Medical Device Coatings Market Size To Cross USD 15,000 Million by 2030, Says P&S Intelligence

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Aug 23, 2022, 11:30 ET

NEW YORK, Aug. 23, 2022 /PRNewswire/ -- According to the latest market research report published by P&S Intelligence, the medical device coatings market revenue is predicted to rise to $15,165.9 million by 2030 from $7,861.4 million in 2021, at a 7.6% compound annual growth rate.

The major drivers for the demand for such materials are the increasing preference for minimally invasive diagnostic and therapeutic procedures and surging frequency of nosocomial infections. The latter factor, especially during the pandemic, has made the application of anti-microbial coatings on medical devices necessary.

Moreover, the biggest reason for the medical device coatings market growth is the booming population, which is bringing with it a higher prevalence of all kinds of diseases. This is driving the construction of healthcare facilities, in turn, leading to an increasing demand for coated medical devices.

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A key trend in the domain is the catheters used in cardiology. With the rising incidence of CVDs, the volume of diagnostic and therapeutic cardiac procedures continues to burgeon. Catheters are utilized in a number of cardiological procedures, including ablation, stenting, aortic valve replacement, and occlusion.

Major Segments and Their Significant Categories

Under the material segment, the metals category holds the largest share as metal-coated devices are used in various areas of medicine. Examples include titanium-coated orthopedic implants, silver-coated implants for other areas, and gold-coated aortic stents.

The sale of coated medical implants had a medical device coatings market size of $4,886.2 million in 2021. Coatings are widely applied to implants to ensure they do not loosen up and detach and to reduce the chances of infections from them. For instance, osseointegration implants coated with titanium via the vacuum–plasma spraying process are widely popular.

Hydrophilic coatings are consumed in higher quantities because of their importance in guidewires as well as vascular delivery systems that utilize a catheter. This is because such coatings do not lead to a thrombus (blood clot) and are resistant to abrasion.

Demand Scenario of Medical Device Coatings in Different Regions

Owing to its vast and advanced healthcare industry, North America makes the greatest contribution to companies that manufacture medical-grade coatings. Moreover, the region is the largest hub for healthcare R&D, which is why any new medical technology, including multifunctional coatings, are adopted here first.

The next-most-significant region in the market is Europe, which has also been seeing constant advancements in its healthcare sector. Within the region, Germany is the largest consumer of medical device coatings because of its high count of CVD patients.

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During the forecast period, the APAC medical device coatings market is projected to have an 8.4% CAGR, the highest around the world. This is attributed to the huge pool of people suffering from every type of disease and the vast unmet need for quality healthcare. Thus, regional governments are investing significantly in the improvement of their healthcare infrastructure with coated medical devices and other advanced technologies.

Medical Coatings Market Segmentation Analysis

Coating Type Analysis

Hydrophilic
Hydrophobic

Material Type Analysis

Metals
Ceramics
Polymers

Device Type Analysis

General Surgery
Cardiovascular Devices
Orthopedics
Dentistry
Neurology
Gynecology

Application Analysis

Medical Implants
Medical Devices

Regional Outlook

North America

U.S.
Canada

Europe

Germany
U.K.
France
Italy
Spain

Asia-Pacific

Japan
China
India
South Korea
Australia

Latin America

Brazil
Mexico

Middle East and Africa

Saudi Arabia
South Africa
U.A.E.

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