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The coatings market for medical devices industry size is estimated to grow at a CAGR of 7.15% between 2022 and 2027. The coatings market for medical devices industry size is forecast to increase by USD 3.9 billion. The growth of the market depends on several factors, including the growing demand for cardiovascular and orthopedic implants, the increasing hospital-associated infections, and the growing medical device industry
This medical device coating market report extensively covers market segmentation by application (general surgery, cardiovascular, orthopedics, dentistry, and others), type (antimicrobial coating, drug-eluting coating, hydrophilic coating, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growing demand for cardiovascular and orthopedic implants are notably driving the market growth, although factors such as stringent government regulations on coatings used in medical devices amy impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing demand for cardiovascular and orthopedic implants is one of the key factors driving the growth of the global coatings market for the medical devices industry. With the aging population, the demand for orthopaedic and cardiovascular implants has increased rapidly. Orthopedic joint replacement surgery includes knee and hip implants. For falls and arthrosis, orthopedic joint replacement is required. Osteoarthritis refers to joint inflammation due to cartilage degeneration, aging, genetics, or trauma. Orthopedic joint replacement implants are made of stainless steel, ceramic, or titanium with a coating of hydroxy hepatitis and ceramic materials.
Moreover, the demand for medical implants is increasing across the globe due to the rise in the number of patients suffering from cardiovascular, orthopedic, spinal cord, and dental diseases. The surging demand for medical implants will boost the growth of the market during the forecast period.
Increased awareness of minimally invasive surgeries will fuel the global coatings market growth for the medical devices industry. Minimally invasive surgery is becoming more popular in hospitals due to its advantages such as smaller incisions, greater safety, less scarring, and faster recovery. Smaller incisions result in less skin and soft tissue damage, less risk of infection, and less blood loss. It is more comfortable than traditional surgery because the hospital stay is shorter. It takes two weeks to recover from minimally invasive surgery, while recovery from conventional surgery takes six to eight weeks. Minimally invasive surgery is on the rise due to its low cost, low chance of infection and short recovery time.
Moreover, 3D printing technology in medical devices and implants is gaining importance due to its ability to manufacture devices matched to the patient's anatomy or patient's specific devices. This technology helps the patients to recover fast and decreases inpatient charges. The performance of medical devices is directly dependent on the functionality of the coatings applied to them. The increasing use of this recent technology is increasing the demand for medical device coatings to keep the tools, organs, and implants safe from corrosion, bacteria, and microbes, which is expected to boost the growth of the market during the forecast period.
Stringent government regulations are the major challenge for the global coatings market growth for the medical devices industry. Governments and regulatory agencies impose strict regulations on coatings used in medical devices. Regulations vary by device, with higher-risk devices having stricter regulations. The US FDA has issued several regulations regarding the safety and efficacy of medical devices and coatings.
Moreover, the medical device industries must fulfill the required regulations to enter the market. In addition, every country has made some rules and regulations for medical device manufacturers to enter the market. These regulations are the major challenge for OEMs to remain in the market. With the increasing number of cases, the regulations for the use of coatings in medical devices are expected to become more stringent. Thus, stringent regulations imposed on coatings used in medical devices may impede market growth during the forecast period.
The medical device coating market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Coatings Market for Medical Devices Industry Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Advanced Plating Technologies: The company offers coatings such as biocompatible duplex gold plating, and electrolytic and electroless nickel plating for medical device industry.
The medical device coating market report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the general surgery segment will be significant during the forecast period. The demand for surgeries is rising due to certain driving factors, such as the aging population, increasing birth rate, and advances in medical technologies.
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The general surgery segment was valued at USD 2.40 billion in 2017 and continue to grow by 2021. Increased demand for surgery leads to increased use of medical devices such as forceps, spatulas, retractors, clamps, suction tubes and needle holders, which are basic requirements for performing surgery. In addition, it uses advanced and expensive surgical instruments and surgical robots that require special coatings. Moreover, in the medical field, various types of devices are used for bariatric surgery, biopsy, cosmetic, endoscopy, gynecology, hernia repair, non-vascular stents, and surgical energy. The increased emphasis on early detection of diseases such as cancer is one of the factors driving the increase in surgical procedures, increasing the demand for coatings on common surgical instruments. Such factors will increase the market growth during the forecast period.
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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in this region is expected to grow significantly during the forecast period, owing to rising demand from the medical industry. Aging population, technological advances, and growing awareness of minimally invasive surgery are the major factors driving the market demand in these regions.
North America accounts for the largest share of total medical device sales. Demand for hydrophilic and antimicrobial coatings is expected to increase during the forecast period. Moreover, increased awareness about healthy lifestyles among the population has resulted in people undergoing regular tests and check-ups, which has increased hospital visits and surgeries, thereby increasing the demand for coatings for medical devices in the region. Such factors will increase the market growth in this region during the forecast period.
The market in the region witnessed certain challenges due to the COVID-19 pandemic in 2020. However, in 2021, vaccination programs were initiated across the region, which resulted in the lifting of lockdown restrictions. Owing to the easing of lockdown restrictions, operations of medical device manufacturing plants were restarted at full capacity, which propelled the demand for coatings. The market in the region is influenced by the expansion plans of various healthcare facilities. Some government organizations are providing financial support for the development of the healthcare sector in the region. Expansion of the healthcare sector will increase the demand for coatings for medical devices industry in the region, which in turn will boost the growth of the regional market in focus during the forecast period.
The coatings market for medical devices industry report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global coatings market for medical devices industry as a part of the global commodity chemicals market within the global chemicals market. The global commodity chemicals market covers companies that primarily produce industrial and basic chemicals, including, but not limited to, plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Coatings Market For Medical Devices Industry Scope |
|
Report Coverage |
Details |
Page number |
179 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.15% |
Market growth 2023-2027 |
USD 3.9 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.98 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 37% |
Key countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Advanced Plating Technologies, Applied Medical Coatings LLC, AST Products Inc., Biocoat Inc., Covalon Technologies Ltd., Endura Coatings, Freudenberg SE, Harland Medical Systems Inc., HTI Technologies Inc., Hydromer Inc., Katahdin Industries, KISCO Ltd., Koninklijke DSM NV, Materion Corp., Medical Surface Inc., Medicoat AG, Merit Medical Systems Inc., N2 Biomedical LLC, Sono Tek Corp., and Surmodics Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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