Medical Coatings Market Trends, Business Overview, Industry Growth And Forecast by 2029
The global medical coatings market size was valued at USD 3.95 billion in 2021. The market is projected to grow from USD 4.27 billion in 2022 to USD 8.20 billion by 2029, exhibiting a CAGR of 9.8% during the forecast period. The increasing preference for antimicrobial coatings over disinfectants and other cleaning agents will enable speedy expansion of the market, The market size stood at USD 3,690.0 million in 2019.
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The report on the medical coatings market features:
- Wide-ranging analysis of the market
- Crucial facts about prominent players
- Leading regions in the market
- Key drivers and trends
- Significant development
- Market challenges and restraints
- Coronavirus effect
Surging Minimally Invasive Surgical Procedures to Incite Market Development
The increasing number of minimally invasive surgeries around the world will spur opportunities for the market in the forthcoming years. The growing shift from traditional surgical procedures to less invasive medical procedures owing to its better accuracy rate will bolster the healthy growth of the market. The increasing incidence of arthritis, cancer, and cardiovascular diseases can have a tremendous impact on the global market. Furthermore, the utilization of light medical instruments such as balloon angioplasty catheters, intravascular catheters, delivery sheaths, guide wires, and implant delivery systems that can pass through complicated and vulnerable areas of the body, which, in turn, will improve the prospects of the market. Their wide use in cerebrovascular, coronary, and peripheral vascular systems during minimally invasive procedures can promote the growth of the market. Besides, the increasing use of such coatings on medical instruments for cardiac and urinary catheterization operations to reduce time consumption will effectively propel the growth of the market in the forthcoming years.
Heavy Demand for Medical Devices to Aid Market amid Coronavirus
The mounting demand for medical equipment such as PPE (Personal Security Equipment), ventilators, and diagnostic kits among healthcare professionals will ultimately enhance the progress of the market during coronavirus. The need for test kits and ventilators has posed enormous pressure on the medical industry. The European Commission has recently introduced updated harmonized guidelines to speed up the development of surgical masks, gloves, containers for intravenous injections, sterilization instruments, and disinfectants. However, the existing supply chain problems related to the pandemic can relatively affect the market amid coronavirus.
Emphasis on Value Chain Activities by Industry Players to Fortify Business
Prominent companies are now searching for ways to strategically improve their value chain activities. These initiatives will help companies to cater to the growing global demand, boost productivity, strengthen their sales and market presence, produce new goods and technology, and reduce their cost of production and grow their customer base.
Rising Prevalence of Cardiovascular Diseases to Enable Growth in Europe
The market in Europe is expected to hold the largest share owing to the increasing prevalence of arthritis, cancer, vascular diseases, cardiovascular diseases, and cerebrovascular conditions. The growing number of minimally invasive procedures and surgeries will foster growth in the region. Asia Pacific is expected to expand radically during the forecast period owing to the growing demand for medical devices and tools such as ventilators, endotracheal tubes, catheters, guidewires, angioplasty catheters, delivery heaths, artificial implants, and others. The surging cases of coronavirus in China, India, and Pakistan will spur demand for medical coatings, which, in turn, will stimulate the growth of the market in Asia Pacific.
April 2020: Hydromer announced that it has signed a partnership agreement with and N8 medical to bring ET coated tubes for COVID-19 patients. Hydromer will be the exclusive supplier for coatings as well as manufacturing partner for N8’s medical CeraShield Endotracheal tube.
The Report Lists the Key Companies in the Medical Coatings Market:
- Hydromer (New Jersey, U.S.)
- Harland Medical Systems (Minnesota, U.S.)
- Surmodics, Inc. (Minnesota, U.S.)
- DSM (Heerlen, Netherlands)
- AST Products, Inc. (Massachusetts, U.S.)
- Biocoat Incorporated (Philadelphia, U.S.)
- Precision Coating Company, Inc (Massachusetts, U.S.)
- Medicoat AG (Mägenwil, Switzerland)
- Merit Medical Systems, Inc. (Utah, U.S.)
- Specialty Coating Systems Inc. (Indianapolis, U.S.)
- Other Key Players
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