Medical Device Coating Market Expected to Reach $12 Billion by 2030

According to a new report published by Allied Market Research, titled, “Medical Device Coating Market By Coating, Material, Application and Device Type: Global Opportunity Analysis And Industry Forecast, 2021–2030," global medical device coatings market was valued at $7,280 million in 2020 and is projected to reach $12,705 million by 2030 registering a. CAGR of 6.8% from 2021 to 2030.

Medical device coatings (MDCs) are materials that offer surgeons, physicians, and healthcare professionals improved maneuverability required during surgical intervention. In addition, they reduce the trauma subjected to blood vessels during surgery and decrease thrombogenicity in patients. Orthopedic implants coated with medical coating are an ideal surface structure for safe, rapid, and durable bone integration.

The major factors that drive the global medical device coating market are advancement & emergence of novel medical devices, stringent regulatory policies with respect to MDC, increase in demand for implantable devices, surge in disposable income of the global population.  In addition, rise in prevalence of hospital acquired infections (HAI) drive the growth of the market. For instance, hospital acquired infections can spread through the use of devices which are contaminated and hence require medical device coating which can prevent HAIs. Thus, antimicrobial properties of medical device coatings can help prevent the spread of HAIs, thereby driving their demand, which in turn fuels the growth of the market. Other factors such as surge in prevalence of diseases such as cardiovascular diseases, orthopedic diseases and others where medical devices are required for optimal procedure or advanced surgeries lead to an increase in HAI, which eventually paves the way for surge in medical device coatings market.

Surge in awareness toward minimally invasive medical devices has fueled their interventions in several distinct fields of surgeries. These devices are designed to cause minimal harm to the patients and have appropriate coatings to protect the patients from thrombogenicity, blood vessel damage, and other internal injuries.

However, strict government implications in this field is a restraint that might limit the expansion of MDCs market. In contrast, an emerging demand for nanocoating is expected to give rise to lucrative opportunities in the medical device coating market in near future.

The World Health Organization (WHO) on January 30, 2020, declared COVID-19 outbreak a public health emergency of international concern. COVID-19 has affected around 210 countries across the globe. Due to the COVID-19 pandemic, governments across the globe announced country-wide lockdowns as well as social distancing measures to prevent collapse of the healthcare system. Similarly, medical device coatings industry was impacted due to the COVID-19 pandemic. The overall impact of COVID-19 remained negative for medical device coating market owing to a significant downfall in the initial phase of the 2020 in medical device manufacturing across the globe. The supply chains were also hit in a negative manner. The downfall was further worsened by the postponed/rescheduling or cancellations of elective surgical procedures, which in turn lowered the demand for devices such as coated implants and other coated medical device.

The medical device coating market is segmented on the basis of coating, materials, device type, and region to provide a detailed assessment of the market. By coating, it is divided into hydrophilic and hydrophobic. By material, it is categorized into metals, ceramics, and polymers. Furthermore, metals is further classified into silver, titanium and other. Similarly, polymer is further divided into silicones, parylene, and fluoropolymers. In addition, fluoropolymers is classified into polytetrafluroethylene (PTFE), polyvinylidene difluoride (PVDF), and others.

On the basis of application, the medical device coatings market is divided into medical device and medical implants. By device type, it is classified into general surgery, cardiovascular, orthopedics, dentistry, neurology, gynecology, and others. By region, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, Taiwan, and rest of Asia-Pacific) and LAMEA (Brazil, Turkey, Saudi Arabia, South Africa, and rest of LAMEA).

Under the segment of coating, the hydrophilic segment recorded the highest revenue in 2020, and is projected to grow significantly during the forecast period. The benefits of these coatings over other counterparts is the major growth factor for the medical device coatings market. For instance, hydrophilic coatings are abrasion resistant, lubricious, biocompatible, and non-thrombogenic in nature. Thus, for coating guide wires, vascular catheters, and other medical devices, which are used in some of highly prevalent diseases such as orthopedics diseases, cardiovascular diseases and others.

Key Findings Of The Study

• By coatings, the hydrophobic coatings segment accounted for one-sixth share of the medical device coating market in 2020.
• Region wise, Asia-Pacific is anticipated to grow at the highest CAGR of 9.0% throughout the forecast period.
• In Europe, Germany accounted for less than one-third share of the medical device coating market, in 2020.
• By material, the metals segment accounted for three-fourths share of the global medical device coating market in 2020.

In addition, North America is expected to offer remunerative growth opportunities to key players operating in the industry. An increasing rate of cardiovascular and orthopedic disorders lead to surge in demand for medical devices and the awareness of HAI leads to rise in demand for medical device coatings. The presence of key players of medical device coatings market in the region is another factor that drives the growth of the market. As per awareness about HAI and enhanced use of minimally invasive devices, Asia-Pacific is expected to exhibit fastest growth rate in the medical device coating market.