Medical Coatings Market Overview:
According to the USD Analytics published latest research report, the global “Medical Coatings Market” is expected to grow at a tremendous CAGR of 7% during the forecast period 2023-2030.
The medical coatings market refers to the industry that produces and supplies coatings specifically designed for medical devices, implants, and equipment. These coatings are applied to enhance the performance, functionality, and biocompatibility of various medical products.
The medical coatings market has experienced significant growth in recent years due to technological advancements, increasing healthcare expenditure, and rising demand for medical devices and implants. These coatings offer several benefits, such as reduced friction, improved lubricity, antimicrobial properties, biocompatibility, and drug delivery capabilities.
Market Drivers:
Increasing Use of Minimally Invasive Surgical Procedures to Encourage Lucrative Outcomes for Market Growth
Minimally invasive surgery refers to any surgical procedure that is performed via small incisions rather than a big opening. Because the surgeon may make fewer incisions, it needs a shorter recovery time and less pressure than standard open surgery while providing the same benefits. There has been a substantial increase in the acceptance of Minimally Invasive Surgery (MIS) during the previous two decades, and there is still a great opportunity for expansion in the future years.
The convergence of diverse technologies, mostly from the digital and electronic sectors, allowed device manufacturers to build smaller, more precise, and less expensive devices that are simpler to use for an expanding number of operations, which considerably aided the growth in the usage of MIS procedures. The rising prevalence of cardiovascular disease, arthritis, and cancer necessitates more complex surgical treatment, increasing the need for minimally invasive techniques. This has boosted the use of light medical equipment that may travel through intricate and sensitive parts of the body, such as intravascular catheters, balloon angioplasty catheters, implant delivery systems, delivery sheaths, and guide wires.
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High Demand from the Medical Device Industry to Boost Market
As a consequence of rising healthcare issues, there has been a rise in demand for medical devices that can traverse through complicated and sophisticated sections of the body, such as cameras, diagnostic tests, ventilators, surgical equipment, implants, and others. Hydrophilic coatings are used to make it easier to put these devices into twisted and narrow capillaries and to reduce tissue injury.
Higher degrees of experience, as well as surgical teams comprised of endoscopic surgeons and radiologists, are needed to undertake highly skilled tasks using specific instruments. Because visibility and range of motion are restricted, there is a greater requirement for specialist equipment and devices, such as visualization scanners, endoscopic cameras, nonmagnetic monitors, contrast injectors, specialty catheters, and costly robotic systems.
These advancements in surgical procedures, especially the adoption of MIS treatments, have significantly increased the need for surgical and medical equipment, driving up the demand for medical coatings. The healthcare sector has hastened the deployment of antimicrobial-protected instruments in order to offer a safe environment for patients and personnel. Modification of medical devices with medical coatings and biomaterials is one of the most efficient ways to prevent device-associated infections.
Market Restraints:
Raw material price fluctuations have a direct influence on the cost of coating manufacturing. Because several kinds of chemicals are required for assessing the qualities of the substrate to which the coating is to be applied, the constancy of their pricing aids in controlling the overall manufacturing costs of the coatings. The rising cost of raw materials like silicone rubber and PTFE is projected to limit demand for the product.
Covid-19 Impact Analysis:
COVID-19 has flipped industries and marketplaces throughout the globe on their heads, and the impact on the medical device sector has been particularly profound. While the pandemic had a mostly negative impact on many companies, the medical profession has had ups and downs since the outbreak.
Coatings and other industrial sectors received some reassurance on upcoming economic developments amid COVID-19. Furthermore, the COVID-19 pandemic showed the need to reduce microbial contamination on a variety of surfaces at many levels. The massive increase in demand for important appliances such as Personal Protective Equipment (PPE), ventilators, and diagnostic kits, along with the resultant scarcity of such items, compelled enterprises to do all they could to keep up the pace and satisfy the need. COVID-19’s spread has an effect on medical equipment producers. Furthermore, the sector faced significant supply chain disruptions as well as a slew of possible issues, including financial constraints and predicaments. Throughout the COVID-19 public health emergency, however, the FDA has made many efforts to assist ensure that patients and healthcare professionals have timely and ongoing access to high-quality medical devices in order to react effectively.
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Recent Industry Developments:
- November 2022: Biocoat Incorporated, a specialty manufacturer of hydrophilic biomaterial coatings, solutions, and dip-coating tools for medical devices, announced the strategic investment of GTCR in the company.
- April 2022: BioInteractions, a biomaterials technology firm based in the United Kingdom, introduced TridAnt, a revolutionary coating technology for medical devices that offers a fundamental breakthrough in infection prevention and pathogen protection.
Segmentation Analysis:
As per the research analysis, the global medical coatings market is segmented by chemistry into Silicon, Fluoropolymer, Parylene, and Others; by type into Anti-microbial Coating, Hydrophilic Coating, Anti-thrombogenic Coating, and Other Coating Types; and by application into Medical Device, Medical Implants, Medical Equipment and Tools, and Other Applications.
The antimicrobial coatings market is growing and is already worth billions of dollars. This industry is working to inhibit the formation of bacteria and germs on various surfaces.
Antimicrobial coatings reduce the need for harsh cleaning agents as well as the overuse of sanitizers and disinfectants. In addition, an antimicrobial coating is a chemical solution that is applied to a surface to prevent or inhibit the development of germs that cause illness and allergies.
These coatings and surfaces may protect against dangerous, disease-causing microorganisms while also increasing the durability, appearance, corrosion resistance, and cleanability of the surface. As a result, these coatings are widely utilized in the healthcare business.
Geographical Analysis:
The global medical coatings market is segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa.
North America Medical Coatings Market:
North America led the market in 2022. The increasing medical infrastructure and high penetration of innovative surgical procedures in the United States are projected to drive product demand in the future years. The United States is one of the largest marketplaces for medical devices, together with medical research and development centers, driving market expansion.
Competitive Landscape:
The major companies included in the global medical coatings market are DSM, AST Products, Inc., Hydromer, Precision Coating Company, Inc., and Biocoat Incorporated.
Related Reports:
Antimicrobial Coatings Market Report 2023 | Industry Insights 2030
Hydrophilic Coating Market Report 2023 | Industry Insights 2030
Medical Devices Market Report 2023 | Industry Insights 2030
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