The rising income levels in emerging economies, a growing percentage of the geriatric population, and the increasing use of home healthcare facilities are driving the overall medical coatings market.
The global medical coatings market size is projected to grow from USD 6.0 billion in 2020 to USD 15.2 billion by 2025, at a CAGR of 20.5% during the forecast period. Medical coatings are an integral part of medical devices and medical implants as they provide required functional properties to the medical application. The major factors driving the market are the rising income levels in emerging economies, a growing percentage of the geriatric population, and the increasing use of home healthcare facilities.
Passive coatings to be the largest coating type segment.
The passive coatings segment accounts for the largest share of the overall market.Hydrophilic coatings are widely used on guidewires, catheters, and introducer sheaths to lower friction coefficient.
These coatings have properties such as lubricity, durability, low friction coefficient, and low particulate count.Hydrophobic coatings are water- or fluid-repellent and hence suitable for medical equipment.
Minimal invasion and easy insertion of medical devices in biological openings offered by the hydrophilic coatings and excellent water repellent properties exhibited by the hydrophobic coatings are responsible for the large market size of passive medial coatings.
Polymers to be the fastest-growing material type segment.
Polymer-based medical coatings are used in medical devices, medical equipment & tools, protective clothing, and medical implants.They are necessary to optimize durability and corrosion resistance while minimizing the coefficient of friction.
Major subtypes of polymer coatings used on medical devices, medical implants, and other applications are fluoropolymers, silicone, parylene, and polyurethanes. Easy availability, low cost, optimum performance, multifunctionality, and low particulate technology are boosting the polymer-based medical coatings market.
Medical devices to be the fastest-growing application segment.
The medical coatings market is segmented based on application into medical devices, medical implants, medical equipment & tools, protective clothing, and others.The medical devices segment accounted for the largest market share in 2019.
Increased use of medical devices in the emerging economies, such as China and India, has led to the high growth of the market. The pandemic has further increased the demand for medical devices, such as catheters, guidewires, endotracheal tubes, positive pressure breathing devices, in-vitro diagnostic devices, cannulas, ventilators, ventilator accessories, infusion pumps, respirators, and other devices.
APAC to grow with the fastest CAGR during the forecast period. APAC is projected to lead the medical coatings market during the forecast period.The growing population, rising percentage of the geriatric population, increasing healthcare investments, and rising income levels in the region are the major drivers for the medical coatings market in the region.
The healthcare industry in APAC has been experiencing positive transformations in the healthcare system in terms of healthcare infrastructure and public-private partnerships. These factors are also responsible for the highest CAGR of the market in the region.
Between 2019 and 2020, the medical coatings market has observed a high growth rate due to COVID-19 and the increased demand across the world.The demand for medical devices and supplies, such as ventilators, personal protective equipment (PPE), respirators, and protective clothing, is on the rise to combat COVID-19.
This is propelling the demand for antimicrobial, anti-fog, hydrophilic, and hydrophobic coatings.However, the demand for medical coatings used on implants is expected to grow with CAGR less than that of medical devices.
As an overall result of the impact on demand for different applications, the medical coatings market is expected to witness a positive impact in 2020. In-depth interviews were conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the medical coatings market. • By Company Type - Tier 1: 25%, Tier 2: 50%, and Tier 3: 25% • By Designation - C Level: 20%, D Level: 30%, Others: 50% • By Region – Europe: 30%, APAC: 25%, North America: 20%, South America: 15%, Middle East & Africa: 10%
The medical coatings market comprises major players, such as DSM (Netherlands), Hydromer (US), Surmodics (US), Biocoat (US), AST Products (US), Covalon Technologies (Canada), Harland Medical Systems (US), Applied Medical Coatings (US), and Freudenberg (US). The study includes an in-depth competitive analysis of these key players in the medical coatings market, with their company profiles, recent developments, and key market strategies.
Research Coverage: The market study covers the medical coatings market and its segments. It aims at estimating the market size and the growth potential of this market across different segments, such as coating type, material type, application, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies
Key Benefits of Buying the Report: The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall medical coatings market and the sub-segments.The stakeholders will be able to understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
It will also help stakeholders comprehend the pulse of the market and provide them with information on key market drivers, restraints, and opportunities.
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