Medical Coatings Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, China, Canada, Germany, South Korea - Size and Forecast 2024-2028

Medical Coatings Market Size 2024-2028

The medical coatings market size is forecast to increase by USD 5.07 billion, at a CAGR of 5.7% between 2023 and 2028. The market's expansion hinges on numerous factors, notably the swelling number of elderly individuals and governmental efforts towards establishing streamlined healthcare provisions. With the demographic shift towards an aging population, there's a heightened demand for healthcare services and solutions tailored to meet their specific needs. Simultaneously, government reforms and initiatives are driving changes in healthcare delivery, aiming for greater efficiency and accessibility. This intersection of demographic trends and policy changes is reshaping the healthcare landscape, prompting innovations in eldercare, medical technologies, and healthcare infrastructure. As the healthcare industry responds to these evolving dynamics, market growth is fuelled by the collective impact of an aging population's healthcare requirements and strategic government interventions. It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.

What will be the Market Size During the Forecast Period?

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Market Segmentation

The market growth analysis research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.

• Application Outlook
  • Medical equipment
  • Medical implants
  • Others

• Material Outlook
  • Polymers
  • Metals

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • South America
    • Brazil
    • Argentina
    • Chile
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

By Application Analysis

The market share growth by the medical equipment segment will be significant during the forecast period. The demandin 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.

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The medical equipment segment shows a gradual increase in the market share of USD 6.54 billion in 2018. 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.

Region Analysis

North America is estimated to contribute 34% to the growth of the global market during the projection period.
Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the projection period.

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North America held the largest share of the global 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 companies of medical devices and services.

Key Companies

Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.

• Biocoat Inc. - The company offers custom, lubricious, abrasion-resistant, and biocompatible coatings that can be applied to polymeric and metallic substrates.

The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

Advanced Plating Technologies, Applied Medical Coatings LLC, AST Products Inc., Biocoat Inc., Covalon Technologies Ltd., Endura Coatings, Formacoat LLC, Freudenberg and Co. KG, 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.

Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

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Market Dynamics

The medical coatings market is witnessing significant growth due to the increasing demand for high-quality healthcare products in the medical industry. Medical coatings are used in various medical devices such as ventilators, catheters, cardiovascular devices, guide wires, sutures, syringes, mandrels, and tubes. These coatings provide essential properties like thermal stability, dielectric properties, dry-film lubricity, antimicrobial properties, and hydrophilic coatings to medical devices. The need for antimicrobial coatings is increasing due to the concerns over hospital-acquired infections (HAIs) and contaminated devices. Pathogens and microbial factors are significant causes of HAIs, leading to diseases like pneumonia and ventilator-associated pneumonia. Antimicrobial coatings on medical devices can help prevent the growth of germs and reduce the risk of HAIs. The materials used for medical coatings include carbon fiber, metal, stainless steel, titanium, and plastic. The choice of material depends on the specific application and the required properties. For instance, carbon fiber coatings provide high durability and lubricity, while metal and stainless steel coatings offer excellent thermal stability and optical clarity. Plastic coatings are commonly used for hydrophilic coatings due to their wettability properties. Medical coatings are also essential in non-invasive treatments, such as pacemakers, where they ensure sterilization, storage, cleaning, and biological compatibility with tissues in neurology. The demand for medical coatings is expected to continue growing due to the increasing focus on preventing HAIs and providing high-quality healthcare.

Key Market Driver

The growing geriatric population is notably driving market growth. The global medical coatings market is experiencing significant growth due to the increasing geriatric population and the resulting rise in chronic diseases. With several countries prioritizing healthcare budgets and programs for the elderly, there is a heightened focus on developing medical devices for age-related conditions, such as orthopedics, cardiovascular diseases (CVDs), neurology, and endocrinology. The global population aged 65 years and above has grown to account for approximately 7.5% of the world's population, with countries like Japan, Thailand, China, and Western Europe reporting an average life expectancy of 73.5 years. This demographic shift has led to an increase in demand for medical devices, including those with drug-eluting coatings for cardiovascular devices like cardiac pacemakers, and those designed to prevent healthcare-associated infections (HCAI) in areas such as general surgery, dentistry, and gynecology.

Additionally, the increasing prevalence of unhealthy diets and sedentary lifestyles has fueled the need for medical devices in various applications, from cardiovascular devices like CPUs, graphics cards, chipsets, and hard disks, to orthopedic implants and prosthetics. Thus, such factors are driving the growth of the market during the forecast period.

Significant Market Trends

Technological advancements in medical coatings is the key trend in the market. Medical coatings have gained significant attention in the healthcare industry due to their potential to enhance the performance and effectiveness of various medical devices. Over the past decade, researchers, surgeons, and original equipment manufacturers (OEMs) have introduced numerous new coatings in the market. For instance, hydroxyapatite biocompatible coatings for orthopedic implants, lubricious coatings for guidewires, drug-eluting coatings for stents, and antimicrobial coatings for catheters have been developed to address the needs of different medical specialties such as orthopedics, general surgery, cardiovascular, dentistry, gynecology, and cardiac pacemakers. Prominent vendors in the medical coatings market are offering advanced coating technologies for various medical devices. For example, Biocoat Inc., a major player in the market, provides HYDAK hydrophilic coatings for applications in neurovascular, cardiovascular, peripheral vascular, and ophthalmology. The HYDAK technology exhibits superior lubricity and durability results, making it a preferred choice for medical professionals.

Additionally, drug-eluting coatings are gaining popularity in the cardiovascular segment due to their ability to reduce the risk of restenosis in patients with cardiovascular diseases (CVDs), especially in the geriatric population, who are more susceptible to unhealthy diets and CVDs. Furthermore, antimicrobial coatings are being extensively used to prevent Healthcare-Associated Infections (HCAI) in various medical devices such as CPUs, graphics cards, chipsets, and hard disks. Thus, such trends will shape the growth of the market during the forecast period.

Major Market Challenge

Stringent government regulations is the major challenge that affects the growth of the market. Medical coatings play a crucial role in various healthcare applications, including orthopedics, general surgery, cardiovascular, dentistry, gynecology, and cardiac pacemakers. Biocompatible coating products are essential in these applications due to the high risks involved in using external materials in the human body. Regulatory bodies, such as the European Union (EU) and the US Food and Drug Administration (FDA), have implemented stringent regulations to ensure the safety and performance of medical devices using medical coatings. For instance, the EU's Active Implantable Medical Devices Directive regulates high-risk medical devices, such as pacemakers and deep brain stimulation devices, while the FDA has formulated various policies to regulate the clearance and approval of medical devices. These regulations are mandatory for medical coating manufacturers to adhere to, considering the critical nature of healthcare applications.

Additionally, medical coatings are used in various technologies, such as orthopedic implants, cardiovascular stents, and drug-eluting coatings for cardiovascular diseases (CVDs), to improve their functionality and reduce healthcare-associated infections (HCAI). The geriatric population, which is at a higher risk of CVDs due to unhealthy diets and aging, significantly benefits from these advancements. Medical coatings are also used in non-healthcare applications, such as CPUs, graphics cards, chipsets, and hard disks, but their significance in healthcare is undeniable. Hence, the above factors will impede the growth of the market during the forecast period.

Market Analyst Overview

The medical coatings market is witnessing significant growth due to the increasing demand for high-quality healthcare products in areas such as ventilators, catheters, cardiovascular devices, guide wires, sutures, syringes, mandrels, and tubes. These medical devices require coatings with specific properties, including thermal stability, dielectric properties, dry-film lubricity, and optical clarity. The market is driven by the need to reduce hospital-acquired infections (HAIs) caused by pathogens and microbial factors. Antimicrobial properties are essential for coatings used in medical devices, as contaminated devices can lead to HAIs. Friction and wettability are also critical factors in medical coatings, as they impact the performance and functionality of devices. In the field of disease detection, non-invasive treatments, neurology, and orthopedics, coatings with specific properties such as durability, lubricity, sterilization compatibility, and biological tissue compatibility are in high demand. Coatings with antimicrobial properties are particularly important in the production of catheters and other invasive medical devices. Overall, the medical coatings market is expected to grow significantly due to the increasing demand for high-quality, durable, and sterilizable coatings for various medical devices. The market is expected to be driven by the need to reduce HAIs, improve device performance, and enhance patient safety.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market forecast during the forecast period
• Detailed information on factors that will drive the growth of the market between 2024 and 2028
• Precise estimation of the size of the market and its contribution in focus to the parent market
• Accurate predictions about upcoming market trends and changes in consumer behavior
• Growth of the market across North America, Europe, APAC, South America, and Middle East and Africa
• Thorough market analysis and report of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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