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Medical Coatings Market Projected to Experience Strong Growth in the Coming Years| MarketsandMarkets™

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Medical Coatings Market Projected to Experience Strong Growth in the Coming Years| MarketsandMarkets™

May 12
23:55 2023
Medical Coatings Market Projected to Experience Strong Growth in the Coming Years| MarketsandMarkets™
Browse 84 market data tables and 39 figures spread through 179 pages and in-depth TOC on “Medical Coatings Market”
The medical coatings market is expected to grow significantly in the coming years, with Asia Pacific and North America leading the growth. The growth is driven by increasing demand for medical devices, rising healthcare expenditure, and technological advancements.

The global medical coatings market size is expected to witness high growth during the forecast period, owing to the increasing demand for minimally invasive surgical procedures. Medical coatings are functional materials that are applied to medical devices, implants, surgical tools, and medical equipment to provide functional properties to meet particular end-use requirements. These medical coatings enhance the performance of medical applications by providing them with functional properties such as antimicrobial resistance, lubricity, antithrombogenic properties, and others. MarketsandMarkets projects the global medical coatings market size to grow from USD 6.0 billion in 2020 and USD 15.2 billion by 2025, at a CAGR of 20.5% during the forecast period.

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Medical coatings are in high demand due to the growing need for more advanced medical technologies. The increasing demand for minimally invasive procedures and devices is also driving the demand for medical coatings. Medical coatings are used to protect and extend the life of medical devices, reduce friction, and improve the safety and efficacy of medical procedures. They are also used to improve the accuracy and consistency of medical devices, as well as to reduce the risk of contamination. The demand for medical coatings is expected to continue to grow as medical technology advances.

The passive coatings segment accounts for the largest share of the overall market. Hydrophilic coatings are widely used on guidewires, catheters, and introducer sheaths to lower friction coefficient. These coatings have properties such as lubricity, durability, low friction coefficient, and low particulate count. Hydrophobic coatings are water- or fluid-repellent and hence suitable for medical equipment. Minimal invasion and easy insertion of medical devices in biological openings offered by the hydrophilic coatings and excellent water repellent properties exhibited by the hydrophobic coatings are responsible for the large market size of passive medial coatings.

Medical coatings are used to improve the performance of medical devices and equipment. They provide protection against corrosion and wear and tear, as well as improved biocompatibility and increased sterility. Metals are the most widely used material type in medical coatings, due to their excellent mechanical and corrosion resistance properties. The market for metal coatings is expected to grow at a significant rate due to their ability to increase the life of medical devices and improve their performance. In addition, the increasing demand for lightweight and durable medical devices is driving the growth of the metal coatings market. Moreover, the rising demand for medical coatings in orthopedic implants, stents, and artificial joints is also fueling the growth of the metal coatings market.

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Polymer-based medical coatings are used in medical devices, medical equipment & tools, protective clothing, and medical implants. They are necessary to optimize durability and corrosion resistance while minimizing the coefficient of friction. Major subtypes of polymer coatings used on medical devices, medical implants, and other applications are fluoropolymers, silicone, parylene, and polyurethanes. Easy availability, low cost, optimum performance, multifunctionality, and low particulate technology are boosting the polymer-based medical coatings market.

The medical coatings market is segmented based on application 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 emerging economies, such as China and India, has led to the high growth of the market. The pandemic has further increased the demand for medical devices, such as catheters, guidewires, endotracheal tubes, positive pressure breathing devices, in-vitro diagnostic devices, cannulas, ventilators, ventilator accessories, infusion pumps, respirators, and other devices.

North America accounted for the largest share of the medical coatings market in 2019. Increased spending in the healthcare industry is driving the market for medical coatings in the region. The US was the largest medical coatings market in the region in 2019. Growing exports of medical devices, along with advancements in medical technology and increasing demand for home healthcare, are fueling the market in the region.

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The Middle East & African medical coatings market is expected to have the second fastest CAGR from 2020 to 2025. The rising demand for medical coatings in various medical devices and equipment is driving the market. Moreover, increasing government initiatives for medical product manufacturing, a rising number of medical device manufacturers and growing demand for medical coatings in orthopedic implants are some of the other factors driving the market. Furthermore, the availability of skilled labor in the region, increasing investments in the healthcare sector, and a growing number of research and development activities in the region are some of the other factors driving the market in the region.

The major players in the medical coatings market include DSM (Netherlands), Hydromer (US), Surmodics (US), Biocoat (US), AST Products (US), Covalon Technologies (Canada), Harland Medical Systems (US), Applied Medical Coatings (US), Freudenberg (US), Merit Medical OEM (US) and others.

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