Medical Coatings Market

Medical Coatings Market Size (2023-2028):

The medical coatings market size is projected to increase from USD 6.1 billion in 2022 to USD 15.3 billion by 2028, garnering a notable CAGR of 21.6% over the envisioned period 2023-2028

The medical coating protects medical devices that save lives. The technology is designed to develop the safety and functionality of intravascular medical devices. Medical coatings are of different types, such as lubricants, antimicrobials, hydrophilic and hydrophobic, etc. The increasing demand for medical and healthcare industry lifesaving instrument and device coatings is expected to increase the use of medical coatings. In addition, an increase in demand for durable lifesaving devices from developing economies in Latin America and Asia-Pacific, such as India, China, and Brazil, is supposed to increase the adoption of these coatings. However, it is believed that the threat of substitutes, product aging, substandard cloned products, low shelf life, and rising costs will hamper the market in the near future. In addition, changes in the regulations and government policies related to medical devices in different countries can limit the global medical coatings business.

The antimicrobial coatings industry is growing and is currently considered a multi-billion dollar industry. The industry is expanding to prevent the growth of bacteria and germs on various surfaces. Antimicrobial coatings have a massive market in the North American region, which accounts for a significant share of the market. In addition, these coatings help prevent the growth and spread of bacteria and germs on medical instruments; Antimicrobial coatings can improve hygiene in healthcare facilities. Additionally, if antimicrobial coatings are applied to countertops, the active cleaning agents that are typically used to clean healthcare facilities are not needed. The use of antimicrobial coatings has the potential to help significantly reduce the environmental effects of cleaning in medical facilities. Therefore, for the reasons mentioned above, an antimicrobial coating is likely to experience the highest growth rate in the worldwide medical coatings market in the future.

Medical Coatings Market Drivers:

The increasing prevalence of arthritis, cancer, and cardiovascular disease, which require complex surgical treatment, has increased the demand for minimally invasive procedures. This has resulted in the consumption of lightweight medical devices, such as intravascular catheters, guidewires, balloon angioplasty catheters, delivery sheaths, and implant delivery systems that can pass through complex parts and sensitive bodies. These devices are commonly used in minimally invasive procedures in the peripheral vascular, cardiovascular and cerebrovascular systems. For example, the use of coatings in medical devices for cardiac and urinary catheterization procedures dramatically reduces the time required for the medical or surgical procedure in question. All these aspects promote the demand in the global medical coatings industry.

Medical Coatings Market Restraints:

There are huge upfront and ongoing costs involved in manufacturing medical coatings. There are many old or expired patents in this area, and developers of these coatings cannot make new coatings based on earlier patents to avoid royalties. Therefore, advance payments are required to access expired technology. This factor is slowing the growth of this market. Eliminating all the upfront costs and hassles should allow technological improvements to explode. Formulating new medical coatings involves legal disputes, signing nondisclosure agreements, and other expenses.

Opportunities in the Medical Coatings Market:

The scope of medical coatings is quite high due to their functional properties. There is increasing emphasis on advancements in medical devices used in the treatment, alleviation, diagnosis, and prevention of diseases and abnormal physical conditions. The medical technology sector is constantly evolving. Innovative instruments range from simple surgical instruments, such as tongue depressors and urinals, to complex programmable pacemakers with microchip technology and laser surgical devices. The increasing complexity of medical devices has led to the use of a variety of materials to fabricate these devices. However, the materials used to make these devices are not necessarily biocompatible and hemocompatible. Coatings may be necessary to cover the entire complex structure or only part of the complex structure and must adhere to a variety of materials used in a device. Market players are developing surface treatment methods and techniques to track improvements to existing substrates as well as new substrates and polymers.

Challenges in the Medical Coatings Market:

All medical devices must undergo design verification tests to show if they meet specifications and therefore take time to be approved. Regulators do not approve coatings separately. Medical OEMs have a choice of different coating materials and methodological options for medical devices. The coated device must be approved or authorized by regulatory authorities. However, some coating manufacturers test their coatings to maintain high quality. However, the regulatory approval process remains slow. The approval time varies considerably depending on the type of device. For instance, on average, it takes more than three months for the FDA to approve a medical device. Many coating manufacturers provide regulatory services to their customers, whereby they can provide regulatory filing support and a process for verifying and validating coating design requirements. Regulatory changes can affect both medical device manufacturers and manufacturers of medical coatings.

MEDICAL COATINGS MARKET REPORT COVERAGE:

Medical Coatings Market Segmentation as per the research report until 2028.

Medical Coatings Market - By Coating Type:

• Active coatings
• Passive coatings

The passive coatings segment represents the majority of the general market. Hydrophilic coatings are widely used on guidewires, catheters, and introducer sheaths to reduce the coefficient of friction. These coatings have properties such as lubricity, durability, low coefficient of friction, and a low number of particles. Hydrophobic coatings repel water or fluids and therefore are suitable for medical equipment.

Medical Coatings Market - By Material Type:

• Polymers

• Metals

• Others

Easy availability, low cost, optimum performance, multi-functionality, and low particle technology are driving the market for polymer coatings.

Medical Coatings Market - By Application:

• Medical Devices
• Medical Implants
• Medical Equipment & Tools
• Protective Clothing
• Others

The medical device segment accounted for the largest market share in 2020. The increased use of medical devices in emerging economies such as China and India has resulted in strong growth in this segment.

Medical Coatings Market - By Region:

• North America 

• Europe 

• Asia Pacific

• Latin America 

• Middle East & Africa 

It is estimated that North America will experience a huge growth rate during the forecast period in the global Medical Coatings market. Due to the increasing elderly population and the government's focus on providing quality healthcare services, the United States has remained the world's largest market for medical devices. US medical device manufacturers control more than half of the North American medical device market. This is mainly due to the geographical proximity and the similarities in safety and quality standards between the two countries. Hence, due to the aforementioned factors, the North America region is likely to dominate the global market during the forecast period. Developing countries in the Asia Pacific region like India and China are estimated to be lucrative markets for medical coatings due to their high consumption and the presence of a well-established medical industry. Other countries that have a high consumption of medical coatings in the Asia Pacific are Australia, Malaysia, Hong Kong, Japan, New Zealand, Indonesia, Korea, and Vietnam.

Latin America is credited with good economic development and rapid growth in medical industries, thus planning to boost the medical coatings market in the future. Peru, Argentina, and Brazil are the main consumers of these coatings in Latin America. Many companies in Asia-Pacific and Latin America are investing heavily in research and development to introduce top-quality medical coatings.

Impact of COVID-19 on the Medical Coatings Market:

The medical coatings market includes major Tier I and II manufacturers such as DSM, Hydromer, Surmodics, Biocoat, and AST Products. Coronavirus has also had an impact on their businesses. The European Commission recently adopted a proposal on April 4, 2020, to postpone the date of application of the Medical Device Regulation (MDR) by one year. The European Commission recently approved revised harmonized standards to speed up the production of medical masks, gloves, and containers for intravenous injections, and sterilization and disinfection devices, and to customize individual requirements for emergency and transport ventilators. The FDA has also issued emergency use authorizations (EUA) for medical devices, including IVD test kits to diagnose COVID-19 and the PPE (gloves, gowns, and masks) needed to protect healthcare providers from patients that interact with medical devices.

Medical Coatings Market Key Players:

1. DSM (Netherlands)

2. Hydromer (US)

3. Surmodics (US)

4. Biocoat (US)

5. AST Products (US)

6. Covalon Technologies (Canada)

7. Harland Medical Systems (US)

8. Applied Medical Coatings (US)

9. Freudenberg (US)

10. Merit Medical OEM (US)