Medical Grade Coating Market Overview
According to a research survey conducted by ChemView Consulting, the current valuation of the Global Medical Grade Coating Market is worth US$ 4,178.9 Mn in 2022. The market value of stainless steel is expected to reach US$ 8,375.5 Mn by 2032, growing at a CAGR of 7.2% over the forecast period.
Due to their critical function in various tools, medical devices, and equipment used in surgeries and other medical procedures, medical-grade coatings are expected to experience significant growth on a global scale. Medical grade coatings are necessary for various instruments, machinery, and devices used in general surgery, oral surgery, cardiothoracic surgery, and other medical procedures.
These coatings make medical devices and equipment corrosion, friction-resistant, and pathogen- and microbe-free. Therefore, the need for medical-grade layers in the upcoming years will be fueled by the growth of the healthcare industry.
ChemView Consulting has analyzed that doctors operate with less harm to the body during minimally invasive surgery than they would during open surgery. There is less discomfort, a shorter hospital stay, and fewer complications with minimally invasive surgery. Compared to more conventional open surgery methods, this kind of surgery has many advantages. Additionally, it frequently gives a higher accuracy rate than open surgery. Less invasive medical techniques are becoming more and more valued over traditional surgical procedures.
Antimicrobial coatings dominated the market in sales, with a share of 31.6%. Their low price and great compatibility with different device materials, including metal, plastic, carbon fiber, composite materials, and stainless steel, are ascribed to this. Growth is driven by technological advancements, consumer awareness of the benefits of antimicrobial coatings, and the need to combat pathogen resistance to antibiotics.
Markets in Asia-Pacific and the Middle East will be hotspots, while Europe will experience slow growth due to rising cost pressures and a maturing market.
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The following key factors will contribute to the growth of the global medical-grade coatings market:
- Manufacturers focus on creating a diverse range of end applications through product innovation and increased efficacy.
- University collaborations, coating manufacturers, medical device OEMs, and regulatory bodies.
- There is a high demand for reprocessed medical devices and an increase in remote-based healthcare devices.
- Global geriatric population growth is increasing the occurrence of cardiovascular diseases, increasing the need for surgical procedures.
- Increasing disposable income in developing countries.
Segments Covered in Report
By Coating Type:
- Hydrophilic Coatings
- Antimicrobial Coatings
- Drug-eluting Coatings
- Anti-thrombogenic Coatings
By Material Type:
- General surgery
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Medical Grade Coating Market
- Based on the coating type, antimicrobial coatings dominated the market in sales, with a share of 31.6%. Growth is driven by technological advancements, consumer awareness of the benefits of antimicrobial coatings, and the need to combat pathogen resistance to antibiotics. As there is a growing demand for efficient and nosocomial infection-free post-operative care, medical device manufacturers are considering the use of disruptive multi-metallic coatings with more than one metallic component and polyelectrolyte coatings in a wide range of applications.
- Based on the application, the cardiovascular application sector had the highest revenue share (26.7%) of all the market segments.
- According to the report, polytetrafluoroethylene (PTFE) is in high demand among the materials used. PTFE substances are used in various coating applications, including hydrophobic, anti-microbial, and other coatings.
- With a market share of 37.2%, North America dominated the medical device coating industry. Good healthcare resources and the increased prevalence of cardiometabolic illnesses, including Pulmonary Embolism (PE) and Deep Vein Thrombosis, are to blame for this (DVT).
The global market for medical grade coatings has been identified as highly fragmented. Tier 1 manufacturers control the majority of the global market.
Key companies covered in the market study are Medtronic PLC, DuPont, Koninklijke DSM NV, SurModics, Inc., Speciality Coating Systems Inc., Precision Coating Co. Inc., Biocoat Inc., Covalon Technologies Ltd., Harland Medical Systems Inc., Hydromer Inc., Medicoat, Inc., AST Products Inc., Aculon Inc.
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have been collaborating with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.
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