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IN THE NEWSSeptember 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.
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
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%.
The global medical coatings market is further classified on the basis of region as follows:
Market Segmentation
Our in-depth analysis of the global medical coatings market includes the following segments:
By Type
By Application
Growth Drivers
Challenges
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing awareness associated with healthcare-related infections (HCAI), and growing usage of minimally invasive surgical procedures globally.
The market is anticipated to attain a CAGR of ~20% over the forecast period, i.e., 2022-2031.
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.
The major players in the market are Koninklijke DSM N.V., Biocoat Inc., Endura Coatings, Freudenberg Medical LLC, and others.
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.
The market is segmented by type, application, and by region.
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.
Fluctuation in the prices of raw materials is estimated to hamper the market growth.
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