Medical Device Coating Market

Medical Device Coating Market Outlook

The global medical device coating market size is likely to be valued at US$ 1.2 Bn by 2021-end, with an anticipated CAGR of 7.2% across the 2021-2031 assessment period, with sales of hydrophilic coatings expected to be maximum at US$ 2 Bn. Overall, the market is slated to reach US$ 2.4 Bn by 2031.

Market Size Value in 2021	US$ 1.2 Bn
Projected Market Forecast Value by 2031	US$ 2.4 Bn
Global Growth Rate (2021 to 2031)	7.2% CAGR
Fastest Growing Market	U.S (12% CAGR)

2016-2020 Coatings for Medical Devices Market analysis VS 2021-2031 forecast

Demand for medical device coatings surged at a CAGR of 6.7% from 2016 to 2020. Advancements and inclination toward minimally invasive procedures, increase in demand for implantable devices, and a spike in worldwide population disposable income drove market growth over the historical era.

Increasing government spending and an increase in COVID-19 cases around the world will stimulate demand for ventilators, cardiovascular devices, catheters, sutures, guide wires, stents, syringes, mandrels, and another medical sector protective equipment. The incidence of arthritis, cancer, and cardiovascular problems, all of which require complex surgical treatment, has boosted the demand for minimally invasive operations. As a result, there is a greater demand for lightweight medical equipment capable of navigating difficult processes.

The medical device coating market is estimated to expand 2x, reaching US$ 2.4 Bn by the end of the 2021-2031 forecast period. An aging population, and an increase in the prevalence of cardiovascular diseases are all expected to drive growth.

Increased Scope of Medical Devices Industry Propelling Coatings for Medical Devices Sales?

As global population growth intensifies, governments worldwide are compelled to allocate wider budget margins towards strengthening existing healthcare infrastructure. A major aspect of this trend is the heightened spending on facilitating R&D with respect to introducing robust and good quality medical devices for a wide range of health problems.

Developments such as minimally invasive surgeries and AI-enabled diagnostics have led to a flurry of new device launches in the industry. For instance, in 2020, the U.S Food & Drug Administration granted approvals to a wide range of medical devices, including the VerciseTM PC and Vercise GeviaTM Deep Brain Stimulation (Boston Scientific), the MiniMed 770G Glucose Monitoring System (Medtronic), and others.

Such aforementioned approvals are rapidly broadening the scope for high-grade coatings for medical devices. Numerous manufacturers have made it big in the market. AeonClad Coatings, a prominent medical device coatings producer, has been offering its dry coating technology since the past decade, for biomedical applications. The coatings are used for encapsulating drugs or active pharmaceutical ingredients.

Start-Ups to Usher in New Era for Medical Device Coatings Manufacturing?

While established market players account for a significant stake in the global market, several start-up organizations are generating equally lucrative growth opportunities across the market. These companies offer highly state-of-the-art and robust coatings solutions for major and minor medical devices across key application areas.

For instance, Canadian start-up TriPhyll offers bio-nanotechnology produced antimicrobial surface coating solutions. Developing the Medical Device Antimicrobial & Antiaggregration Coating (MAAC) platform, it functionalizes nanoparticles and incorporates them into a polymer matrix, making a hydrophobic nanocomposite coating, preventing the formation of microbial film and enhancing shelf-life of collected blood samples.

Likewise, LipoCoat, a Dutch startup, develops bio-inspired coatings for medical devices, including contact lenses, implants and catheters. The coating is hydrophilic, contains anti-fouling properties and are highly sustainable in nature. It is 5 nanometers thick and mimics the bilipid layer of a cell membrane, enhancing stability via regeneration.

Country-Wise Analysis

What is the Scope of Growth for Coatings for Medical Devices Manufacturers in China?

According to Fact.MR, demand for coatings for medical devices in China is slated to surge impressively, at over 7% value CAGR until 2031. A growing aging population and a sizable obese population are expected to increase the prevalence of cardiovascular problems in the region, driving the need for advanced medical equipment.

Furthermore, an expanding healthcare infrastructure to accommodate the ever increasing need of patients to seek effective treatment is also bolstering prospects for growth of medical devices coating market in China. Studies indicate that China recorded total healthcare spending of US$ 574 billion in 2016. This included procurement of high-grade medical equipment, impelling sales of coatings for medical devices. 

A Flourishing Medical Devices Industry Providing Traction to the Indian Market?

During the forecast period, the Indian medical device coating market is expected to rise at a CAGR of 10%. Growth is majorly attributed to the rapid evolution of the domestic medical devices industry, given the increased proliferation of the healthcare industry in general.

As per the India Brand Equity Foundation, the medical technology sector in India is projected to reach US$ 50 billion by 2025. On the policy front, 100% FDI is permitted in the medical devices sector across the country. For example, in July 2021, the government announced the construction of a medical park in Uttar Pradesh, which will likely generate US$ 67.13 million worth of business in the state.

