Medical Device Coating Market To Advance At CAGR Of 8.3% By 2027
Medical Device Coating Industry Overview
The global medical device coating market size is expected to reach USD 18.96 billion by 2027, expanding at a CAGR of 8.3% from 2020 to 2027, according to a report by Grand View Research, Inc. Rising demand for coatings to protect the surfaces of different medical devices, such as cardiovascular, neurovascular, and gynecological, is expected to drive the demand for medical device coating over the forecast period.
Medical Device Coating Market Segmentation
Grand View Research has segmented the global medical device coating market on the basis of product, application, and region:
Based on the Product Insights, the market is segmented into Hydrophilic, Antimicrobial, Drug-eluting, Anti-thrombogenic, Others.
In terms of revenue, antimicrobial coatings dominated the market with a share of 31.5% in 2019. This is attributed to their low cost and high compatibility with various device materials, including metal, plastic, carbon fiber, composite materials, and stainless steel.
Hydrophilic coatings are expected to expand at the fastest CAGR of 8.7% in terms of revenue from 2020 to 2027 owing to widespread usage in medical devices, including cardiac pacemakers and high lubrication. Furthermore, benefits including optical clarity and ability to with-stand maintenance procedures, such as storage, sterilization, and cleaning, will drive the product demand.
Based on the Application Insights, the market is segmented into Neurology, Orthopedics, General Surgery, Cardiovascular, Dentistry, Gynecology, Others.
The cardiovascular application segment held the largest revenue share of 26.4% in 2019 on account of the rising preference for implants and cardiac pacemakers. Furthermore, increasing demand for drug-eluting coatings for coronary stents will fuel the segment growth.
Increasing usage of these devices in light of growing geriatric population and unhealthy dietary habits, coupled with a sedentary lifestyle, will increase the occurrences of cardiovascular diseases. Furthermore, favorable government policies including reimbursement coverage and increasing healthcare spending will augment the growth of the cardiovascular segment over the forecast period.
In terms of revenue, general surgery emerged as the second-largest application segment in 2019 and is expected to witness significant growth in the forthcoming years. This is attributed to rising usage of the product in various parts including CPU, graphic cards, hard disks, and chipsets.
Other factors including rapid urbanization, rising income, and changing lifestyles will further augment the segment growth in coming years.
Medical Device Coating Regional Outlook
Central and South America
Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The overall market is fragmented due to the presence of large- and small-scale manufacturers. Medical device coatings manufacturers aim to intensify market positions by widening their customer base. Furthermore, these manufacturers are focusing on distribution, new product launches, technology licensing, contract manufacturing, mergers &acquisitions, and partnerships to gauge existing as well as future demand patterns from various application sectors.
Some prominent players in the global medical device coating market include
Specialty Coating Systems, Inc.
Covalon Technologies Ltd.
Order a free sample PDF of the Medical Device Coating Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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