Pune, India, Aug. 29, 2020 (GLOBE NEWSWIRE) -- The global Medical Coatings Market is valued at USD 6.88 Billion in 2020 and is anticipated to grow with a CAGR of 23.7% during the forecast period from 2020 to 2028. Significant factors that will contribute to market growth include growing income levels in developing economies, an increasing percentage of geriatric population, and the growing use of home health facilities. Also, the rising demand for minimally invasive surgical procedures is expected to drive the growth of the medical coatings market.
The medical coatings market is expected to grow significantly during the forecast period. This is due to the extensive use of guide wires, catheters, syringes, hypo tubes, stents, mandrels, and sutures. The demand for coatings for life-saving instruments and devices from the medical and health care industry is expected to increase the use of medical coating products. However, the threat of substitutes, aging of the product, clone products of inferior quality, short shelf-life, and rising costs are estimated to hinder the market in the near future.
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Medical devices and electronic components need protection to be effective and operate properly. Moisture, water content, and body fluids are a few factors that can contaminate life-saving equipment and make them useless. Medical coatings and products offer suitable solutions for most substrates, including plastics, glass, metals, silicone, rubber, and ceramics. Medical devices and components with medical coatings can be sterilized. Owing to recent technological developments, devices and components can be coated with physio-mechanical coatings that provide protection against moisture, serve as an electrical barrier, and possess favorable chemical properties. Coatings also provide protection against tribological properties.
Global Medical Coatings Market, by Coating Type
Based on the coating type, the market has been segmented into active coatings and passive coatings. Among these, the passive coating segment holds the largest share of the overall market. Hydrophilic coatings are commonly used on guide wires, catheters, and introducer sheaths with a lower friction coefficient. The large market size of passive medical coatings can be attributed to the minimal invasion and simple insertion of medical devices in the biological openings provided by the hydrophilic coatings and the excellent water repellent properties demonstrated by the hydrophobic coatings.
Global Medical Coatings Market, by Material Type
Based on the material type, the market has been divided into polymers, metals, and others. Polymer-based material type will be the fastest-growing segment in the forecast period. Medical polymer-based coatings are used in medical devices, medical equipment and tools, protective apparel, and medical implants. They are important to maximize durability and corrosion resistance while minimizing friction coefficient. Easy availability, low cost, optimum performance, multifunctionality, and low particulate technology strengthen the polymer-based medical coatings market.
Global Medical Coatings Market, by Application
Based on application, the market has been divided into medical devices, medical implants, medical equipment & tools, protective clothing, and others. The medical devices segment accounted for the largest market share in 2019. Increased use of medical devices in developing region, such as China and India, has led to the high growth of the market.
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Global Medical Coatings Market, by Region:
In terms of region, North America held the largest share of medical coatings market in 2020. Increasing investment in the healthcare sector is driving the demand for medical coatings in the region. The US was the largest medical coatings market in the region in 2019. Increasing exports of medical devices, along with developments in medical technology and growing demand for home health care, are fueling the market in the region.
Some Major Findings of Medical Coatings Market Report Include:
- Global medical coatings market trend & forecasts analysis along with a country-specific market analysis for up to 25 countries
- In-depth global medical coatings market analysis by coating type, material type, application, and regions with an analysis of trend-based insights and factors
- Profiles of the major market players operating in the global medical coatings market, which include Royal DSM, Hydromer Inc., Surmodics Inc., AST Products Inc., and Covalon Technologies Ltd., Abbott Laboratories, and Precision Coatings Inc., and others.
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years.
- Key impact factor analysis across regions that includes clinical pipeline analysis, along with the drivers, restrains, opportunities, and challenges that are prevailing in the global medical coatings market.
- Impact analysis of COVID-19 on the medical coatings market.
Browse key industry insights spread across 119 pages with 102 market data tables and 68 figures & charts from the report, “Medical Coatings Market, By Coating Type (Active, Passive), By Material Type (Polymers, Metals), By Application (Medical Devices, Medical Implants, Medical Equipment & Tools, Protective Clothing), By Region (North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, Rest of the World) – Market Size & Forecasting (2016-2028)” in-depth analysis along with the table of contents (ToC).
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