Coatings for Medical Devices Market: About the Report
The coatings for medical devices market will continue exhibiting positive rate of growth between 2020 and 2030. Despite hindrances witnessed during COVID-19 due to supply-chain disruptions and restricted transport, sales will continue surging on the back of mushrooming healthcare facilities. Fact MR’s study offers an exhaustive overview of the market, highlighting growth drivers and potential restraints.
Coatings for Medical Devices Market Overview
The global coatings for medical devices market is expected to gain impetus from rising geriatric population. According to the World Health Organization (WHO), globally there were 703 million people aged 65 years or above in 2019. Their total population is expected to reach 1.5 billion by 2050. As aging population needs more patient-centric healthcare services, it is creating need for home healthcare facilities and medical devices globally. This, in turn, is augmenting the demand for coatings for medical devices.
The rising demand for minimally invasive surgical procedures is expected to propel the growth of the market. Coupled with this, the demand for durable life saving devices from high potential markets in Latin America and Asia Pacific such as Brazil, India, and China is anticipated to aid growth of the market.
Antimicrobial Coatings to Rise in Popularity
Increasing awareness about hospital-acquired infections and favorable research and funding environment have enabled antimicrobial coatings gain immense popularity. For instance, in 2018, the US Center for Disease Control and Prevention identified that about 1.7 million people hospitalized annually acquire health care-associated infections (HCAIs) while they are being treated for other health concerns. As a result, more than 98,000 patients (one in 17) die due to these infections.
Since there is a consistent rise in the number of hospital-acquired infections, the demand for antimicrobial coatings for medical devices is rising. This is driven by the need to inhibit or destroy growth of any microorganisms that can cause HCAIs.
Time-Consuming Approval Processes and Increasing Raw Material Prices Restraining Growth
Increasing cost of raw materials such as silicone, rubber, and poly tetra fluoroethylene (PTFE) are restraining the growth of the market.
Besides this, regulatory bodies are yet to approve coatings separately. As a result, combined test for medical devices and coatings takes relatively higher time for verification. Such time-consuming verification tests for medical devices are further limiting the growth of the market.
Coatings for Medical Devices Market Insights by Type
According to Fact.MR, based on type the anti-microbial segment is forecast to register a surge in demand. Growth witnessed in this segment is attributable to the high compatibility and low cost of anti-microbial coatings with various device materials such as plastic, metal, composite materials, carbon fiber, and stainless steel.
Besides the anti-microbial segment, the hydrophilic segment is anticipated to record a notable growth rate during the forecast period. Owing to its extensive use in cardiac pacemakers and high lubrication, hydrophilic coatings are forecast to account for a sizeable market share.
Coatings for Medical Devices Market Insights by Application
Based on application, the cardiovascular segment is expected to exhibit significant growth through the forecast period. Growth witnessed in the segment is attributable to the rising preference for implants and cardiac pacemakers across the globe. The rising demand for drug-eluting coatings for coronary stents is forecast to boost the segment growth.
Regional Outlook of Coatings for Medical Devices Market
North America is an attractive market for coatings for medical devices. Growth recorded in the region is attributable to favorable healthcare resources and the rising cases of cardiometabolic disorders in North America. The increasing shipping of medical devices and advancements in medical technology are encouraging market growth. Moreover, increasing COVID-19 positive cases, rising prevalence of advanced surgical treatments, and improving healthcare infrastructure in the region are augmenting the demand for medical coatings in North America.
Asia Pacific is one of the lucrative markets for coatings for medical devices. Growth witnessed in Asia Pacific is primarily attributable to the rising healthcare expenditure in the region. For instance, as per World Bank statistics, per capita spending in healthcare increased from US$ 42 in 2000 to US$ 398 in 2016 in China. Besides this, rising construction of new hospitals and expansion of established ones are also fueling the demand for medical devices in the region. This, in turn, is augmenting the demand for medical coatings. For instance, in 2019, the number of hospitals in China reached 33,000, which was an increase of 1,866 from 2018.
North America, Asia Pacific, and Europe are registering notable growth. Stringent regulations in the region limit the sales and production of duplicate products in the market. This poses a positive impact on the market in Europe.
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Coatings for Medical Devices Market: Competitive Landscape
The market for coatings for medical devices is extremely competitive due to the presence of both small-scale and established players. To capitalize on prevalent growth opportunities, players are focusing more on lucrative segments, while ensuring their trajectory remains steady slow-growing segments as well.
Market players are increasingly engaging in research and development (R&D) activities to expand their product portfolios. For instance, in 2020, Biocoat launched HYDAK UV. A unique version of its original HYDAK coating. This development helped the company to expand its product portfolio.
