Medical Grade Coatings Market By Material Type (PTFE, PVDF, Silicone), Application (Cardiovascular, Orthopedics, Neurology), Type (Hydrophilic, Hydrophobic, Anti-Microbial) & Region - Forecast to 2021- 2031
Medical Grade Coatings Market - Analysis, Outlook, Growth, Trends, Forecasts
- April 2021
- 293 pages
- Chemicals & Materials
About the Report
[293 Pages Report] The global market of medical grade coatings is anticipated to grow at a significant rate between 2021 and 2031 owing to its crucial role in various tools, medical devices and equipment for surgeries and treatment in the healthcare sector. Various tools, equipment, and devices used in surgeries of cardiovascular, neurology, in oral treatment, in general surgery, and in various other medical treatment require medical grade coatings. These coatings make medical equipment and devices corrosion and friction resistance and keep them free from microbes and pathogens. The expansion of the healthcare sector will therefore fuel the demand for medical grade coatings in the coming years.
In ESOMAR-certified Market Research Company and consulting firm Future Market Insights (FMI) in its new study offers key insights and key factors driving the growth of the Medical Grade Coatings market. The report tracks the global sales in more than 20 high-growth markets for Medical Grade Coatings. Further, analyzing the impact of the COVID-19 Pandemic on various application segments such as, in the surgeries, on the tools, equipment and devices used for various types of treatments and surgeries in general, and for Medical Grade Coatings in particular.
How Historical and Future Outlook for Medical Grade Coatings Market Match Up?
Medical grade coatings consumption is anticipated to grow by 1.9X over the assessment period owing to increasing demand from various application segments. The expansion of the healthcare sector is expected to bode well for the market. The report predicts solid growth of the market, driven by increasing use of medical grade to protect surgery and treatment devices and tools.
On the basis of geographical outlook, North America and Europe are expected to remain the dominant regions in the market and are expected to maintain their position throughout the assessment period. This dominance of these regions, especially North America is estimated to continue owing to the increasing investment in the healthcare sector and expansion of the pharmaceutical sector. Moreover, the increasing investment by regional governments in the medical sector is one of the key factors enabling sales in the region.
Prominent market participants are expanding their market presence by acquiring small and medium size players. They also are investing in research and development of innovative and advance products to cater the growing demand from the various application segments.
According to FMI’s analysis, medical grade coatings sales is estimated to grow at 6.7% CAGR over the assessment period. Medical grade coatings are used in the coating of various tools, equipment, and devices, which are used across medical practices such as, general surgery, neurology, dentistry, orthopedics and many others. These coatings are anti-fungus, anti-bacterial and anti-pathogen, resistant to corrosion, friction less and do not cause harm to the internal organs and glands. These type of coatings are further used in the clothes those are wear by the surgeons during the time of several operations.
The ongoing COVID-19 pandemic has benefitted the market for medical grade coatings to certain extent owing to the increase in the number of patients suffering from respiration issues, which fuelled the demand for various critical medical equipment.
Irrespective of the pandemic, which transformed into a global emergency, incidence of various chronic ailments continued to rise. This resulted in the increase in the investment in the medical field. It is anticipated to boost the market of medical grade coatings in the coming years. Further, the increase in the investment by regional governments also has benefitted the market.
How is R&D Key to Increasing Medical Grade Coatings Sales?
Investment in research and development (R&D) of advance and innovative products has been increasing. This is also because there is increasing focus on catering to the demand for biocompatible and biodegradable products in the medical sector. Soaring carbon footprint is responsible for the trend, which is unlikely to slow down in the coming years.
Key market participants generally invest about 4 to 6% of their revenue in R&D activities to develop advance technologies and keep pace with evolving trends within the industry. Emerging field of nanotechnology is anticipated to play a significant role in research and development activities conducted on medical grade coatings.
The rising demand for materials to ensure improved efficiency of the tools, device, or equipment to be used will bode well for the market.
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
How is the need for Biocompatibility in the Medical Devices Driving Demand?
Biocompatibility is one the most critical criteria that medical devices should fulfill before being certified safe for sales and for use in the healthcare industry. Biocompatibility is defined as the compatibility of a medical device, tool or equipment with the human biological system and those that do not cause any harm to the internal organs of a human body.
Biocompatibility requirements are even more stringent for medical devices that are meant for surgical applications and those used as implants. Some of the common examples are orthopedic implants, stents, and pacemakers among others. Medical grade coatings are used for improving the biocompatibility of the medical devices, tools and equipment, making them safe for human use.
For example, in angioplasty procedures and the implantation of stent trigger body responses leading to restenosis in the arteries. To overcome these problems, drug eluting coatings have been used to coat metal stents to allow the controlled release of drugs that inhibit the restenosis process. Similarly, medical grade coatings are used to coat devices whose substrate materials may harmfully react with body tissues or fluids. Thus, the role of medical grade coatings in improving the biocompatibility of medical devices is a key factor in market growth.
What are Affecting Medical Grade Coatings Sales in China?
China is forecast to remain one of the fastest growing markets of medical grade coatings during the forecast period. The country is estimated to hold account for more than half of the market share in East Asia. According to the World Bank, the healthcare spending in China accounted for 5.3% of the GDP. With healthcare expenditure forecast to increase in China, the demand for medical grade coatings will rise in response.
