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Global Medical Device Coatings Market Analysis & Trends - Industry Forecast to 2028

Global Medical Device Coatings Market Analysis & Trends - Industry Forecast to 2028

  • July 2021
  • 145 pages
  • ID: 3704460
  • Format: PDF
  • Accuray Research LLP

Summary

Table of Contents

Medical Device Coatings: Market Size

From $10.82 billion in 2020, the global Medical Device Coatings market is projected to reach $23.70 billion by 2028. Based on our analysis the market is expected to grow at a CAGR of 10.3% from 2020 - 2028 timeframe.


Some of the prominent trends that the market is witnessing include, growing discretionary capital, rise in awareness of hospital acquired infections (HAI) and mounting care about prosperity and sanitation in emerging economies.

Global Medical Device Coatings Market: Market Dynamics

Medical device coatings are essential in the aspect of safeguarding various types of devices used in the healthcare sector. These coatings enhance the performance and flexibility of medical device and protect it from susceptible attacks of various microbial factors and other pathogens. Furthermore, it offers excellent dielectric properties, dry-film lubricity and thermal stability which is likely to create immense market potential due to increased usage of medical devices.

Rising demand for catheters, ventilators, guide wires, mandrels, cardiovascular devices, sutures, stents, syringes, and other protecting devices used in the medical sectors owing to growth in the expenditure of governments and increasing number of COVID-19 cases around the world will fuel the market growth.

On the other hand, the stringent regulatory policies with respect to metropolitan district courts (MDC) and time-consuming regulatory approvals are likely to obstruct the profit boundaries. In addition, augmented demand for quality healthcare and increasing geriatric population will further boost for the medical device coatings market.

Impact of COVID-19 on Medical Device Coatings

The COVD-19 pandemic across the globe has adversely affected the medical device coating manufacturing owing to the disruption of its supply and demand chains. The coating manufacturers are facing challenges to import essential raw materials from foreign countries. In spite of restoring operations in few countries, shipping complications, and shortage of raw material are cascading throughout the industry value chain. This is expected to have an undesirable impact on the marginal profitability of medical device coating manufacturers in the short term. However, the rising need for protective devices or other medical equipment for treatment and constraining the spread of the coronavirus is expected to have a positive impact on the market growth in the coming years.

By Application

Cardiovascular Segment Dominate the Market in 2020

The cardiovascular segment made huge revenue in 2020 and growing its prominence during the forecast period owing to rising preference for cardiac pacemakers and implants. Furthermore, increasing demand for drug-eluting coatings for coronary stents will drive the growth of the segment. Rise in the usage of these devices due to the growing geriatric population and unhealthy dietary habits, coupled with a sedentary lifestyle, will increase the chances of occurrence of cardiovascular diseases. Furthermore, government policies which are in favor including reimbursement coverage and rising healthcare spending will augment the growth of the cardiovascular segment over the forecast period.

By Geography

Asia Pacific Region is Leading in the Global Market Place

Asia Pacific is likely to have a huge demand in the forecast period owing to increasing demand for better healthcare facilities, combined with the rise in the number of hospitals. High obesity rates, along with increasing geriatric population, are expected to drive the occurrence of cardiac diseases, which, in turn, will stimulate demand for medical equipment. The ease of private health insurance and growing home health care market will further propel industry growth in this region.

List of the Key Players Profiled in the Market Include:

• AdvanSource Biomaterials Corp.
• AeonClad Coatings LLC
• Allvivo Vascular Inc.
• Armoloy of Connecticut 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.

List of the Regions/Countries Profiled in the Market Include:

North America
• US
• Canada
• Mexico
Europe
• Germany
• U.K
• Italy
• France
• Spain
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• Australia
• New Zealand
• Rest of Asia Pacific
Middle East
• Saudi Arabia
• UAE
• Rest of Middle East
Latin America
• Argentina
• Brazil
• Rest of Latin America
Rest of the World (RoW)
• South Africa
• Others

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