Acumen Research & Consulting estimates that global Medical Device Coating market is expected to reach the market value of around US$ 16 Bn by 2027 and is anticipated to grow at a CAGR of around 8.5% in terms of revenue during the forecast period 2020 – 2027.
Innovation in developing surgical equipment such as catheters, lead wires and stents has greatly increased the quality of patient treatment. Nevertheless, such instruments comprise of materials which may induce unwanted problems such as bacterial contamination, blood clots and tissue damage as they come into contact with external environments. Coating of medical instruments is used to minimize these short entries. For the purpose of wrapping a medical device, manufacturing of covering uses the organic solvent or UV curing. Dry or water-based formulations are used for the handling of solvents as coating materials.
Coatings for medical instruments tend to reduce the frictions between surgical equipment and tissues, providing surface insulation, weighting and even adhesion. The global medical equipment coating market can be divided into dry lubricant, adhesive coating and super-hydrophilic lacquering, depending on the formulation type. The highest market share for medical device coating is the waterproof lubricant coating. Super-hydrophilic coating, however, is expected to rise in the future, as the market for medical devices demands excellent water attraction and visual transparency is growing.
The report provides analysis of global Medical Device Coating market for the period 2016-2027, where in 2020 to 2027 is the forecast period and 2019 is considered as the base year.
In the coming years, the worldwide demand for medical coatings will grow significantly. Their usage of lead cables, syringes, stents, hypo tubing, mandrels, and sutures is common. The growing demand for medicinal and personal technology goods for life-saving equipment and devices is projected to expand the use of consumer products. In order to raise the market for reliable life-saving instruments from Latin America and Asia Pacific emerging economies, for example India, China and Brazil, medical coating products are expected to rise. Nonetheless, it is projected that the demand will be impeded by the danger of imports, commodity ageing, poor quality copy products, reduced shelf-lives and cost rise. Additional developments are considered to be intrusive on the worldwide coatings industry in regulatory laws and legislation for medical devices in various countries.
North America held major market share and is expected to grow at a steady CAGR amid the projected period in the medical coating industry. The United States has remained the world's largest medical device industry, owing to the growing ageing population and the government's emphasis on delivering high quality health care. More than half of the Canadian demand in medical equipment is supplied by the United States. The diverse and developed Canadian industry needs for high quality medical devices. This is partly due to regional closeness and similarity between the two countries in protection and efficiency requirements. Therefore, the North American region will probably dominate the world market during the forecast time due to the above-mentioned factors.
Europe is expected to be the second biggest market share. Germany represented Europe's largest market share and is projected to remain dominant over the forecast timeframe due to the greater penetration of the country's end consumer industries.
Asia Pacific is also a significant part of the global coating market for medical devices, which is projected to grow at the highest CAGR in the predicted period. In terms of both value and quantity, China dominates the Asia Pacific market. Latin America and the Middle East and Africa follow Asia Pacific, which are predicted to develop at a modest pace over the projected period.
Medical Device Coating Market By Product
Medical Device Coating Market By Application
Medical Device Coating Market By Geography
Middle East & Africa
Key Players & Strategies
Participants include major global Abbott Laboratories, Surmodics, Inc., AST Products Inc., Royal DSM, Hydromer Inc., Covalon Technologies Ltd., Precision Coatings, and Others.
In order to increase their market share, companies use aggressive investments and fusions. In 2011, Kensey Nash, the regenerative medicine medical tool firm, purchased US$ 20 Mn in cash for the properties of Nerites, a manufacturer of therapeutic adhesives and anti-fouling coatings. Therefore, businesses expand their footprint in Asia Pacific and Latin America's developing markets to stay competitive in the market. To order to incorporate different types of medical coatings with superior characteristics and functionality, the firms also invest to research and development.
The Medical Device Coating market value is anticipated to be worth around US$ 16 Bn in 2027.
The Medical Device Coating market is anticipated to grow around 8.5% CAGR amid the forecast period 2020-2027.
North America held highest market share in 2019.
Asia Pacific is projected to be the fastest growing region in the global market.
Abbott Laboratories, Surmodics, Inc., AST Products Inc., Royal DSM, Hydromer Inc., Covalon Technologies Ltd., Precision Coatings, and Others are the prominent players in the Medical Device Coating market.
The report provides insights on global Medical Device Coating market segment by product, application and major geographic regions.