The Medical Device Coating Market is anticipated to grow at a CAGR of 5.16% while acquiring a market value of USD 10,109.7 Million by 2023.
The medical devices are vulnerable to the attack of various microorganisms such as viruses, bacteria, and others. This necessitates the application of a protective coating on the surface of numerous diagnostic and surgical medical devices such as a stent, cardiac assist devices, and needles, among others. The most significant factors leading to the expansion of the market comprises the rising old population, rising need for non-invasive methods, and on-going technological innovation in medical equipment.
The on-going COVID-19 pandemic across the globe has brought severe impacts on the medical device coating manufacturing due to the supply disruption caused during the lockdown. There has been a significant hindrance in export and import as well, which is predicted to further obstruct the trade expansion. On the other hand, the increasing need for protective devices or other medical equipment is projected to boost the Medical Device Coating Market.
The increasing demand for ventilators, stents, mandrels, syringes, and other protection devices in the healthcare sector is predicted to propel the industry during the projection period. In addition, the rising COVID-19 cases and the increasing government expenditure on healthcare are anticipated to be other salient cause that can develop the global market in the coming period. In addition, the coatings are likely to witness a surged demand due to their thermal stability and dry-film lubricity that can propel the Medical Device Coating Market significantly in the forecast tenure.
Growing Illness among the Expanding Populace can Favor Market Growth
The increasing incidences of acute lower respiratory infections among the expanding geriatric populace owing to the rising pollution are expected to grow the demand for hydrophilic lubricious coatings on devices, which is expected to augment the market during the forecast period. In addition, the growing need for non-invasive therapies is expected to boost the Medical Device Coating Market in the coming period.
Increasing Demand for Quality Healthcare can Offer Lucrative Opportunity for Expansion
The rising demand for quality healthcare and the growing need for early detection of ailments can offer various opportunities for Medical Device Coating Market growth in the assessment period.
The imposition of Stringent Rules by Various Governments can impede the Market Expansion
The changing set of rules and regulations, the imposition of stringent regulations for medical devices across various countries are expected to impede the Medical Device Coating Market Growth during the forecast period.
Time Consuming Regulatory Approvals can Slow-Down the Market Growth
The time-consuming procedure to obtain approvals for medical devices can pose a significant challenge in Medical Device Coating Market expansion.
Cumulative Growth Analysis
The market is expected to Grow Significantly during the Forecast Period
The Medical Device Coating Market is anticipated to witness a boost during the forecast period owing to the rising demand for implantable devices, rising disposable income, and the presence of untapped market opportunities.
Antimicrobial Medical Device Coating Segment to Acquire the Maximum Market Share
Based on the Type, the Medical Device Coating Market has been segmented into drug-eluting, antimicrobial, hydrophilic, and anti-thrombogenic medical device Coating. The antimicrobial medical device coating segment is expected to acquire the maximum market share of the market demand for Medical Device Coatings during the forecast period. The Antimicrobial Medical Device Coating is projected to thrive at a notable owing to the rising need to avoid bacterial colonization on the orthopedic implant surfaces. The hydrophilic Medical Device Coating is another lucrative segment in the Medical Device Coating Market, which is anticipated to expand the highest CAGR of 5.81% during the projection tenure.
The Cardiovascular Segment Expected to be the Largest Market Segment
Based on Application, the Medical Device Coating Market has been segmented into gynecology, orthopedics, neurology, cardiovascular, and others. Among all segments, the need for Medical Device Coating is expected to rise in diagnostic or surgical instruments used in cardiovascular ailments. The cardiovascular is the largest segment thriving at a higher CAGR while amassing the market value of USD 4,320.3 million by 2023. The growth can be attributed to the increasing penetration of medical devices in pacemakers and cardiac surgeries.
North America to Dominate the Global Market Due to Advanced Healthcare Facilities
As per the medical device coating analysis conducted by MRFR, the Medical Device Coating Market is anticipated to be dominated by North America owing to the presence of advanced healthcare facilities and the rising incidents of cardiometabolic disorders. Also, the growing cases of COVID-19 are likely to aid in boosting the regional market. In addition, the rapid development of healthcare infrastructure and adoption of advanced surgical treatments are likely to boost the industry in the region during the assessment period.
APAC region is predicted to acquire a substantial Medical Device Coating Market Value during the assessment timeframe owing to the surging need for better healthcare infrastructure and the rising geriatric population. The rising demand for the home health care market, ease of private health insurance, and the surging obesity rates are predicted to be a salient cause that can augment the regional trade in the coming period. In addidition, the participation of the evolving economies such as; India, China, and Japan is expected to be another salient factor that can fuel the regional market in the assessment period.
Europe is predicted to procure a significant market value during the review timeframe owing to the increasing cases of obesity, expanding geriatric population, and surging cardiac ailments. The role of the U.K. and Germany is projected to further develop the regional market in the review period.
MEA is anticipated to procure a smaller market share during the assessment tenure due to the sluggish development in the region.
New Product Launches to Increase the Competition of the Market
The growing focus on new product launches and increasing partnerships among the established players are expected to make the competition grow fierce.
The rising incidents of obesity and the on-going development in the healthcare infrastructure are some of the salient factors that are predicted to augment the market.
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Speciality Coating Systems Inc (U.S.), Royal DSM N.V (The Netherlands), Biocoat Incorporated (U.S.).Surmodics Inc. (U.S.), Precision Coating Company Inc (U.S.)., Materion Corporation (U.S.), Hydromer Inc (U.S.), Sono-Tek Corp (U.S.)|
|Key Market Opportunities||Increasing Demand for Quality Healthcare can Offer Lucrative Opportunity for Expansion|
|Key Market Drivers||Growing Illness among the Expanding Populace can Favor Market Growth|
Frequently Asked Questions (FAQ) :
The global medical device coating market is projected to reach USD 10,109.7 MN by 2023, registering a 5.16% CAGR during the review period (2017-2023)
Rising demand for medical devices.
North America holds the largest share in the global medical device coating market followed by Europe and Asia Pacific.
Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies that players operating in the global medical device coating adopt to gain a larger competitive advantage.
Materion Corporation (US), Surmodics, Inc. (US), Hydromer Inc. (US), Speciality Coating Systems Inc. (US), Sono-Tek Corp (US), Royal DSM N.V (The Netherlands), Biocoat Incorporated (US), and Precision Coating Company, Inc. (US), are some of the leading players in the global medical device coating market.