With 18.6% CAGR, Medical Coatings Market Size to Reach USD 28.10 billion by 2028

Luton, Bedfordshire, United Kingdom, Feb. 25, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Medical Coatings Market.

The global medical coatings market size is expected to grow at more than 18.6% CAGR from 2021 to 2028. It is expected to reach above USD 28.10 billion by 2028 from a little above USD 6.00 billion in 2021. The medical coatings market refers to a segment of the healthcare industry that deals with the application of various coatings to medical devices and equipment. These coatings are designed to improve the performance and functionality of medical devices, as well as protect patients from infection and other risks associated with medical procedures.

Medical coatings can be applied to a wide range of medical devices, including implants, surgical instruments, catheters, and diagnostic equipment. The coatings are designed to provide a range of benefits, such as reducing friction, enhancing biocompatibility, improving drug delivery, and providing antimicrobial protection.

The global medical coatings market is expected to grow in the coming years, driven by factors such as the increasing demand for medical devices and the growing prevalence of chronic diseases. Additionally, the development of new coatings technologies and the focus on patient safety and infection control are expected to drive demand for medical coatings.

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Driving & Restraining Factors

Increasing Use of Minimally Invasive Surgical Procedures to Encourage Lucrative Outcomes for Medical Coatings Market Growth

Minimally invasive surgery is a type of surgical procedure that involves making small incisions rather than a large opening. This approach offers several benefits over traditional open surgery, including a shorter healing time and less trauma to the body. In recent years, the use of minimally invasive surgery has increased significantly, and there is still much room for growth in the future.

Advances in technology, particularly in the digital and electronic industries, have enabled the production of smaller, more accurate, and more affordable devices that are easier to use in a growing number of procedures. This has played a significant role in the rising popularity of minimally invasive surgery. With the increasing incidence of complex medical conditions such as cardiovascular diseases, arthritis, and cancer, there is a growing need for minimally invasive procedures.

As a result, there has been an increase in the demand for lightweight medical instruments such as intravascular catheters, balloon angioplasty catheters, implant delivery systems, delivery sheaths, and guide wires. These instruments can pass through difficult and vulnerable areas of the body, making them ideal for minimally invasive procedures. Medical-grade coatings also play a crucial role in reducing the time and cost of such procedures. For instance, the use of coatings on medical instruments for cardiac and urinary catheterization operations significantly decreases the time required for medical or surgical operations. These factors are expected to contribute to the growth of the Medical Coatings Market.

Increasing Raw Material Prices and High Upfront Costs to Thwart Development

The cost of producing coatings is directly impacted by fluctuations in the cost of raw materials. As different types of chemicals are crucial for assessing the substrate properties, consistent prices of these chemicals help to control the overall production costs. However, an increase in the cost of raw materials such as silicone rubber and PTFE is expected to limit the demand for the product.

The manufacturing of medical coatings involves significant upfront and continuing costs. There are several old or obsolete patents, and medical coating companies are not permitted to produce new coatings based on previous patents without paying royalties. Consequently, upfront payments are required for access to expired technology, which can hinder the growth of the market. Reducing upfront expenses and challenges is expected to lead to an explosion in technological developments. The formulation of modern coatings in medical products requires legal wrangling, negotiating non-disclosure agreements, and other costs.

Companies Covered in Medical Coatings Market Report:

• Hydromer
• DSM
• Surmodics
• Biocoat
• AST Products Inc
• Covalon Technologies
• Freudenberg Medical
• Merit Medical OEM
• Harland Medical Systems Inc
• Applied Medical Coatings.

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Report Benefits

• Develop business strategies by understanding the trends shaping and driving the Market.
• Drive revenues by understanding the key trends, innovative products and technologies, market segments, and companies likely to impact the Medical Coatings Market in the future.
• Formulate effective sales and marketing strategies by understanding the competitive landscape and by analyzing the company share of Medical Coatings Market leaders.
• Identify emerging players with potentially strong product portfolios and create effective counter-strategies to gain a competitive advantage.
• Track sales in the global and country-specific Market.
• Organize your sales and marketing efforts by identifying the market categories and segments that present maximum opportunities for consolidations, investments and strategic partnerships.

What are medical coatings?

Medical coatings are specialized coatings that are applied to medical devices, equipment, or implants to enhance their functionality, performance, and durability. These coatings are designed to meet the specific requirements of the medical industry, such as biocompatibility, corrosion resistance, lubricity, and antimicrobial properties.

Medical coatings can be applied to a wide range of medical devices, including catheters, stents, pacemakers, orthopedic implants, and surgical instruments. They play a critical role in improving the performance and safety of these devices, as well as enhancing patient outcomes.

Medical coatings can be made from a variety of materials, such as polymers, ceramics, metals, and hydrogels, and can be applied using various techniques, such as spray coating, dip coating, or electrospinning. The development of new and advanced medical coatings is an area of active research, with the aim of improving the effectiveness and safety of medical devices and treatments.

Industry Developments:

• April 2022- Biocoat Inc., a manufacturer of hydrophilic biomaterials coatings and coating equipment for medical and devices, announced its expansion into hydrophilic dip coatings. The company is set to design, develop, and deliver the dip coating technology to coat medical devices.
• March 2022 - DSM Biomedical, a global player in biomaterials, and Svelte Medical Systems, a highly deliverable balloon expandable stents manufacturer, collaborated for the development of DISCREET Bioresorbable Coating Technology used with SLENDER IDS and DIRECT RX Bioresorbable Coated Drug-Eluting Stent (DES) Systems.
• May 2021- Hydromer announced its selection as prime coatings and services partner for Avinger Inc. Its coatings are particularly selected for the intravascular image guided, catheter based systems for diagnosis and treatment for patients with Peripheral Artery Disease (PAD).
• June 2020 – Surmodics is a leading provider of surface modification and drug delivery that received CE mark for Abbott-backed paclitaxel-coated balloon that is used in treatment procedure for peripheral artery diseases. Abbott received the worldwide commercialization rights for SurVeil via an agreement with Surmodics.

Key Market Segments: Medical Coatings Market

By Type

• Coating Type
• Material Type

By Substrate Type

• Metals
• Ceramics
• Polymer
• Composite
• Glass

By Application

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

By Regions

• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa

Frequently Asked Questions About This Report

• How big is the Medical Coatings Market?
• What is the Medical Coatings Market growth?
• Which segment accounted for the largest Medical Coatings Market share?
• Who are the key players in the Medical Coatings Market?
• What are the factors driving the Medical Coatings Market?

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