Medical Coatings Market

Medical Coatings Market Segmentation by Type (Anti-Microbial, Hydrophilic, Drug-Eluting, Anti-Thrombogenic, and Others); and by Application (Medical Device, Medical Implants, Medical Equipment & Tools, Protective Clothing, and Others) – Global Demand Analysis & Opportunity Outlook 2031

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Report ID: 3897 | Published On: Feb 06, 2023

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Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.


In The News

  • September 2020- Freudenberg Medical announced the acquisition of the dedicated manufacturing equipment and associated assets of the hypotube manufacturing business of Merit Medical Systems, Inc.

  • February 2020- Biocoat launched HYDAK UV, which is an innovative UV-curable hydrophilic coating solution for medical devices.


Global Medical Coatings Market Highlights Over 2022 - 2031

The global medical coatings market is estimated to garner a large amount of revenue by growing at a CAGR of ~20% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing awareness related to healthcare-associated infections (HCAI), and growing usage of minimally invasive surgical procedures globally. In 2018, robot-assisted surgeries accounted for more than 13% of all the general surgeries performed in the world, up from about 2% in the year 2012.

Along with these, rising demand for lightweight medical equipment that can navigate through complex procedures is also expected to drove market growth in the upcoming years. Furthermore, high requirement for quality healthcare, and escalating government expenditures in healthcare in developing nations are projected to offer lucrative opportunities to the market in the near future.

Medical Coatings Market

The market is segmented by application into medical device, medical implants, medical equipment & tools, protective clothing, and others, out of which, the medical device segment is anticipated to observe notable growth in the global medical coatings market. This can be accounted to the growing use of medical devices in developing nations, such as China and India, and rising production of devices, including catheters, in-vitro diagnostic devices, cannulas, and ventilators. Additionally, on the basis of type, the anti-microbial segment is predicted to acquire the largest share during the forecast period owing to the high compatibility of this coating with a variety of materials, that include carbon fiber, plastic and metal. Apart from this, surging utilization of microbial coatings in implantable devices is also evaluated to boost the market segment growth in the future. CLICK TO DOWNLOAD SAMPLE REPORT


Major Macro-Economic Indicators Impacting the Market Growth

Healthcare Expenditure per Capita, (USD), 2015-2018

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.


Global Medical Coatings Market Regional Synopsis

Regionally, the global medical coatings market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increasing number of hospitals, and growing investments to improve healthcare facilities in the region. Moreover, the market in North America is expected to grab the largest share during the forecast period ascribing to the rising adoption of advanced surgical treatments. In addition, high healthcare spending, and strong presence of market players in the region are also projected to drive market growth significantly in the near future. As per the Centers for Medicare & Medicaid Services, the healthcare spending in the United States grew 9.7% in 2020, reaching USD 4.1 trillion or USD 12,530 per person. As a share of the nation's Gross Domestic Product, health spending accounted for 19.7%.

Medical Coatings Market Share

The global medical coatings market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook


Medical Coatings Market
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Market Segmentation

Our in-depth analysis of the global medical coatings market includes the following segments:

By Type

  • Anti-Microbial
  • Hydrophilic
  • Drug-Eluting
  • Anti-Thrombogenic
  • Others

By Application

  • Medical Device
  • Medical Implants
  • Medical Equipment & Tools
  • Protective Clothing
  • Others

Growth Drivers

  • Increasing Awareness Associated with Healthcare-Related Infections (HCAI)
  • Growing Usage of Minimally Invasive Surgical Procedures Globally

Challenges

  • Fluctuation in the Prices of Raw Materials


Healthcare Expenditure per Capita, (USD), 2015-2018
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Top Featured Companies Dominating the Market

    • Koninklijke DSM N.V.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis 
    • Biocoat Inc.
    • Endura Coatings
    • Freudenberg Medical LLC
    • Harland Medical Systems Inc.
    • Hydromer Inc.
    • Materion Corp.
    • Merit Medical Systems Inc.
    • Precision Coating Co. Inc.
    • Surmodics Inc.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the medical coatings market?

Ans: The major factors driving market growth are increasing awareness associated with healthcare-related infections (HCAI), and growing usage of minimally invasive surgical procedures globally.

2) What would be the CAGR of medical coatings market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~20% over the forecast period, i.e., 2022-2031.

4) Which region will provide more business opportunities for growth of medical coatings market in future?

Ans: Asia Pacific will provide more business opportunities for market growth owing to the increasing number of hospitals, and growing investments to improve healthcare facilities in the region.

5) Who are the major players dominating the medical coatings market?

Ans: The major players in the market are Koninklijke DSM N.V., Biocoat Inc., Endura Coatings, Freudenberg Medical LLC, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the medical coatings market?

Ans: The market is segmented by type, application, and by region.

8) Which segment captures the largest market size in the type segment in the medical coatings market?

Ans: The antimicrobial segment is anticipated to hold largest market size in value and is estimated grow at a robust CAGR over the forecast period and display significant growth opportunities.

8) What are the challenges affecting the market growth?

Ans: Fluctuation in the prices of raw materials is estimated to hamper the market growth.

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