Medical Device Coatings Market | Size, Industry Applications and 2023 Forecasts

Posted by Rishab Gupta on January 29th, 2020

Major Players:

  • Materion Corporation
  • Hydromer
  • Speciality Coating Systems
  • Sono-Tek Corp
  • Precision Coating Company
  • Royal DSM N.V
  • Biocoat Incorporated

Medical Device Coating Market is expected to grow at a CAGR of 5.16% to reach USD 10,109.7 million by 2023. The primary factors responsible for this growth includes the increasing geriatric population, growing demand for MISI (Minimal Invasive Surgical Instrument), and continuous innovation in the medical devices.

Medical Device Coating is an integral factor to ensure patient’s safety & the extended durability of the devices.  In addition to providing protection against susceptible attacks of various microbial factors and other pathogens, the coating also offers resistance to corrosion & friction, increasing the lubricity of the various types of devices and implants. Patient’s safety being a paramount concern, it drives the demand for the Medical Device Coating, in turn, driving the market growth pervasively.

Competitive Analysis

The market is demonstrating a huge deal of potential for increasing at an expedited pace. The product offering of the market has diversified tremendously as compared to the past few years, thereby making the market more lucrative for current and new contenders. The market is very well defined in terms of segments involving the products as well as the end users that are a part of the market. The market attractiveness and competitors’ dynamics are deeply enhanced by the strategies that are being employed by market players. The improved financial liquidity of the competitors in the market has increased thereby proving new opportunities for growth of the market. The long term sustainability of the market is however greatly dependent on the tactics and the strategic roadmaps that are employed by market players.

Segmental Analysis

The Segment – Antimicrobial by coating Types dominated the market with the largest share and is estimated to grow at a considerable CAGR during the forecast period.

Whereas segment Hydrophilic Coating will account for the dominating segment, expected to grow at 5.81% of a CAGR.

While Segment Cardiovascular by applications is expected to expand rapidly to reach USD 4,320.3 million by 2023 due to the wide penetration of medical devices in cardiac surgeries and pacemakers.

On the other hand, Segment Cardiology followed by orthopaedic and neurology segments will be registering a higher CAGR during 2017-2023.

Detailed Regional Analysis

The regional analysis of the Medical Device Coating Market globally is segmented into regions such as Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. The North American region is accountable for the principal market share as of 2016 and is estimated to develop at a substantial CAGR for the duration of the forecast period. The North American region is leading the market owing to the availability of considerable number of medical devices manufacturers in this region.

The North American region is trailed by the European region, which is responsible for the next major market share and it is expected to achieve USD 2,763.0 million by the end of 2023. Germany is responsible for the maximum market share in the European region and is estimated to continue its dominance through the forecast period due to elevated penetration of end user industries in the nation.

The Asia Pacific region is also a significant region in the medical device coating market, which is anticipated to develop at the top CAGR of 6.39 percent through the forecast period. China leads the Asia Pacific market in terms of both volume and value. The Asia Pacific region is followed by the Latin America and the Middle East & Africa region which anticipated to develop at a reasonable rate through the forecast period.

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Intended Audiences

  • Manufacturers and Distributors of Medical Device Coatings
  • Manufacturers and Distributors of Medical Device Coatings
  • Suppliers and Traders
  • Government, Associations and Industrial Bodies
  • Investors and Trade experts
  • Consulting in Chemical Experts

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Rishab Gupta

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Rishab Gupta
Joined: November 25th, 2019
Articles Posted: 303

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