With Market Size Valued at $15.6 Billion by 2026, it`s a Healthy Outlook for the Global Coatings for Medical Devices Market

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Mar 04, 2022, 10:10 ET

SAN FRANCISCO, March 4, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Coatings for Medical Devices - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
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Coatings for Medical Devices - FEB 2022 Report

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Edition: 18; Released: February 2022
Executive Pool: 9106
Companies: 85 - Players covered include AdvanSource Biomaterials Corp.; Allvivo Vascular, Inc.; Armoloy of Connecticut, Inc.; AST Products, Inc.; Biocoat, Inc.; Carmeda AB; Covalon Technologies Ltd.; Hemoteq AG; Hydromer, Inc.; Materion Corporation; N2 Biomedical; N8 Medical, Inc.; Precision Coating Co., Inc.; Royal DSM; Specialty Coating Systems, Inc.; SurModics, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Type (Anti-Microbial, Drug-Eluting, Hydrophilic, Other Types); Application (Cardiovascular, General Surgery, Orthopedic, Neurology, Dentistry, Gynecology, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Global Coatings for Medical Devices Market to Reach US$15.6 Billion by the Year 2026
Medical device coatings are intended to protect medical devices as well as improve device maneuverability and performance. Coatings play an important role in protecting devices from pathogens and microbial factors. Advanced medical device coatings offer enhanced dielectric properties, dry-film lubricity and high thermal stability. Medical devices used in clinical settings are required to work efficiently and safely. Factors like bodily fluids, moisture and water content contaminate life-saving devices, leaving them useless. In addition to supporting various substrates like plastics, metals, glass, silicon, ceramics and rubber, coatings allow medical devices to withstand cleaning and sterilization. These advantages establish medical coatings a perfect solution for a diverse range of devices like syringes, guide wires, hypo tubes, catheters, mandrels, sutures and stents. Growth in the market is being driven by robust demand, technological advances, rising geriatric population and growing prevalence of cardiovascular conditions. The global market is also buoyed by rising focus on quality healthcare services, increasing demand for minimally-invasive surgeries and need for timely diagnosis of medical conditions. While rising disposable incomes across emerging economies and popularity of home healthcare are pushing demand, increasing adoption of reliable life-saving devices in developing economies like Brazil, India and China is likely to fuel uptake of medical coatings.

Amid the COVID-19 crisis, the global market for Coatings for Medical Devices estimated at US$11.3 Billion in the year 2022, is projected to reach a revised size of US$15.6 Billion by 2026, growing at a CAGR of 8% over the analysis period. Anti-Microbial, one of the segments analyzed in the report, is projected to grow at a 8.5% CAGR to reach US$5.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Drug-Eluting segment is readjusted to a revised 7% CAGR for the next 7-year period. This segment currently accounts for a 28.3% share of the global Coatings for Medical Devices market. The introduction of drug-eluting stents (DES) contributed to transforming the medical field of interventional cardiology over the past decade. The DESs coated with a thin layer of the drug eluting material significantly decrease stent restenosis, and this prevents vessel revascularization in most cases.

The U.S. Market is Estimated at $4.5 Billion in 2022, While China is Forecast to Reach $1.6 Billion by 2026
The Coatings for Medical Devices market in the U.S. is estimated at US$4.5 Billion in the year 2022. The country currently accounts for a 39.96% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.6 Billion in the year 2026 trailing a CAGR of 10.1% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.3% and 6.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.9% CAGR while Rest of European market (as defined in the study) will reach US$1.2 Billion by the close of the analysis period. The US remains at the forefront of adoption of medical device coatings. The regional market is bolstered by advanced healthcare infrastructure and high spending on medical devices. The medical device coatings market in Asia-Pacific is projected to register the fastest CAGR over the analysis period due to increasing demand for advanced healthcare services and increasing number of hospitals.

Hydrophilic Segment to Reach $2.6 Billion by 2026
Hydrophilic coatings are widely used for medical devices like cardiac pacemakers, introducer sheaths, guide wires and catheters for reducing friction. The segment is slated to gain from numerous benefits of these coatings like low coefficient of friction, enhanced durability, high lubricity, optical clarity as well as ability to survive maintenance procedures including cleaning, sterilization and storage. Devices with hydrophilic surface coatings need to meet FDA biocompatibility standards prior to their use on patients. In the global Hydrophilic segment, USA, Canada, Japan, China and Europe will drive the 8.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.4 Billion will reach a projected size of US$2.5 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$158 Million by the year 2026, while Latin America will expand at a 10.4% CAGR through the analysis period. More

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