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The global coatings for medical devices market is expected to grow from USD 6.1 billion in 2020 to USD 9.8 billion in 2025 at a growth rate of 8.9%. The growth in this market is due to rising income levels in developing nations, increased percentage of geriatric population, and increased use of healthcare facilities. The growth of the medical coatings market can also be attributed to increased demand for minimally invasive surgical procedures.
Doctors use various techniques to operate with less damage to the body than with open surgery in minimally invasive surgery. This is because there is less pain in minimally invasive surgery, a shorter hospital stay, and fewer complications. This type of surgery has many benefits as compared to traditional open surgery techniques. And, this surgery also has a higher accuracy rate as compared to traditional open surgery.
The increase in the rise of diseases such as arthritis, cancer, and cardiovascular diseases, which require complex surgical treatment, has drastically increased the demand for minimally invasive procedures. Hence, there is a boost in consumption of lightweight medical devices, such as intravascular catheters, guidewires, balloon angioplasty catheters, delivery sheaths, and implant delivery systems that can navigate through complex and sensitive parts of the body. Such devices are increasingly used during minimally invasive procedures in cerebrovascular, cardiovascular, and peripheral vascular systems. These medical devices often have hydrophilic and hydrophobic coatings for easy insertion of such devices into narrow vascular areas with reduced tissue damage. Therefore, medical coatings play a major role in promoting cost efficiency and less time consumption and are highly preferred in these medical procedures. For example, medical coatings on devices for cardiac and urinary catheterization procedures significantly reduce the time taken for the concerned medical or surgical procedure. The manufacturing of medical coatings has huge up-front and continuing costs. As there are many expired or old patents, medical coating developers cannot develop new coatings based on past patents to avoid royalty. Therefore, to access such expired technology, up-front payment is required. This is restraining the growth of this market.
To enable the explosion of technology improvements, up-front costs and hassles need to be eliminated. This market is also restrained by the rising cost of raw materials, such as silicone rubber and PTFE. The applications of medical coatings are quite high due to their functional properties. Medical devices are used in the treatment, mitigation, diagnosis, and prevention of diseases and abnormal physical conditions; hence there is an increased focus on their advancement. Due to the continuous evolution of such devices, major focus areas are innovative imaging devices and systems, minimally invasive therapeutic products, combination device and drug/biological products, computerized devices and medical IT systems, home- and self-care products, patient monitoring systems, and artificial organs and organ-assistive products. A variety of materials are used to manufacture such devices since these devices have high degree of complexity. Moreover, the materials which are used to manufacture these devices are not necessarily biocompatible and hem-compatible. To give these devices desired properties, the demand for medical coatings is expected to increase.
Medical coatings can be required to cover the entire complex structure or just a part of the complex structure; thus a variety of materials are used in these medical devices. To demonstrate that such devices meet the required specifications, these medical devices need to undergo design verification tests. Moreover, the regulatory bodies necessarily do not approve coating separately. Medical Original Equipment Manufacturers (OEM) have various coating materials and methodology options to coat medical devices. The OEM benefit if the coating supplier is involved in the initial stage of the product development life cycle, which can positively impact development speed, efficiency, and cost. The coated devices need to be approved and cleared by regulatory bodies. To maintain high standards of quality, some coating manufacturers perform tests on their own. The passive coating segment in this industry has the largest overall share in this market. Hydrophilic coating is used widely on guidewires, catheters, and introducer sheaths to lower friction coefficient as these coatings have properties such as lubricity, durability, low friction coefficient, and low particulate count. The polymer-based medical coating is also used in medical devices, medical equipment & tools, protective clothing, and medical implants. Primary types of polymer coatings used on medical devices, medical implants, and other applications are fluoropolymers, silicone, parylene, and polyurethanes. The medical devices segment had the largest market share in the year 2019. North America accounted for the largest share of the medical coating devices in the year 2019. Due to increased spending in the healthcare industry market had high growth in this region i.e. North America.
Key Market Players
Market Segmentation of the Medical Coatings Market
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The report offers a comprehensive insight on the Coatings for Medical Devices Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
Exhaustive secondary research and in-depth primary interviews with industry experts has been conducted to present qualitative and quantitative insights in the report.
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