The global medical device coating market is estimated to be valued at US$ 13.60 billion in 2023 and is expected to exhibit a CAGR of 8.9% during the forecast period (2023-2030).
Analysts’ Views on Medical Device Coating Market:
Companies operating in the market are receiving approvals for products based on advanced coating technologies, which is driving the growth of the global medical device coatings market over the forecast period. For instance, in June 2020, Surmodics, Inc., a provider of medical devices and in vitro diagnostic technologies, announced that they had received CE Mark Certification for SurVeil drug-coated balloon (DCB) in the European Union. It is a next-generation device that is used for the treatment of peripheral artery disease (PAD) and is manufactured using an innovative process for ensuring coat uniformity.
Figure 1. Medical Device Coating Market Share (%), By Coating Type, 2023
Medical Device Coating Market– Drivers
ESTIMATED NEW CANCER CASES IN THE U.S. IN 2021
|Female Breast Cancer
|Lung & bronchus
|Melanoma of the skin
|Colon & rectum
Figure 2. Medical Device Coating Market Share (%), By Region, 2023
Medical Device Coating Market- Regional Analysis
Among regions, North America is estimated to hold a dominant position in the global medical device coating market over the forecast period. North America is estimated to hold 33.5% of the market share in 2023. The global medical device coating market is expected to witness significant growth in the coming years, owing to increasing research and development activities by key market players. For instance, in June 2021, Precision Coating Co., Inc.’s, a medical devices company’s, vice president discussed innovations in medical device coatings at a webinar. The webinar focused on technological innovation in medical device coatings such as MICRALOX, which offers several advantages such as a long-lasting and virtually indestructible surface and superior chemical and corrosion resistance.
Medical Device Coating Market– Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.
COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the U.A.E., Egypt, and others, are facing problems with the transportation of things from one place to another.
The COVID-19 pandemic had a negative impact on the global medical device coating market, as healthcare providers were facing challenges such as a lack of additional manpower, equipment, consumables, and other resources that are required to ensure safety in hospitals and to provide treatment to patients with other diseases. This negatively affected the overall healthcare market.
There was a delay in the supply of raw materials that are required to manufacture medical devices due to irregularities in the transportation system. Furthermore, due to the increasing number of patients suffering from COVID-19 and other life-threatening diseases, product distributors are seeing inconsistent demand for products from retailers.
Medical Device Coating Market Report Coverage
|Market Size in 2023:
|US$ 13.60 Bn
|Historical Data for:
|2018 to 2021
|2023 to 2030
|Forecast Period 2023 to 2030 CAGR:
|2030 Value Projection:
|US$ 24.70 Bn
AdvanSource Biomaterials Corporation (Mitsubishi Chemical America, Inc.), Specialty Coating Systems Inc., AdvanSource Biomaterials, AST Products, Inc., Biocoat Incorporated., Coatings2Go, Covalon Technologies Ltd., Harland Medical Systems, Inc., Hemoteq AG (Freudenberg Medical), Hydromer, Merit Medical Systems, PPG Industries, Inc. and Precision Coating Company, Inc.
|Restraints & Challenges:
Medical Device Coating Market Segmentation:
The global medical device coating market report is segmented into coating type, application, and region.
Among all the segments, the coating type segment has the highest potential due to the increasing growth strategies, such as product approval from the regulatory body and others, by key market players. For instance, on March 14, 2023, Biocoat Incorporated, a medical device company based in the U.S., announced that its HYDAK UV coating is being used on two medical devices that have been awarded FDA 510(k) clearance status.
Medical Device Coating Market- Cross Sectional Analysis:
The rising number of new medical device coating product launches in the North America region, is expected to propel market growth over the forecast period. For instance, in February 2020, Biocoat Incorporated announced the launch of Hydak UV.
The new coating enables flexible integration with UV coating techniques that are accepted in the medical device industry. It is based on the bi-laminar platform of Biocoat's current thermal heat-cure coating technology, which is employed on ophthalmic, neurovascular, and cardiovascular devices.
Medical Device Coating Market: Key Developments
Medical Device Coating Market: Key Trend
Increasing fundings by the market players
Increasing growth strategies by the market players, such as funding and others, are expected to drive growth in the market over the forecast period. For instance, on September 6, 2023, Bioretec Ltd, a pioneering company dedicated to advancing biodegradable orthopedic implants, announced that they had received a grant of a maximum of US$1.04 billion for its research and development (R&D) work from Business Finland’s Co-Innovation project funding for the period March 2023 – February 2025.
Medical Device Coating Market: Restraint
High Cost of Volatile Raw Material
Volatile raw material prices, which are used in coating medical devices, are expected to hinder growth of the global medical device coating market over the forecast period. Polymer resins, fillers, oil-and water-based solvents, and binders are the basic raw materials required in the manufacture of coatings. The most extensively used polymer resins are polypropylene derivatives, including acrylate, urethane, and alkyd resins. Furthermore, toluene, benzene, and isopropyl alcohol are the most widely used solvents, while hyaluronic acid and colloidal silver are used as binders. More than 40% of the raw materials used in coating manufacturing are petrochemicals. Price fluctuations in these raw materials, such as polypropylene and toluene, have occurred due to variations in crude oil prices.
To overcome this challenge, manufacturers can opt for alternative options such as polymers and others that are available on the market at low prices.
Medical Device Coating Market - Key Players
Major players operating in the global medical device coating market include AdvanSource Biomaterials Corporation (Mitsubishi Chemical America, Inc.), Specialty Coating Systems Inc., AdvanSource Biomaterials, AST Products, Inc., Biocoat Incorporated., Coatings2Go, Covalon Technologies Ltd., Harland Medical Systems, Inc., Hemoteq AG (Freudenberg Medical), Hydromer, Merit Medical Systems, PPG Industries, Inc. and Precision Coating Company, Inc.
*Definition: Medical device coatings are substances that enhance the maneuverability and performance of medical devices in various applications, such as neurology and others. These coatings reduce friction for catheters, guide wires, and other minimally invasive devices. Medical device coatings are primarily classified as lubricious, anti-microbial, drug-eluting stents, and parylene polymers. These coatings are primarily incorporated into class II and class III medical devices.
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