Furthermore, in order to show their active presence, companies are also adopting strategies such as strategic collaborations. For instance, in 2020 Hydromer collaborated with N2 Medical for the supply of coatings to produce CeraShield endotracheal tubes. These tubes perform a vital role in the treatment of COVID-19 patients. This development shows the active participation of the company in the coatings for medical devices market.
Some of the leading players of the coatings for medical devices market include AdvanSource Biomaterials Corp., Allvivo Vascular Inc., AeonClad Coatings LLC, Armoloy of Collecticut Inc., Biocoat Inc., AST Products Inc., Covalon Technologies Ltd., Carmeda AB, Hemoteq AG, Materion Corporation, Hydromer Inc., N2 Biomedical, Royal DSM, Precision Coating Co. Inc., Specialty Coating Systems, Inc., and SurModics Inc. among others.
COVID-19 Impact on Coatings for Medical Devices Market
The market for coatings for medical devices has been experiencing a mixed impact of the COVID-19 pandemic. Owing to the disruption of the supply chain, the pandemic has severely hit manufacturing activities. Furthermore, manufacturers of coatings for medical devices are facing difficulty in sourcing raw materials. Travel and transportation restrictions are further worsening the situation. In the short term, this is expected to hamper marginal profitability of medical device manufacturers.
However, the growing demand for protective devices or other medical equipment for containing and treating the spread of the coronavirus disease is anticipated to have a positive impact on the growth of the market.
The Analyst's Viewpoint
“The demand for antimicrobial coatings will continue to grow especially since there is surge in hospitalization amid COVID-19 pandemic. With healthcare facilities rising in number to accommodate increasing cases of COVID-19 infection, efforts towards improving cleanliness at these centers are at their peak."
Coatings for Medical Devices Market- Scope of the Report
A recent study by Fact.MR on the coatings for medical devices market offers a 10-year forecast for 2020 and 2030. The study analyzes crucial trends that are currently determining the growth of the coatings for medical devices market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders. The study also provides the dynamics that are responsible for influencing the future status of the coatings for medical devices market over the forecast period.
A detailed assessment of coatings for medical devices value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the coatings for medical devices market along with their product portfolios enhances the reliability of this comprehensive research study.
Coatings for Medical Devices Market: Report Summary
The study offers a comprehensive analysis on diverse features, including demand, product developments, revenue generation, and sales in the coatings for medical devices market across the globe.
A comprehensive estimate on the coatings for medical devices market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of coatings for medical devices during the forecast period. Price point comparison by region with global average price is also considered in the study.
Coatings for Medical Devices Market: Segmentation
Fact.MR has studied the coatings for medical devices market with detailed segmentation on the basis of by type, application, and key region.
Key Questions Answered in Fact.MR’s Coatings for Medical Devices Market Report
- Which regions will continue to remain the most profitable regional markets for coatings for medical devices market players?
- Which factors will induce a change in the demand for coatings for medical devices during the assessment period?
- How will changing trends impact the coatings for medical devices market?
- How can market players capture the low-hanging opportunities in the coatings for medical devices market in developed regions?
- Which companies are leading the coatings for medical devices market?
- What are the winning strategies of stakeholders in the coatings for medical devices market to upscale their position in this landscape?
Coatings for Medical Devices Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the coatings for medical devices market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the preparation of coatings for medical devices market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the coatings for medical devices market report as a primary resource.
Coatings for Medical Devices Market: Analysis on Market Size Evaluation
The Coatings for medical devices market has been analyzed for each market segment in terms of value (US$ Mn).
Market estimates at global and regional levels for coatings for medical devices are available in terms of “US$ Mn” for value. A Y-o-Y growth contrast on prominent coatings for medical devices market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global coatings for medical devices market.
Coatings for Medical Devices Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the coatings for medical devices market report, which have helped deliver projections on regional markets. These chapters include regional macros (political economic and business environment outlook), which are expected to have a momentous influence on the growth of the coatings for medical devices market during the forecast period.
Country-specific valuation on demand for coatings for medical devices has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value and volume for emerging countries has also been included in the report.
Coatings for Medical Devices Market: In-depth Analysis on Competitive Landscape
The report sheds light on the leading manufacturers of marine adhesives, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in the production of coatings for medical devices has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which include essentials such as product portfolio and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status and predicting the competition level in coatings for medical devices market. Prominent companies operating in the global coatings for medical devices market AdvanSource Biomaterials Corp., AeonClad Coatings LLC, Allvivo Vascular Inc., Armoloy of Collecticut Inc., AST Products Inc., Biocoat Inc., Carmeda AB, Covalon Technologies Ltd., Hemoteq AG, Hydromer Inc., Materion Corporation, N2 Biomedical, Precision Coating Co. Inc., Royal DSM, Specialty Coating Systems, Inc., and SurModics Inc. among others.
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