Enjoy complimentary customisation on priority with our Enterprise License!
The medical coatings market is estimated to grow at a CAGR of 5.73% between 2022 and 2027. The size of the market is forecast to increase by USD 4,859.3 Million. The growth of the market depends on several factors, including the increasing geriatric population and government reforms and initiatives to establish efficient healthcare provisions.
This report extensively covers market segmentation by Application (medical equipment, medical implants, and others), Material (polymers and metals), Type (passive and active), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, Download Report Sample
Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Medical Coatings Market Driver
A steep increase in the geriatric population is driving the medical device coating market growth globally. Several developed and developing nations actively participate in healthcare research and healthcare programs for the geriatric population. More importantly, the growing incidence of chronic diseases among the geriatric population forces companies to develop medical devices that treat age-related conditions. These conditions include hearing problems, mobility issues, and cardiovascular, neurological, and endocrinology diseases.
It is estimated that the life expectancy of people in Asian countries such as Japan, Thailand, China, and Western Europe has increased to 73.5 years. As a result, the population of people aged above 65 years increased significantly in these countries. This resulted in a rapid growth in demand for orthopedic and cardiovascular implants. For example, orthopedic joint replacements are used widely to treat osteoarthritis, joint inflammation due to cartilage degeneration, aging, heredity, or trauma. Orthopedic joint replacements include knee implants and hip implants. Such materials used as implants are made of stainless steel, ceramic, or titanium and are coated with hydroxyapatite and ceramic materials. Therefore, the growing aging population will increase the need for various medical devices, which will drive the growth of the global medical device coating market during the forecast period.
Significant Medical Coatings Market Trend
Government reforms and initiatives have led to the establishment of efficient healthcare provisions and infrastructure. Consequently, access to advanced treatment options has increased significantly. For instance, the number of hospital visits and stays increased significantly owing to the rising prevalence of chronic conditions, such as cardiovascular diseases, cancer, and diabetes. Patients opting for surgical treatments account for a major share of hospital stays. It is estimated that approximately 10-15 million patients undergo inpatient surgical procedures. These factors illustrate the increasing number of surgical procedures in healthcare facilities.
Because of the increasing number of inpatient surgeries and long hospital stays, the incidence of surgical site infections has increased significantly. This is a primary concern among healthcare providers. Research shows that among 100 patients that undergo inpatient surgical procedures, approximately 2-5 patients are impacted by surgical site infections. This has resulted in approximately 200,000-500,000 surgical site infections across the globe every year.
Major Medical Coatings Market Challenge
The ever-increasing price of raw materials is hindering the medical device coating market growth. The major raw materials used in medical coatings are silver, polymers, and others. Most of the coatings are petroleum-based. The prices of crude oil influence the prices of petrochemical products. The fluctuations in crude oil prices have a severe impact on the prices of raw materials, affecting the costs of amicrobial coatings. According to the US Energy Information Administration (EIA), the Brent crude oil spot price averaged $40/barrel in July 2020, up from $22/barrel in April 2020. It is anticipated that the oil price may increase to $50/barrel by 2021.
The demand has been incendiary, owing to the uncertainty in economic activities in the raw materials market. The economic scenario plays a vital role in having a broader outlook on the performance of the market. In addition, the prices of raw materials may be affected by national emergencies, government controls, and supply shortages. The pricing strategy of raw materials varies from one region to another due to import and export tariffs. This volatility in the pricing of petrochemical derivatives has challenged the market.
Key Medical Coatings Market Customer Landscape
The 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 Medical Coatings Market Market 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 medical device coating market.
Biocoat Inc.:-The company offers custom, lubricious, abrasion-resistant, and biocompatible coatings that can be applied to polymeric and metallic substrates.
The 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 medical device coating market share growth by the medical equipment segment will be significant during the forecast period. The demand for medical coatings in the medical equipment segment has rapidly increased in the last few years. Medical equipment, such as guidewires, intravascular catheters, delivery sheaths, and balloon angioplasty catheters, are commonly used during minimally invasive diagnostic and therapeutic procedures. These devices are treated with hydrophilic or hydrophobic lubricious coatings to reduce friction between devices and blood vessels.
Get a glance at the market contribution of various segments Request a PDF Sample
The medical equipment segment shows a gradual increase in the market share of USD 6,148.82 million in 2017 and continue to grow by 2021. The coatings on these medical devices may offer physicians greater manoeuvrability and result in less trauma to blood vessels. The growing demand for reducing the cost burden of healthcare-associated infections (HAIs) to facilitate value-based care has further promoted the demand for medical coatings. The treatment cost of a single HAI case ranges between $45,000 and $55,000, and the direct cost of HAIs to hospitals ranges between $25 billion and $50 billion.
For more insights on the market share of various regions Request PDF Sample now!
North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have explained the regional trends and drivers that shape the market during the forecast period. North America held the largest share of the global medical device coating market and is expected to witness significant growth during the forecast period, owing to technological advances in the healthcare sector in the US and Canada. These countries are some of the largest investors in healthcare. For instance, according to The World Bank Group, the US spent 18% of its GDP on healthcare in 2020. The factors that are leading to high investments in healthcare include the huge demand for healthcare services in the region, the rising geriatric population, and increasing supply-side push from various vendors of medical devices and services.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. The initiation of large-scale vaccination drives led to a decline in COVID-19 cases. This has resulted in the lifting of lockdown restrictions and the resumption of economic and leisure activities in the region, which has positively impacted the growth of the pharmaceutical, OTC packaging, and chemical industries. Such factors are expected to increase the demand for medical coating, which, in turn, will drive the potential growth of the medical device coating market during the forecasted period.
The 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. The market has been segmented by Application (Medical equipment, Medical implants, and Others), Material (Polymers and Metals), Type (Passive and Active), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
Medical Coatings Market Market Scope |
|
Report Coverage |
Details |
Page number |
180 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.73% |
Market growth 2023-2027 |
USD 4,859.3 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.13 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 36% |
Key countries |
US, Canada, China, South Korea, and Germany |
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, Formacoat LLC, Freudenberg SE, Harland Medical Systems Inc., Hydromer Inc., Katahdin Industries, KISCO Ltd., Koninklijke DSM NV, Materion Corp., Medicoat AG, Merit Medical Systems Inc., Miller Stephenson Inc., Para-Coat Technologies Inc., Surgical Coatings LLC, 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 the 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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.