Allied Market Research published a report, titled, “Medical Device Coating Market by Coating Type (Hydrophilic and Hydrophobic), Material (Metals, Ceramics and Polymers), Application (Medical Devices and Medical Implants) and Device Type (Gynecology, General surgery, Cardiovascular, Dentistry, Neurology, Orthopedics and others): Opportunity Analysis and Industry Forecast, 2020–2030.” According to the report, the global medical device coating industry was estimated at $7.28 billion in 2020, and is anticipated to hit $12.70 billion by 2030, registering a CAGR of 6.8% from 2021 to 2030.
Drivers, restraints, and opportunities-
The fact that antimicrobial properties of medical device coatings can help prevent the spread of HAIs drives the global medical device coating market. On the other hand, strict government implications in this field impede the growth to some extent. However, factors such as advancement & emergence of novel medical devices, increase in demand for implantable devices, and surge in disposable income of the global population are expected to create lucrative opportunities in the industry.
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Covid-19 scenario –
- As the supply chain was hugely hit, especially during the initial phase of the pandemic, manufacturing of medical devices was pretty much disrupted, which gave way to declined demand for coatings for medical expedients. This, in turn, impacted the global medical device coatings market negatively.
- Also, as the majority of elective surgical procedures were cancelled or postponed, a declined demand for medical devices was also noticed.
- However, the market is anticipated to revive soon.
The hydrophilic segment to maintain the lion’s share-
On the basis of coatings type, the hydrophilic segment accounted for the highest market share in 2020, generating more than four-fifths of the global medical device coating market. The same segment is also anticipated to cite the fastest CAGR of 7.1% from 2021 to 2030, due to its non-thrombogenic nature and resistance to abrasion.
The metals segment to lead the trail-
On the basis of material type, the metals segment generated the highest share in 2020, holding more than three-fourths of the global medical device coating market. The same segment is also expected to cite the fastest CAGR of 7.4% from 2021 to 2030. This is attributed to biocompatibility and surface modification qualities.
Prominent market players-
- Bayer Ag
- Biocoat Incorporated
- Surmodics Inc.
- Covalon Technologies Ltd.
- Royal DSM
- Hydromer Inc.
- Kisco Ltd.
- Precision Coating
- AST Products, Inc.
- Harland Medical Services
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North America to dominate by 2030-
On the basis of region, North America contributed to the major market share in terms of revenue 2020, holding around one-third of the global medical device coating market, owing to rise in cases of hospital acquired infections (HAI) in the region. Asia-Pacific, however, is projected to cite the fastest CAGR of 7.8% from 2021 to 2030, due to surge in enhanced surgical practices and technological advancements in the province.
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