The market is expected to generate an incremental $ opportunity of US$ 4,196.6 Mn between 2022 and 2032
Category: Chemicals & Materials Published Date : October 2022 ID: CVC-00310 Format: PDF Pages: 289
Global Medical Grade Coating Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Medical Grade Coating Market was worth US$ 4,178.9 Mn and is expected to grow at a CAGR of 7.2% over the forecast period. While the historical CAGR is 6.1%, the market is expected to hit US$ 8,375.5 Mn by 2032 end.
The growing demand for medical devices and the expansion of the scientific devices zone in various regions have increased opportunities for the clinical-grade coatings market. While demand in developed countries will remain strong, stagnation in certain pockets will force market participants to look for opportunities in emerging economies. Given the prevalence of unmet medical needs and the increased emphasis on expanding the healthcare sector, medical-grade coatings manufacturers will find a favorable environment for growth in emerging markets.
Due to their critical function in various tools, medical devices, and equipment used in surgeries and other medical procedures, medical-grade coatings are expected to experience significant growth on a global scale. Medical grade coatings are necessary for various instruments, machinery, and devices used in general surgery, oral surgery, cardiothoracic surgery, and other medical procedures.
These coatings make medical devices and equipment corrosion, friction-resistant, and pathogen- and microbe-free. Therefore, the need for medical-grade layers in the upcoming years will be fueled by the growth of the healthcare industry.
The following key factors will contribute to the growth of the global medical grade coatings market:
INCREASING USE OF MINIMALLY INVASIVE SURGICAL PROCEDURES AIDS THE MARKET GROW
Doctors operate with less harm to the body during minimally invasive surgery than they would during open surgery. There is less discomfort, a shorter hospital stay, and fewer complications with minimally invasive surgery. Compared to more conventional open surgery methods, this kind of surgery has many advantages. Additionally, it frequently gives a higher accuracy rate than open surgery. Less invasive medical techniques are becoming more and more valued over traditional surgical procedures.
The demand for minimally invasive procedures has increased as difficult surgical treatments for conditions including arthritis, cancer, and cardiovascular disease become more common. This has increased the demand for lightweight medical devices that can pass through intricate and delicate body components, such as intravascular catheters, guidewires, balloon angioplasty catheters, delivery sheaths, and implant delivery systems. These tools are frequently used in peripheral, cardiovascular, and cerebrovascular minimally invasive operations.
HIGH UPFRONT COSTS AND INCREASING RAW MATERIAL PRICES HAMPER THE MARKET
The production of medical coatings is extremely expensive, both initially and over time. Medical coating inventors are not permitted to create new layers based on older or expired patents to avoid paying royalties because there are so many in this industry. Therefore, to utilize outdated technologies, upfront expenditures are necessary.
This aspect is preventing this market’s expansion. The rapid advancement of technology is anticipated to be made possible by eliminating all the upfront expenses and difficulties. Creating new medicinal coatings includes expensive legal wrangling, nondisclosure contract signing, and other costs. The medical coatings market’s growth is also somewhat constrained by the rising cost of raw ingredients like silicone rubber and PTFE.
Market Segments Covered in Report
By Coating Type:
By Material Type:
By Region and Country:
Which segment of the coatings market is growing in demand?
Antimicrobial coatings dominated the market in sales, with a share of 31.6%. Their low price and great compatibility with different device materials, including metal, plastic, carbon fiber, composite materials, and stainless steel, are ascribed to this. The segment will also grow due to rising R&D efforts and increasing implanted device adoption.
Growth is driven by technological advancements, consumer awareness of the benefits of antimicrobial coatings, and the need to combat pathogen resistance to antibiotics. Markets in Asia-Pacific and the Middle East will be hotspots, while Europe will experience slow growth due to rising cost pressures and a maturing market. To stay competitive in a highly fragmented market, medical device manufacturers are increasingly collaborating with various supply chain entities, particularly coating service providers.
Which Application is anticipated to grow faster throughout the projected period?
Due to the growing popularity of implants and cardiac pacemakers, the cardiovascular application sector had the highest revenue share (26.7%) of all the market segments. The market will also rise due to rising demand for drug-eluting coatings for coronary stents.
Increased use of these gadgets in conjunction with an aging population, bad eating patterns, and a sedentary lifestyle will increase cardiovascular disease incidence. Furthermore, the cardiovascular segment will rise over the projected period due to favorable government policies, such as reimbursement coverage and growing healthcare spending.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, the Middle East, and Africa.
Key players are concentrating on research and development initiatives to introduce new and innovative products, solutions, and technologies. Due to a sizable number of companies worldwide that collectively account for a sizable portion of the industry, the global medical-grade coatings market can be characterized as oligopolistic. The importance of partnerships and acquisitions to expand market presence is rising.
The key developments in the Global Medical Grade Coating Market are:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2030|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Coating Type, Material Type, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|