Coatings market for medical devices industry to grow by USD 3.9B

The coatings market for medical devices industry is expected to grow by USD 3.9 billion from 2022 to 2027, registering a CAGR of 7.15%, according to the latest research report from Technavio. The research report focuses on top companies and crucial drivers, current growth dynamics, futuristic opportunities, and new product/project launches.

Vendor landscape
The coatings market for medical devices industry is fragmented, with the presence of several global and local vendors. Rising investments in R&D have increased the competition among existing vendors. Vendors are also focusing on launching new variants of coatings. They offer products with moderate differentiation. The threat of rivalry was moderate in 2022 and is expected to remain the same during the forecast period. Some of the key vendors covered in the report include:

• Advanced Plating Technologies – The company offers biocompatible duplex gold plating, electrolytic, and electroless nickel plating for the medical device industry.
• Applied Medical Coatings LLC – The company offers hydrophobic coatings and antimicrobial coatings for the medical device industry.
• AST Products Inc. – The company offers RepelaCOAT antimicrobial coatings for the medical device industry.
• Biocoat Inc. – The company offers hydrophilic coatings and Hydak coatings for the medical device industry.
• Covalon Technologies Ltd.
• Endura Coatings
• Freudenberg SE
• Harland Medical Systems Inc.
• HTI Technologies Inc.
• Hydromer Inc.
• Katahdin Industries
• KISCO Ltd.
• Koninklijke DSM NV
• Materion Corp.
• Medical Surface Inc.
• Medicoat AG
• Merit Medical Systems Inc.
• N2 Biomedical LLC
• Sono Tek Corp.
• Surmodics Inc.

Key market segmentation

• Application
  • General surgery
  • Cardiovascular
  • Orthopedics
  • Dentistry
  • Others

• Type
  • Antimicrobial coating
  • Drug-eluting coating
  • Hydrophilic coating
  • Others

• Geography
  • North America
    • The U.S.
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

By application, the market growth in the general surgery segment will be significant during the forecast period. Factors such as the aging population, increasing birth rate, and advances in medical technologies are increasing the number of surgeries worldwide. This has led to a rise in the demand for medical devices such as forceps, spatulas, retractors, clamps, suction tubes, and needle holders. In addition, the growing emphasis on early diagnosis has increased the demand for various diagnostic devices. All these factors are driving the growth of the segment.

Regional market outlook
North America will account for 37% of the market growth during the forecast period. The growth of the regional market can be attributed to factors such as the aging population, technological advancements, and increasing awareness regarding minimally invasive surgeries. Besides, the increasing awareness about healthy lifestyles among the population is encouraging people to undergo regular tests and check-ups. This has increased hospital visits and surgeries, thereby driving the demand for coatings for medical devices in North America.

Market dynamics

• Driver – The market is driven by the growing demand for cardiovascular and orthopedic implants. The rise in the aging population and the high prevalence of obesity have increased the demand for orthopedic and cardiovascular medical devices. The increased demand has encouraged many vendors to launch new and innovative medical implants and devices. For instance, in February 2021, Medtronic launched TYRX Absorbable Antibacterial Envelope. It is an absorbable, single-use, and antibacterial envelope designed to stabilize a cardiac implantable electronic device. Medical implants are made of stainless steel, ceramic, or titanium with a coating of hydroxy hepatite and ceramic materials to prevent internal infection. Thus, the growing demand for cardiovascular and orthopedic implants will drive the growth of the market during the forecast period.
• Trend – Increased awareness of minimally invasive surgeries is identified as the key trend in the market. The growth in literacy rates and globalization has increased the awareness of minimally invasive surgeries among patients. These surgeries offer benefits such as smaller incisions, increased safety, decreased scarring, and faster recovery. Minimally invasive procedures involve smaller incisions, which results in less skin and soft tissue trauma, low chances of infections, and less blood loss. The popularity of minimally invasive procedures is further increasing owing to other benefits such as low cost, low chances of infection, and quick recovery time. All these factors are increasing the demand for medical devices, which is positively influencing the market growth.
• Challenge – Stringent government regulations are expected to hinder market growth over the forecast period. Regulations regarding the use of coatings in medical devices are becoming more stringent. For instance, the US FDA has introduced several regulations for medical devices and coatings regarding their safety and effectiveness. Medical device manufacturers are compelled to fulfill the regulations set by such authorities. In addition, regulations vary from one device to another, and the devices with high risks have more stringent regulations. Such factors reduce the growth potential of the market.

Technavio