What are Growth Projections for the U.S. Medical Grade Coatings Market?
North America is anticipated to remain a dominant in the global market, especially due to the increasing demand from the U.S. pharmaceutical and medical sector. According to the Centers for Medicare and Medicaid Services, the health care spending in the U.S. grew by 4.6% in 2019, reaching US$ 3.8 trillion. With focus on healthcare and modern treatment poised to surge, the U.S. will emerge as a highly lucrative market for medical grade coatings.
Advancements in products are expected to be achieved by the country due to the presence of skilled labors, excellent researchers, and growing field of biotechnology, and nanotechnology. FMI has projected the U.S. medical grade coatings market to account for more than one-fourth volume share in the global market.
How is Expansion of Private Healthcare Sector Enabling Growth in India?
The demand for medical grade coatings is expected to rise considerably in India during the assessment period owing to significantly growing private healthcare sector, as public health facilities are already overstretched. Following the COVID-19 outbreak, the healthcare expenditure of the country is expected to grow substantially which will benefit medical grade coatings manufacturers in the coming years. Moreover, the growing demand of various medical tools, devices and equipment from hospitals is projected to boost the market in near future.
How Big is the Opportunity in GCC Countries?
The improving facilities in the medical field and expanding infrastructure of hospitals are anticipated to boost the market of medical grade coatings in the GCC countries in the coming years. The GCC Countries are estimated to contribute about two fifth of the overall market share in the MEA medical grade coatings market. GCC Countries are further estimated to grow at a considerable rate due to the increasing investment in healthcare facilities and urbanization.
Why is PTFE More Preferred Material?
Polytetrafluoroethylene (PTFE) medical grade coatings segment is estimated to hold around one third of the market share. PTFE is further estimated to remain one of the fastest growing segments in terms of materials in the market. PTFE coated tools, equipment or devices are highly resistant to corrosion. They also offer excellent heat and friction resistance, which is expected to seal its dominance in the market.
Which is the key application of medical grade coatings?
The general surgery segment is anticipated to exhibit significant growth e in the coming years, owing to the substantial use of various medical tool, equipment, and devices. As the segment encompasses treatment and surgery conducted for various health conditions, including maladies affecting gall bladders, stomach, small and large intestine, pancreas, and other organs and glands. The demand for various types of tools and devices is expected to increase for use in general surgery, thus fuelling the demand for medical grade coatings.
Why is Drug Eluting Coating More Preferred?
Drug eluting coating segment is expected to remain preferred grade. The segment is further anticipated to exhibit considerable growth in the coming years owing to its increasing use of drug eluting grades for treatment of various ailments. With the growing patients of this category, the sector is going to gain a significant business opportunities over the forecast period. Further, growing investment and study in the nanotechnology is expected to drive growth in the drug eluting segment in the coming years.
Which is the key Formulation of Medical Grade Coatings?
Powder coatings are expected to remain the key formulation in the market for medical grade coatings owing to easy maintenance, easy use, and effectiveness. The segment is also estimated to witness a significant growth over the forecast period. Powder coating is typically applied electrostatically and then cured under heat or with ultraviolet light on the medical device, equipment, and tools. The growing demand of special formulation, is expected to fuel the demand for powder coatings in the coming years.
Key players are focusing on research and development activities to introduce new and innovative products, solutions, and technologies. The global medical grade coatings market can be considered as oligopolistic due to the presence of a considerable number of players across the globe, accounting for a considerable volume of share. There is increasing focus on collaboration and acquisitions to increase market presence.
List of some of the key companies operating in the market includes:
- Medtronic PLC
- Koninklijke DSM NV
- SurModics, Inc.
- Speciality Coating Systems Inc.
- Precision Coating Co. Inc.
- Biocoat Inc.
- Covalon Technologies Ltd.
- Harland Medical Systems Inc.
- Hydromer Inc.
- Medicoat, Inc.
- AST Products Inc.
- Aculon Inc.
*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report.
Scope of the Report
Historical Data Available for
USD Million for value and Kilo Tons for Volume
Key Regions Covered
North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa
Key Countries Covered
US, Canada, Brazil, Mexico, Germany, U.K., France, Italy, Spain, Benelux, Russia, China, Japan, South Korea, India, ASEAN, GCC Countries, Turkey, North Africa, South Africa
Key Segments Covered
By Material, By Type, By Application, By Formulation
Key Companies Profiled
Market Forecast, brand share analysis, competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives
Customization & Pricing
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- Is this research conducted by Future Market Insights?
Yes, the research has been conducted by expert analysts of Future Market Insights through a combination of primary research and secondary research. To know more about how the research was conducted, you can speak to research analyst
- What research methodology is followed by FMI?
FMI follows a methodology that encompasses demand side assessment of the market, and triangulates the same through supply side analysis. This methodology is based on use of standard market structure, methods and definitions. Request detailed methodology
- Who are the respondents for primary research?
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- What are the sources of secondary research?
FMI conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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Medical Grade Coatings Market by category
- General Surgery
- Drug Eluting
- Solvent Based
- Water Based
- Powder Coating
- North America
- Latin America
- East Asia
- South Asia Pacific
- Middle East and Africa