Global Medical Grade Coating Market Size Analysis

According to a research survey conducted by ChemView Consulting, in 2022, the Global Medical Grade Coating Market was worth US$ 4,178.9 Mn and is expected to grow at a CAGR of 7.2% over the forecast period. While the historical CAGR is 6.1%, the market is expected to hit US$ 8,375.5 Mn by 2032 end.

The growing demand for medical devices and the expansion of the scientific devices zone in various regions have increased opportunities for the clinical-grade coatings market. While demand in developed countries will remain strong, stagnation in certain pockets will force market participants to look for opportunities in emerging economies. Given the prevalence of unmet medical needs and the increased emphasis on expanding the healthcare sector, medical-grade coatings manufacturers will find a favorable environment for growth in emerging markets.

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.

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.

Market Dynamic

INCREASING USE OF MINIMALLY INVASIVE SURGICAL PROCEDURES AIDS THE MARKET GROW

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.

The demand for minimally invasive procedures has increased as difficult surgical treatments for conditions including arthritis, cancer, and cardiovascular disease become more common. This has increased the demand for lightweight medical devices that can pass through intricate and delicate body components, such as intravascular catheters, guidewires, balloon angioplasty catheters, delivery sheaths, and implant delivery systems. These tools are frequently used in peripheral, cardiovascular, and cerebrovascular minimally invasive operations.

HIGH UPFRONT COSTS AND INCREASING RAW MATERIAL PRICES HAMPER THE MARKET

The production of medical coatings is extremely expensive, both initially and over time. Medical coating inventors are not permitted to create new layers based on older or expired patents to avoid paying royalties because there are so many in this industry. Therefore, to utilize outdated technologies, upfront expenditures are necessary.

This aspect is preventing this market’s expansion. The rapid advancement of technology is anticipated to be made possible by eliminating all the upfront expenses and difficulties. Creating new medicinal coatings includes expensive legal wrangling, nondisclosure contract signing, and other costs. The medical coatings market’s growth is also somewhat constrained by the rising cost of raw ingredients like silicone rubber and PTFE.

Market Segments Covered in Report

By Coating Type:

• Hydrophilic Coatings
• Antimicrobial Coatings
• Drug-eluting Coatings
• Anti-thrombogenic Coatings
• Others

By Material Type:

• Polymers
• Metals
• Others

By Application:

• Neurology
• Orthopedics
• General surgery
• Cardiovascular
• Dentistry
• Gynecology
• Others

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)

Segment-Wise Analysis

Which segment of the coatings market is growing in demand?

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. The segment will also grow due to rising R&D efforts and increasing implanted device adoption.

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. To stay competitive in a highly fragmented market, medical device manufacturers are increasingly collaborating with various supply chain entities, particularly coating service providers.

Which Application is anticipated to grow faster throughout the projected period?

Due to the growing popularity of implants and cardiac pacemakers, the cardiovascular application sector had the highest revenue share (26.7%) of all the market segments. The market will also rise due to rising demand for drug-eluting coatings for coronary stents.

Increased use of these gadgets in conjunction with an aging population, bad eating patterns, and a sedentary lifestyle will increase cardiovascular disease incidence. Furthermore, the cardiovascular segment will rise over the projected period due to favorable government policies, such as reimbursement coverage and growing healthcare spending.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, the Middle East, and Africa.

• With a market share of 2%, North America dominated the medical device coating industry. Favorable healthcare resources and the increased prevalence of cardiometabolic illnesses, including Pulmonary Embolism (PE) and Deep Vein Thrombosis, are both to blame for this (DVT)
• Due to a growing need for better healthcare facilities and an increase in hospitals, Asia Pacific is predicted to experience the quickest CAGR of 1% in revenue growth. China will continue to be the leading market for medical grade coatings in East Asia, followed by Japan and South Korea.
• Germany and France will continue to be attractive markets for European sales. The United Kingdom will grow 5.4% in 2021, owing to rising healthcare spending.