The report further states that in FY20, foreign investments increased 98% YoY to US$ 301.01 million. Also, India and Russia have signed a bilateral trade target at US$ 30 billion by 2025 with respect to medical devices.  All these aforementioned developments are expected to attract major manufacturers of medical device coatings to the country.

How is the U.S. Dominant Position in the Medical Devices Industry Propelling Sales of Coatings for Medical Devices?

According to SelectUSA, the U.S. remains the largest medical device market in the world, accounting for 40% of the global industry as of 2017.  By 2023, it is expected to grow to US$ 208 billion. Naturally, demand for medical device coating market has remained high since several years.

The U.S. is at the forefront of medical device coating adoption, owing to superior healthcare infrastructure and substantial medical device spending. Increased medical equipment export volumes, a greater emphasis on home healthcare, and technical improvements are further boosting the regional market.

Furthermore, rising COVID-19 instances in the United States have increased demand for advanced medical treatments and boosted healthcare spending, resulting in a significant increase in the use of medical device coatings in the region. Based on these aforementioned trends, Fact.MR expects the U.S. medical device coating market to surge at 12% CAGR until 2031.

 

Category-Wise Insights

Will Coatings for Orthopedic Devices Experience High Growth?

Orthopedic device producers are always seeking the right blend of performance, cost, and delivery (the length of time it takes to complete the process). Some high-performance coatings are so pricey that they are beyond of reach for most orthopedic uses. As per Fact.MR, a CAGR of 6% is projected for this segment until 2031.

Tighter tolerances, stringent regulatory controls, and intensive sterilizing methods to battle "superbugs" and other infections underscore the vital role that coatings and surface treatments play in the development of safer and more effective products. Incorporating novel surface modifications or coatings that improve osseo-integration and infection rates is a wonderful approach for OEMs to differentiate themselves and increase market share.

Will Antimicrobial Coatings Remain Prominent?

Antimicrobial coatings have grown in popularity as a result of increased awareness of hospital-acquired illnesses and a favorable research and financing environment. For example, the US Centers for Disease Control and Prevention reported in 2018 that around 1.7 million people hospitalized each year acquire healthcare-associated infections (HCAIs) while being treated for other health conditions. As a result, almost 98,000 patients die as a result of these infections.

The demand for antimicrobial coatings for medical devices is increasing as the frequency of hospital-acquired infections continues to climb. This is motivated by the need to prevent or eliminate the growth of any germs which can cause hospital acquired infections (HAIs). Hence, Fact.MR expects antimicrobial coatings to hold 50% of global revenue share.

How will Hydrophilic Coatings Reach the $2 Billion Mark by 2031?

By 2031, the hydrophilic segment will be worth US$ 2 Bn. Hydrophilic surface coatings are utilized on devices like tubes that require improved wettability in order to interact properly with biological tissues and fluids. Hydrophilic coatings are commonly used to reduce friction in medical equipment such as cardiac pacemakers, introducer sheaths, guide wires, and catheters.

The segment is expected to benefit from a variety of characteristics, such as reduced coefficient of friction, increased durability, high lubricity, optical clarity, and the ability to withstand maintenance processes such as cleaning, sterilization, and storing. The global Hydrophilic category is expected to grow at a 6.8% CAGR.

Competitive Landscape

In the coming decade, manufacturers in the coatings for medical devices market will primarily focus on strategic acquisitions, collaborations, and product launches.

1. In September 2021, Hydromer Inc. announced that its new facility in North Carolina is fully operational, with extensive new capabilities. Being a global super-specialty coatings for medical and industrial applications manufacturer, the facility will produce coatings which can be heat or UV cured, in solvent and water based versions
2. Likewise, in the same month, Biocoat Inc. announced the expansion of its on-site ISO-certified, full-service contract coating service unit to include the ability to cure via UV light and plasma treat interventional medical devices. It has additionally announced the introduction of plasma treatment services for difficult to coat substances

Report Scope

Attributes	Details
Forecast Period	2021-2031
Historical Data Available for	2016-2020
Key Companies Profiled	AdvanSource Biomaterials Corporation AeonClad Coatings LLC Allvivo Vascular Inc. Armology of Connecticut Inc. AST Products Inc. Biocoat Inc. Carmeda AB Covalon Technologies Ltd. Hemoteq AG Hydromer Inc. Materion Corp. Royal DSM N.V (DSM Corporation)
Pricing	Available upon Request

Key Segments Covered

• By Type

  • Anti-Microbial Coatings for Medical Devices
  • Drug-Eluting Coatings for Medical Devices
  • Hydrophilic Coatings for Medical Devices
  • Other Types of Coatings for Medical Devices

• By Application

  • Coatings for Cardiovascular Devices
  • Coatings for Orthopedic Devices
  • Coatings for Neurology Devices
  • Coatings for Gynecology Devices
  • Coatings for Other Applications

• By Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa