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The medical coatings market size is forecast to increase by USD 4.86 billion, at a CAGR of 5.73% between 2022 and 2027. 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 propelled by the collective impact of an aging population's healthcare requirements and strategic government interventions.
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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.
The sector is driven by the imperative of ensuring patient safety and device efficacy. Increasing demand for ventilators, catheters, cardiovascular devices, guide wires, sutures, syringes, and mandrels underscores the need for advanced coatings. Trends show a growing focus on coatings with antimicrobial properties to combat pathogens and reduce Hospital-acquired Infections (HAIs). Challenges include developing coatings with enhanced durability and thermal stability while maintaining optical clarity and lubricity. Addressing these demands while meeting stringent regulatory requirements remains a key challenge in the dynamic market.
A steep increase in the geriatric population is driving the 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 market during the forecast period.
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.
The ever-increasing price of raw materials is hindering the market growth. The major raw materials used 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 USD40/barrel in July 2020, up from USD22/barrel in April 2020. It is anticipated that the oil price may increase to USD50/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.
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.
Market Customer Landscape
Companies 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.
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 companies, including:
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.
The Market encompasses a diverse range of applications and products crucial for ensuring the efficacy and safety of medical devices and equipment. Dry-film lubricity is a key aspect, enhancing the performance of various devices such as ventilators, catheters, cardiovascular devices, guide wires, sutures, syringes, and mandrels by reducing friction and ensuring smooth operations.Moreover, coatings play a vital role in disease detection and management, providing protection against pathogens and microbial factors, thereby contributing to high-quality healthcare. They also offer properties like thermal stability and dielectric properties, ensuring the durability and reliability of medical instruments. A critical focus of medical coatings is mitigating the risks associated with Hospital-acquired Infections (HAIs) due to contaminated devices. Coatings with antimicrobial properties actively combat pathogens, bolstering infection control measures. 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.
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 6.15 billion 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. The treatment cost of a single HAI case ranges between USD45,000 and USD55,000, and the direct cost of HAIs to hospitals ranges between USD25 billion and USD50 billion.
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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 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.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments
The Market thrives on a diverse range of elements crucial to healthcare. Ventilators, cardiovascular devices, and syringes, among others, benefit from advanced coatings enhancing their properties. These coatings bolster durability, cleanliness, and sterilization, crucial for managing pathogens and reducing Healthcare-Associated Infections (HCAIs). Innovations in antimicrobial coatings and hydrophilic coatings contribute significantly to combating germs and enhancing device performance. Moreover, coatings play a vital role in non-invasive treatments, promoting high-quality healthcare standards. With applications across neurology, orthopedics, dentistry, and gynecology, medical coatings ensure the safety, efficacy, and longevity of critical medical equipment and devices, aligning with global healthcare directives set by organizations like the World Health Organization (WHO). This market's trajectory is also influenced by technological advancements in CPU, graphics cards, and chipsets, ensuring compatibility and performance in medical devices. Additionally, considerations such as thermal stability, dielectric properties, and lubricity in coatings further underscore their importance in modern healthcare settings, where maintaining optimal conditions and device functionality is paramount.
Moreover, the Market is a pivotal segment within healthcare, influencing a wide range of applications. Guide wires, sutures, and mandrels benefit from advanced coatings that enhance their functionalities and durability, ensuring optimal performance during medical procedures. These coatings play a crucial role in disease detection and management by incorporating antimicrobial properties, combating microbial factors, and minimizing the risks of Hospital-acquired Infections (HAIs) associated with contaminated devices. Materials like carbon fiber, metal, and plastic are coated to improve their properties, contributing to enhanced optical clarity, wettability, and storage capabilities. Coatings also play a vital role in medical devices like pacemakers, ensuring their longevity and performance through drug-eluting coatings and antimicrobial properties.
Furthermore, the market addresses critical areas such as minimally invasive surgery (MIS), cardiac care, and the prevention of Cardiovascular Diseases (CVDs). Coatings on biological tissues and tubes facilitate smoother procedures and reduce risks during general surgery. Technological advancements in CPUs and hard disks complement this sector by providing robust storage and processing solutions for medical data. The market's dynamics also include considerations for patents, royalties, and innovations in silicone rubber and PTFE coatings, ensuring a continuous cycle of research and development to meet evolving healthcare needs.
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 4.86 billion |
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 companies, Market Positioning of companies, 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 analysis, market research and growth, market growth and forecasting, 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. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Material
8 Market Segmentation by Type
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Trends
12 Vendor Landscape
13 Vendor Analysis
14 Appendix
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