NEW YORK, Dec. 3, 2021 /PRNewswire/ -- The medical coatings market size will witness a growth of USD 5.94 billion from 2020 to 2025, as per the latest market analysis report by Technavio. The report also identifies the market momentum to accelerate at 7.31% during the forecast period. The report offers an outlook on various factors influencing the current market scenario, latest trends, drivers, and challenges impacting the overall market environment.
Medical Coatings Market 2020-2025: Vendor Landscape
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
AST Products Inc., Biocoat Inc., Endura Coatings, Hydromer Inc., Koninklijke DSM NV, Materion Corp., Medicoat AG, Merit Medical Systems Inc., Precision Coating Co. Inc., and Surmodics Inc. are among some of the major market participants. Many vendors are offering products and services catering to the evolving demand of the consumers. For instance, AST Products Inc. offers medical coatings products under the brand name of LubriMatrix. Similarly, Hydromer Inc. offers medical coatings device coatings that can be applied in chronoprene, dynaflex, latex and polypropylene.
Medical Coatings Market 2020-2025: Drivers and Challenges
Growth in geriatric population has been an instrumental factor in driving the growth of the market. Several countries including both developed and developing countries are taking various steps to increase their healthcare budgets and healthcare programs for the geriatric population. The growing prevalence of chronic diseases has led to the development of medical devices that help in treating age-related conditions, such as hearing problems, mobility issues, and cardiovascular, neurological, and endocrinology diseases. Furthermore, with the growing life expectancy of people in economies including Japan, Thailand, China, and Western Europe, there has been a surge in the demand for various medical devices including orthopedic and cardiovascular impants. These devices are further required to be packaged safely using the medical coatings, in turn, driving their demand during the next few years. Furthermore, factors such as growing preference for MIS and non-invasive techniques and increasing hospital-associated infections will further accelerate the market growth in the long run.
Stringent government regulations are one of the key factors likely to hinder the market growth during the forecast period. The EU and US regulatory bodies have taken various steps to streamline clinical policies and reforms. The EU has formulated regulations to monitor the safety and performance of medical devices used in clinical processes. For instance, the Active Implantable Medical Devices directive regulates high-risk medical devices, such as pacemakers and deep brain stimulation devices. Similarly, the US Food and Drug Administration (FDA) formulated different policies to regulate the clearance and approval of medical devices. Medical coating manufacturers for medical applications need to follow these regulations, owing to the high risks involved in using external materials in the human body. Such stringent regulations and clinical policies have challenged the manufacturers in demonstrating and documenting the compliances.
Medical Coatings Market 2020-2025: Segmentation Analysis
By Material, the market is segmented into
Polymers segment held the largest material segment share in medical coatings market in 2020. Polymers possess unique properties, and hence, they can be used for multiple purposes. They can be effectively used for scratch and abrasion resistance, elasticity, and brittleness. Polymers, such as chitosan, polyether ether ketone (PEEK), and polytetrafluoroethylene (PTFE), can be used as antimicrobial coatings for medical devices. PTFE coatings with a non-acid formulation can also be applied to medical wires. These wires are essential for a variety of medical devices that need to remain sterile and to be protected from several elements.
By Coatings, the market is segmented into
The passive coatings segment mainly include hydrophilic and hydrophobic coatings. Hydrophilic coatings are water-attracting coatings and have properties such as durability, anti-fogging property, low particulate count, abrasion resistance, low friction coefficient, UV resistance, and biocompatibility. These properties make them a viable choice for end-user industries to use them as medical coatings. Hence, the availability of new variants of hydrophilic coatings with improved features can accelerate the growth momentum of the segment during the forecast period. Hydrophobic coatings are water-repelling coatings. Hydrophobic coatings are suitable for medical devices and surgical tools that become stained with fluids or tissue debris. These coatings help in keeping surgical tools clean for a long time.
By Application, the market is segmented by
The demand for medical coatings in the medical equipment segment has witnessed a rapid increase in the last few years. Medical equipment, such as guidewires, intravascular catheters, delivery sheaths, and balloon angioplasty catheters, are commonly used during minimally invasive diagnostic and therapeutic procedures. These devices are treated with hydrophilic or hydrophobic lubricious coatings to reduce friction between devices and blood vessels. The coatings on these medical devices may offer physicians greater maneuverability and result in less trauma to blood vessels. The growing demand for reducing the cost burden of healthcare-associated infections (HAIs) to facilitate value-based care has further promoted the demand for medical coatings.
In terms of Geography, the market is segmented into
North America will generate growth across all the years of the forecast period between 2020 and 2025. The year-on-year growth during this period will vary between 6.53% and 7.45%. Technological advances in the healthcare sector in the US and Canada are influencing the regional growth positively. The increasing incidence of HAIs and the outbreak of infectious diseases are some of the major concerns in the US and Canada. The high incidence of HAIs in North America resulted in a growing demand for medical coatings, which can be used on a variety of medical devices.
North America, Europe, APAC, South America, and MEA
Performing market contribution
North America at 36%
Key consumer countries
US, China, Canada, Germany, Mexico, and South Korea (Republic of Korea)
Leading companies, competitive strategies, consumer engagement scope
AST Products Inc., Biocoat Inc., Endura Coatings, Hydromer Inc., Koninklijke DSM NV, Materion Corp., Medicoat AG, Merit Medical Systems Inc., Precision Coating Co. Inc., and Surmodics Inc.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period
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Key Topics Covered
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Material
Market Segmentation by Coatings
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