Global Medical Coatings Market Size, Trends & Analysis - Forecasts to 2026 By Type of Coating (Active coatings, and Passive coatings); By Type of Material (Polymers, Metals, and Other Materials); By Application (Medical Devices, Medical Implants, Medical Equipment & Tools, Protective Clothing, and Other Applications); By Region (North America, Europe, Asia Pacific, MEA, CSA); End-User Landscape, Vendor Landscape, and Company Market Share Analysis & Competitor Analysis
Medical Coatings Market Insights
The global medical coatings market will have exponential growth of CAGR 17.17% during the forecast period (2020-2026). To maintain the efficiency and effectiveness of the work, medical devices and electric components are protected from contamination, moisture, bodily fluid, and electrical discharge. Medical coatings are proved to provide sterilization to substrates such as metal, glass, plastic, ceramics, and silicon rubber. Extensive use of medical instruments such as sutures, hypo tubes, syringes, catheters, and stents by the medical and healthcare sector is the primary propeller of the medical coatings market. The increasing percentage of the age-old population and home-based healthcare facilities especially in economically stable regions of the globe are further creating opportunities for the coatings market. Also, the adoption of minimally invasive surgical procedures over conventional surgical methods is expected to build the potential business of the medical coating market in the coming period.
However, product aging, the threat of substitutes, short shelf life, and rising cost are the chief hurdles restricting the coating market growth. An on-going global pandemic affects the short-term profit of the medical coating market due to the temporary shutdown of manufacturing industries which leads to blocking supply chain, storage & shipping complication of raw materials.
Medical Coatings Market: By Type of Coating
Active coatings and Passive coatings are the sections based on the type of coating market. The passive coating is the largest shareholder of the medical coating market. Hydrophilic coating provides properties like a lower coefficient of friction, durability, and lubricity to substrates like stents, catheters, guide wires. The water or fluid repellent properties of the hydrophobic coating and minimal invasion with the effortless installation of the medical device into biological openings is exhibited by hydrophilic coating thus creating large application opportunities for the passive coating market business.
Medical Coatings Market: By Type of Material
Based on the type of material the market is sub-categorized into polymers, metals, and other materials. Polymer materials are expected to show the fastest market growth in the projected time frame. The application versatility of polymer materials among medical equipment & tools, medical instruments, and implants is propelling the market of the material. Low cost, easy availability, multi-functionality, and properties like maximum durability, corrosion resistance with a minimum coefficient of friction are reinforcing the global polymer market.
Medical Coatings Market: By Application
Based on the application, the medical coating market is explained into medical devices, medical implants, medical equipment & tools, protective clothing, and other applications. The medical devices segment ruled the 2019 medical coating market and an increment in demand from various economically stable regions is expected to build the segment market in the forecast period. The demand and market of medical devices such as catheters, ventilators, infusion pumps, cannulas, and other devices have increased owing to the global pandemic in the severely affected regions.
Medical Coatings Market: By Region
APAC is the major segment which contributes maximum revenue to the medical coating market. An increase in the geriatric population percentage, improvement and demand of home-based healthcare services, the economic stability of the region and ameliorate healthcare infrastructure of both government and private sectors are the accelerating factors responsible for the segment growth. Countries like China, India, and South Korea are among the major COVID-19 influenced countries which lead to increase demand and growth rate of medical devices in the entire region.
Medical Coatings Market Share and Competitor Analysis
The key players operating in the market include DSM Corporation, SurModics, Inc., Hydromer, Inc, Biocoat Inc., Specialty Coating Systems Inc., AST Products, Inc., Medicoat AG, Mercer County Technical Education Center (MCTEC), Sono-Tek Corporation, and Precision Coating Co., Inc, among others.
Please note: This is not an exhaustive list of companies profiled in the report.
In February 2020, Biocoat Inc launched HYDAK UV, which is manufactured using hydrophilic coating for medical instruments. The new product is designed to treat using UV build on a proven bi-laminar platform.
In August 2020, Hydromer, Inc, experimentally demonstrated the ability of N8 medical’s CeraShield to reduce the growth of COVID-19 virus on the test tube.
Check the Press Release on Global Medical Coatings Market Report
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The Global Medical Coatings Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Medical Coatings Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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