Medical Device Coating Market To Generate $15,165.9 Million Revenue by 2030
- Published: July 2022
The medical device coating market size is expected to advance at a CAGR of 7.6% during 2021–2030, to reach $15,165.9 million by 2030. This is ascribed to the rise in the chronic disease and healthcare-associated infection prevalence and mass-scale development of healthcare infrastructure.
Other major factors that drive the market are the novel medical device development, stringent regulatory policies on health-related devices, and increase in the usage of implantable devices.
Moreover, the lucrative potential of the market in developing countries, including China and India, and the creation of multifunctional coatings will result in lucrative opportunities for the players.
The metal category occupied the largest share within the material segment, owing to the vast usage of such materials on medical devices.
APAC Market Offers Biggest Opportunities to Coating Manufacturers
Geographically, Asia-Pacific holds a significant medical device coating market share, and it is expected to continue exhibiting a similar trend over the forecast period. This is due to the growing number of healthcare facilities and strengthening focus of market players on expanding their operations in the region.
China is a lucrative market for medical device coatings owing to its sheer population. The number of patients suffering from chronic diseases is, resultingly, rather high, while the demand for cardiac devices and implants is increasing steadily.
As per a report published in 2020, around 79.7% of the deaths in China in people aged 60 and above are from chronic diseases, mostly ischemic heart disease, stroke, and chronic obstructive pulmonary disease.
Hence, the Asia-Pacific is set to reach $3,946.3 million by 2030, registering the highest CAGR in the forecast period. APAC countries represent significant opportunities for investors and venture capitalists due to the remarkable medical device coating and healthcare infrastructure development led by China, India, and Japan.
Hydrophilic Coatings Are Most-Widely Accepted
Most medical devices and instruments, such as catheter-based vascular delivery systems, employ hydrophilic coatings. However, the manner in which coated surfaces respond to fluids and the purpose of the coating are imperative to understand to ascertain the form of coating required for specific devices.
Hydrophilic coatings for medical devices are resistant to abrasion and non-thrombogenic. These coatings are suitable for vascular catheters, guidewires, and a range of other medical devices with polymeric and metallic surfaces. HYDAK coatings from Biocoat Inc. and ComfortCoat from Koninklijke DSM N.V. are some of the widely used hydrophilic coatings for medical devices.
The most-significant medical device coating market players are SurModics Inc., Sono-Tek Corporation, Koninklijke DSM N.V., Hydromer Inc., Biocoat Inc., Specialty Coating Systems Inc., Covalon Technologies Ltd., Materion Corporation, Precision Coating Company Inc., Freudenberg Medical Europe GmbH, Harland Medical Systems Inc., Medical Surface Inc., Merit Medical Systems Inc., and Allvivo Vascular Inc.