Medical Device Coatings Market to Grow at CAGR of 19.4% During Forecast Period, Notes TMR Study

• As the prevalence of chronic obstructive pulmonary disease and ischemic heart disease rises, the demand for medical device coatings is likely to grow
• Medical device coatings improve biocompatibility between human tissues and medical equipment, which is expected to fuel demand in the upcoming years

ALBANY, N.Y., March 30, 2022 /PRNewswire/ -- The global medical device coatings market was worth more than US$ 11.8 Bn in 2020 and the market is expected to surpass the value of US$ 81.8 Bn by 2031. The global market is estimated to develop at a CAGR of 19.4% during the forecast period, from 2021 to 2031. The growing usage of medical device coatings in different applications such as dentistry, cardiology, neurology, general surgery, orthopedics, and gynecology is likely to influence the global medical device coatings market. Increasing demand for general surgery as well as cardiovascular equipment has resulted in a major increase in the use of medical device coatings globally. Rise in manufacturing and demand for general surgical equipment is likely to bolster expansion of the global medical device coatings market.

Contemporary medical devices, accessories, tools, and equipment are all coated with medical device coatings. These coatings improve the efficiency and agility of medical devices whilst also protecting them from microbial as well as other disease attacks. It also has outstanding dielectric characteristics, thermal stability, and lubricity in dry films. Medical equipment coatings are also utilized in healthcare settings to increase hygiene. Surgical tools, catheters, contact lenses, implanted devices, and a variety of other medical equipment make use of these coatings.

Based on application, general surgery application category is predicted to grow significantly during the forecast period. Thus, an increase in the manufacturing of general surgery, neurology, general surgery, and cardiovascular equipment is expected to fuel the demand for medical device coatings. Companies are centering their efforts on the general surgery category, since the segment's share is expected to grow throughout the forecast period.

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Key Findings of Market Report

• With increase in gynecology, neurology, ophthalmology, orthopedics, dentistry, cardiology cases, and general surgery, the global market is likely to grow. General surgery is expected to be one of the most popular of these end-use applications, according to the TMR report forecasts. The cardiology segment for medical device coatings, on the other hand, is likely to see faster growth in the coming years. Occlusion devices, percutaneous devices, guide wires, balloon catheters, coronary stents, and angioplasty catheters are likely to generate significant demand for medical device coatings.

• Antimicrobial coatings are utilized in a variety of medical equipment and tools, including contact lenses, catheters, implanted devices, surgical instruments, etc.  Medical equipment, medical devices, and instruments, protective garments, and medical implants all employ polymer-based medical coatings.

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• With more uses in both public and private hospitals, the global medical device coatings market is likely to rise. Due to rising desire for implantable and non-implantable medical devices in the recent years, there is likely to be considerable demand in the market. Medical device coatings are capable of improving biocompatibility between medical equipment and biological tissues, which is likely to drive up the demand in the market.

• The global medical device coatings market is dominated by North America. The regional market is expected to grow at a CAGR of more than 21% during the forecast period. The market in North America is being driven by a rise in demand for medical device coatings in different applications such as general surgery, neurology, and cardiovascular.

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Global Medical Device Coatings Market: Growth Drivers

• On the basis of chemistry, in 2020, the parylene category led the global medical device coatings market. The growth in demand for parylene in medical device coatings in a variety of applications, such as general surgery, cardiovascular surgery, neurology, and orthopedics is projected to drive the segment.

• Antimicrobial coatings led the global market in 2020, in terms of type. Rising demand for antimicrobial coatings in medical device coatings in many applications, such as dentistry, neurology, general surgery, orthopedics, cardiology, and gynecology, is mainly to blame. Antimicrobial coatings are utilized in medical equipment to kill or stop bacteria from growing. Surface coatings with an active component that inhibits bacterial and fungal development are known as antimicrobial coatings.

Global Medical Device Coatings Market: Key Players

Some of the key market players are

• Precision Coating Company, Inc.
• Specialty Coating Systems Inc.
• Merit Medical Systems, Inc.
• PPG Industries, Inc.
• Allvivo Vascular, Inc.
• Covalon Technologies Ltd. 

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Global Medical Device Coatings Market: Segmentation

Type

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

Chemistry

• Fluoropolymers
• Parylene
• Silicone

Substrate

• Polymers
• Metallics

Application

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

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