Medical Device Coating Market Size to Reach $12.82 Bn by 2028 | The Insight Partners
Medical Device Coating Market Size is expected to grow at a CAGR of 7.7% from 2022 to 2028
Pune, India, Nov. 09, 2023 (GLOBE NEWSWIRE) — According to our latest study on “Medical Device Coating Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Material Type, Devices, Coatings, Application, and Geography,” the market is valued at US$ 7.64 Billion in 2021 and is expected to reach US$ 12.82 Billion by 2028; it is estimated to grow at a CAGR of 7.7% from 2022 to 2028. Rising demand for coated medical devices in surgical and diagnostics procedures and the high prevalence of healthcare-associated infections (HAI) fuel the overall market growth.
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Medical Device Coating Market Analysis: Competitive Landscape and Key Developments
Koninklijke DSM NV, Hydromer Inc, Surmodics Inc, Biocoat Inc, AST Products Inc, Covalon Technologies Ltd, Harland Medical Systems Inc, Precision Coating Company Inc, Kisco Ltd, and Formacoat LLC are among the key companies operating in the medical device coating market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to tap into prevailing business opportunities.
- In April 2022, Harland Medical Systems, Inc. announced the release of the CTS1100 Coating Thickness Testing System at MD&M West. CTS1100 allows medical device manufacturers to accurately and easily measure coating thickness on their devices.
- In March 2022, DSM Biomedical and Svelte Medical Systems, a privately-held company engaged in the development of highly deliverable balloon expandable stents, revolutionized the standard for coronary stenting procedures to treat coronary artery disease (CAD). The collaboration fuels the development of DISCREET Bioresorbable Coating Technology used with SLENDER IDS and DIRECT RX Bioresorbable Coated Drug-Eluting Stent (DES) Systems.
- In April 2022, Biocoat, Inc., announced its expansion into the design, development, and delivery of hydrophilic dip coating equipment. Biocoat’s new equipment line is called EMERSE and offers companies who require an in-house dip coating system to coat their medical devices and complete the production process. The addition of coating equipment now positions Biocoat as one of the only companies that can offer a complete, full-service solution for medical devices that require a hydrophilic coating.
- In September 2021, Precision Coating, a leading medical coatings service provider to interventional, orthopedic, and advanced surgical markets announced a merger with N2 Biomedical, a Bedford, MA-based company. N2 Biomedical, an Ampersand Capital Partners portfolio company, provides nano-engineered surface treatment and coating services to the medical device industry with its low-temperature ion implantation surface treatments and Ion Beam Assisted Deposition (IBAD) technologies.
- In February 2020, Biocoat, Inc. announced the launch of HYDAK UV. The new version of its original HYDAK coating is designed to be cured using ultraviolet (UV) light, allowing for flexible integration with industry standard UV coating systems. The innovative coating is built on the proven bi-laminar platform used in Biocoat’s existing thermal heat cure coating technology.
Medical Device Coating Market Report Scope, Segmentations, Regional & Country Scope:
|Market Size Value in||USD 7.64 Billion in 2021|
|Market Size Value by||USD 12.82 Billion by 2028|
|Growth rate||CAGR of 7.7% from 2022 to 2028|
|No. of Pages||280|
|No. of Tables||198|
|No. of Charts & Figures||105|
|Historical data available||Yes|
|Segments covered||Material Type, Device Type, Coating, and Application|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
North America dominated the medical device coating market in 2021. The US remains the largest medical device market globally, owing to the presence of more than 6,500 medical device companies comprising small and medium-sized enterprises (SMEs). In the US, California, Florida, New York, Pennsylvania, Michigan, Massachusetts, Illinois, Minnesota, and Georgia have the highest number of medical device companies. Additionally, the US medical device companies are highly recognized across the world due to their innovative and high-technology products. Thus, the US medical device coating market is anticipated to grow in the coming years owing to the rising adoption of medical devices and substantial spending on these devices.
Rising Demand for Coated Medical Devices in Surgical and Diagnostics Procedures to Influence Market Growth during Forecast Period
Disposable medical devices, such as cannulas, blades, anvils, triggers, diagnostic probes, and guide wires, need coatings for anti-infectious procedures and maneuverability improvement. The diagnosis and treatment of abdominal pain, kidney stones, varicose veins, and intestinal infections are increasing, demanding coated medical devices. As per the American Cancer Society, the number of carcinogenic cases is going to hit 27.5 million by 2040 leaping from the previous figure of 17.0 million in 2018. Such rising cases of diseases demanding medical devices for surgical procedures are propelling the growth of the medical device coating market.
Medical Device Coating Market: Segmental Overview
Based on the material type, the medical device coating market is segmented into polymer, metal, and others. In 2021, the metal segment accounted for the largest share of the market. However, the polymer segment is anticipated to register the highest CAGR during the forecast period due to the biocompatible nature of polymers with wide applications providing numerous possibilities in the manufacturing of various medical device coatings. Based on devices, the medical device coating market is segmented into medical equipment and tools, medical devices, medical implant, and others. In 2021, the medical device segment held the largest share of the market. The medical equipment and tools segment is expected to register the highest CAGR from 2022 to 2028. Based on coatings, the medical device coating market is segmented into hydrophilic coating, anti-microbial coating, drug-eluting coating, anti-thrombogenic coating, and others. In 2021, the hydrophilic coating segment held the largest share of the market. The same segment is also expected to register the highest CAGR from 2022 to 2028, owing to the wide applications in treatment sites for procedures such as balloon catheter angioplasty, neurological intervention, lesion crossing, and site-delivery drug therapy by reducing thrombogenicity. Based on application, the medical device coating market is segmented into infection, diseases, general surgery, orthopedic, neurology, and others. In 2021, the other segment held the largest share of the market. Also, the same segment is expected to register the highest CAGR from 2022 to 2028.
Medical Device Coating Market: Impact of COVID-19 Pandemic
COVID-19 pandemic brought various changes in the medical device industry. This involves a shift toward entirely new medical device manufacturing systems and forcing companies to adopt new technology. During the COVID-19 period there have been increase in demand for medical devices, new materials intended to deliver safe procedures/surgeries. Additionally, medical devices coated with biomaterials reveal promising results in invasive surgical catheters driving the need for anti-viral coatings. The main aim is to offer durability alongside cost-effective solutions for healthcare and practitioners. Owing to such growth trends within the medical device coating industry, the market witnessed high procurement amid the pandemic, and now it is rapidly growing..
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Impact of COVID-19 Pandemic on Medical Device Coating Market
The COVID-19 pandemic severely affected many industries worldwide, including the chemicals & materials industry. The ongoing pandemic has affected the growth of the Medical Device Coating market severely. Due to the shutdown of manufacturing units, disruption of supply chains, and raw material shortage, a massive slump in product sales was witnessed. However, the lockdown restrictions are being slowly lifted in various countries, which is expected to positively impact the chemicals & materials industries, including the Medical Device Coating market, during the forecast period. Furthermore, the rising penetration of e-commerce platforms is projected to boost the sales of Medical Device Coatings over the coming years.
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