Dublin, Ireland, Sept. 02, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR’s most recent analysis, the global market for coatings for medical devices, which is scheduled to be evaluated at US$ 1.2 Bn in 2021, is expected to reach US$ 2.4 Bn by 2031, rising at a CAGR of 7.2% over the analysis period ranging from 2021 to 2031. Rising demand for cardiovascular and orthopedic implants, increased incidences hospital-acquired infections, and the expanding medical device industry will provide enormous growth prospects.
During the forecast period, the Indian medical device coatings market is expected to rise at a CAGR of 10%. Growth is majorly attributed to the rapid evolution of the domestic medical devices industry, given the increased proliferation of the healthcare industry in general.
Sales experienced a positive incline from 2016 to 2020, registering a CAGR worth 6.7%. Prospects further widened amidst rising COVID-19 cases, as an increase in demand for ventilators, cardiovascular devices, catheters, sutures, guide wires, stents, syringes, mandrels, and other protective equipment, experienced a massive spike.
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Future market growth for medical device coatings is expected to be reliant on the proliferation number of start-up companies. For instance, Spanish startup Tractivus is a specialist in antibiofilm coatings. The company offers its proprietary PHOBOSTech technology, involving coating thin nanoscale layers which impart antibacterial properties. Similarly, US-based startup TheraDep manufactures tailored biologic coatings for medical devices and laboratory equipment, which complexes cold atmospheric plasma with biomolecules or pharmaceuticals of interest, enabling them to bind to any surface.
Key Takeaways from the Market Study
- Global market for coatings for medical devices expected to double until 2031
- Antimicrobial coatings for medical devices to generate 50% of global market demand
- Hydrophilic coatings to be highly sought after, expected to reach US$ 2 Bn by 2031
- Orthopedic medical device coatings to register a CAGR worth 6% across the 2021-2031 forecast period
- Cardiovascular applications to constitute over a quarter of global revenue share
- U.S to emerge as the fastest growing market, registering a CAGR of 12% through 2031
- India & China to collectively expand at 17% value CAGR across the forecast period
Competitive Landscape
In the coming decade, manufacturers in the Coatings for Medical Devices market will primarily focus on strategic acquisitions, collaborations, and product launches.
- In 2020, Hydromer partnered with N2 Medical to supply coatings for CeraShield endotracheal tubes. These tubes are critical in the treatment of COVID-19 patients. This breakthrough demonstrates the company's active participation in the coatings for the medical devices sector.
- Market participants are progressively investing in research and development (R&D) efforts in order to diversify their product ranges. Biocoat, for example, will offer HYDAK UV in 2020. A one-of-a-kind variation on the original HYDAK coating. This advancement aided the corporation in expanding its product offering.
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Covid-19 Impact Analysis on Medical Device Coatings Market
The World Health Organization (WHO) on January 30, 2020 declared COVID-19 outbreak a public health emergency of international concern. COVID-19 has affected around 210 countries across the globe. Due to the COVID-19 pandemic, governments across the globe announced country-wide lockdowns as well as social distancing measures to prevent collapse of the healthcare system. Similarly, medical device coatings industry was impacted due to the COVID-19 pandemic. The medical device manufacturing was impacted which in turn lead to impact on the coating business. Furthermore, the disruptions in supply chains of medical devices, raw materials for coating manufacturing also left a grave impact on the market.
The overall impact of COVID-19 remained negative for medical device coating market. As the COVID-19 phase has witnessed a significant downfall in the initial phase of 2020 in medical device manufacturing. Furthermore, supply chains were also hit in a negative manner leading to a negative impact. In addition, the elective surgical procedures were postponed or cancelled, which lead to lower demand for devices such as implants and other medical device. Thus, this lead to a drop in demand for medical devices, which in turn lead to lower demand for medical device coatings. Hence, factors aforementioned contributed to negative impact of the medical device coating market.
Key Segments Covered
- Type
- Anti-Microbial Coatings for Medical Devices
- Drug-Eluting Coatings for Medical Devices
- Hydrophilic Coatings for Medical Devices
- Other Types of Coatings for Medical Devices
- Application
- Coatings for Cardiovascular Devices
- Coatings for Orthopedic Devices
- Coatings for Neurology Devices
- Coatings for Gynecology Devices
- Coatings for Other Applications
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More Insights Available
Fact.MR offers a unique perspective and actionable insights on the coatings for medical devices systems market in its latest study, presenting historical demand assessment of 2016 – 2020 and projections for 2021 – 2031.
The research study is based on the basis of type (anti-microbial, drug-eluting, hydrophilic and other types) and application (cardiovascular, orthopedic, neurology, gynecology and other applications) across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
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