acquisitions, and R&D investment to enhance their market share and presence. They aim to expand their reach in existing and new markets, cater to growing customer bases, broaden product portfolios, and improve production capabilities to meet increasing demand from end-users.

Scope of the Report
To analyze and forecast the market size of the global medical device coatings market.
To classify and forecast the global medical device coatings market based on product, material, coating type, geography.
To identify drivers and challenges for the global medical device coatings market.
To examine competitive developments such as mergers & acquisitions, agreements, collaborations and partnerships, etc., in the global medical device coatings market.
To identify and analyze the profile of leading players operating in the global medical device coatings market.

Why Choose This Report
Gain a reliable outlook of the global medical device coatings market forecasts from 2023 to 2029 across scenarios.
Identify growth segments for investment.
Stay ahead of competitors through company profiles and market data.
The market estimate for ease of analysis across scenarios in Excel format.
Strategy consulting and research support for three months.
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