Competition Analysis

Key players are concentrating on research and development initiatives to introduce new and innovative products, solutions, and technologies. Due to a sizable number of companies worldwide that collectively account for a sizable portion of the industry, the global medical-grade coatings market can be characterized as oligopolistic. The importance of partnerships and acquisitions to expand market presence is rising.

The key developments in the Global Medical Grade Coating Market are:

• In 2020, to produce CeraShield endotracheal tubes, Hydromer collaborated with N8 Medical on the coatings supply. These tubes are essential for treating COVID-19 patients. This development demonstrates the company’s aggressive participation in the coatings sector.
• In 2018, a contract between Abbott and Surmodics stipulated that Abbott would hold the sole worldwide marketing rights for the drug-coated balloons called SurVeil made by Surmodics. These balloons are undergoing a key clinical trial in the US to treat the superficial femoral artery.
• In 2020, introduced Biocoat of HYDAK UV. Utilizing ultraviolet (UV) radiation, the updated version of its original HYDAK coating is cured. This coating enables flexible integration with UV coating techniques that are accepted in the industry. Due to this progress, the company’s product line has increased.
• In 2016, Vention Medical, a major integrated solutions provider, and DSM Biomedical teamed. Through the cooperation, DSM’s ComfortCoat coating development, testing, and Application may be integrated into the catheter manufacturing process. This innovation eliminates the requirement to transfer finished goods to a different source for coating application and development services.

A list of some of the key suppliers present in the market 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.

Report Coverage and Highlights

• 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.

• Report Includes

  Market Size Data

  • Global market size data, historical (2018 to 2022) and forecast (2023 to 2033), by each segment and region
  • Regional level market size data, historical (2018 to 2022) and forecast (2023 to 2033), by each segment and country
  • Country level market share data, historical (2018 to 2022) and forecast (2023 to 2033), by each segment
  • Market attractiveness analysis based on market share index and CAGR index for each of the segments and regions
  • Incremental dollar opportunity generated in the forecast period would be indicated
  • Key Takeaways, Recommendations, and key investment pockets for the relevant segments would be highlighted

  Market Background

  • Macroeconomic factors that impact the market developments
  • Market dynamics (Drivers, Restraints, Opportunities) that positively or negatively influence market growth
  • Supply Side and Demand Side trends – trends witnessed from buyers and suppliers side
  • Production and Consumption Gap Analysis – analysis of gap between production and consumption in any geography to fulfil unmet demand
  • Trade analysis and analysis of key supply and demand hubs
  • Identification of hotbed opportunities existing in the market
  • Porter’s and PEST analysis to understand the business environment of the geography
  • Regulatory scenario – Identification of key sector specific and trade regulations, and assessment of whether it helps or hinder market development & growth

  Pricing Analysis

  • Regional-level product pricing analysis to set and benchmark your current or future product offerings across each product type
  • Historical and projected pricing trends of the product which helps in determining the product’s price and/or services beneficial for companies product lifecycle
  • Cost teardown analysis and key factors impacting pricing

  Value Chain Analysis

  • Country-wise list of raw material suppliers
    • Raw material price trends and buyers’ sentiment
    • Overview of Intelligent Sourcing Technique
    • Raw material procurement requirements
    • Vendor selection criteria
  • Country-wise list of product manufacturers
  • Country-wise list of distributors/traders
  • Country-wise list of end-users
    • End-Users/Customers consumption mapping
    • Key End-Users/Customers client list
  • Country-wise list of other key channel partners
  • Average profitability margins
  • Regional value chain dynamics

  Competition Analysis

  • Market shares and production capacities of key players
  • Tier structure analysis of market
  • Comprehensive competition dashboard representing the top 10-15 players in the market
  • Individual company profiles of top 15 to 20 manufacturers
    • Business Overview
    • Product Portfolio
    • Key Financials
    • Recent Developments
    • SWOT Analysis
    • Strategies

Country Coverage
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific

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