Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Medical device coatings are substances that enhance the maneuverability and performance of medical devices. These coatings reduce friction for catheters, guidewires and other minimally invasive devices. Medical device coatings are primarily classified as lubricious, anti-microbial, drug-eluting stent, and parylene polymer. These coatings are primarily incorporated on class II and class III medical devices.
The global medical device coatings market is estimated to be valued at US$ 11,536.9 million in 2021 and is expected to exhibit a CAGR of 8.5% over the forecast period (2021-2028).
Companies operating in the market are receiving approvals for products based on advanced coating technologies which is driving the growth of medical device coatings market through the forecast period. For instance, in June 2020, Surmodics, Inc. a provider of medical device and in vitro diagnostic technologies, received CE Mark Certification for SurVeil drug-coated balloon (DCB) in the European Union. It is a next-generation device which is used for treatment of peripheral artery disease (PAD) which is manufactured using innovative process for ensuring coat uniformity.
Moreover, key players operating in the medical device coatings market are using several business development strategies such as acquisition, mergers and collaboration for expanding their product offerings. For instance, in November 2020, Advanced Medical Solutions Group plc acquired Raleigh Adhesive Coatings Limited, a medical device coating company. The acquisition strengthened company’s position in woundcare sector by expanding their in-house specialist services such as acrylic & silicone coating, bulk materials converting capabilities and perforation processing among others.
Furthermore, the technological innovation in medical device coating can be further attributed to boost the market growth. For instance, in June 2021, Precision Coating Co., Inc.’s vice president discussed innovations in medical device coatings at a webinar. The webinar focused on technological innovation in medical device coating such as MICRALOX which offers several advantages such as long-lasting and virtually indestructible surface, and superior chemical & corrosion resistance surface.
North America held dominant position in the global medical device coatings market in 2020, accounting for 42.9% share in terms of volume, followed by Europe and Asia Pacific, respectively. The growth in this region is owing to factors such as increasing prevalence of cardiovascular diseases, favorable regulatory policies and presence of advanced healthcare infrastructure among others.
Figure 1. Global Medical Device Coatings Market Value (US$ Mn), by Region, 2020
Global Medical Device Coatings Market: Drivers
High prevalence of urinary tract infections (UTI) is expected to propel growth of the global medical device coatings market over the forecast period. For instance, according to the study “Prevalence of Bacterial Urinary Tract Infections and Associated Factors among Patients Attending Hospitals in Bushenyi District, Uganda”, published in February 2019, the prevalence of UTI was 32.2% among the study.
Moreover, increasing prevalence of chronic diseases is also expected to boost demand for medical device coatings. For instance, according to the American Heart Association's Heart and Stroke Statistics 2019 Update, around 48% of all adults in the U.S. suffered from some type of cardiovascular disease in 2016.
Global Medical Device Coatings Market: Opportunities
R&D in medical device coatings is expected to offer lucrative growth opportunities for players in the global medical device coatings market. For instance, in January 2019, researchers from National Research Center Kurchatov Institute, Russia, reported assessment of electrochemical properties of thin-film materials for coating cardiac stimulator electrodes.
Moreover, approval and launch of drug-eluting stent (DES) systems is also expected to boost demand for medical device coatings. For instance, in February 2019, Biotronik SE & Co. KG received the U.S. Food and Drug Administration’s approval for its drug-eluting stent system for the treatment of patients with coronary artery disease. The DES is used during PCI and elutes sirolimus through a bioabsorbable polymer coating.
Medical Device Coatings Market Report Coverage
||Market Size in 2021:
||US$ 11,536.9 Mn
|Historical Data for:
||2017 to 2020
||2021 to 2028
|Forecast Period 2020 to 2027 CAGR:
||2028 Value Projection:
||US$ 20,393.8 Mn
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East: GCC Countries, Israel, and Rest of Middle East
- Africa: South Africa, North Africa, and Central Africa
- By Product Type: Hydrophilic, Antimicrobial
- By Application: General Surgery, Cardiovascular Surgery
AdvanSource Biomaterials Corporation, AST Products, Inc., BioCoat, Inc., Coatings2Go, LLC, Covalon Technologies Ltd., Harland Medical Systems, Inc., Hemoteq AG, Hydromer, Inc., Merit Medical Systems, Inc., PPG Industries, Inc., and Precision Coating Company, Inc.
- High prevalence of urinary tract infections and chronic diseases
|Restraints & Challenges:
- Volatile raw material prices
- Excise tax on medical devices, especially in developed economies
The global medical device coatings market is witnessing several M&A activities. For instance, in August 2019, HARTMANN Group acquired Safran Coating, a developer of silicone coatings.
R&D in medical device coatings is expected to boost growth of the global medical device coatings market. For instance, in April 2020, researchers from Universidade de Lisboa, Portugal, reported that coating of insulin-loaded nanoparticles with chitosan can enhance peroral delivery of insulin.
Figure 2. Global Medical Device Coatings Market Share, By Product Type, 2020
Key Takeaways of the Graph:
- Among product type, the antimicrobial held dominant position in the market and accounted for 32.0% share in the global medical device coatings market in 2020. The segment is expected to reach US$ 6,750.4 million in 2028.
- The growth in the antimicrobial segment can be attributed to the increasing patents granted for the products based on antimicrobial properties. For instance, in June 2020, N2 Biomedical was awarded the patents for Dual Action NanoCoating and Mesoporous Surface for Enhanced Bone Integration process by United States Patents Office.
Global Medical Device Coatings Market: Restraints
Volatile raw material prices are expected to hinder growth of the global medical device coatings market. 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 iso-propyl 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.
Moreover, excise tax on medical devices, especially in developed economies including the U.S., can also limit the market growth.
Global Medical Device Coatings Market: Competitive Landscape
Major players operating in the global medical device coatings market include, AdvanSource Biomaterials Corporation, AST Products, Inc., BioCoat, Inc., Coatings2Go, LLC, Covalon Technologies Ltd., Harland Medical Systems, Inc., Hemoteq AG, Hydromer, Inc., Merit Medical Systems, Inc., PPG Industries, Inc., and Precision Coating Company, Inc.
Global Medical Device Coatings Market: Key Developments
Major players in the global medical device coatings market are focused on launching new products to expand their product portfolio. For instance, in February 2020, Biocoat, Inc. launched HYDAK UV, a new version of its original HYDAK coating designed to be cured using ultraviolet (UV) light, allowing for flexible integration with industry standard UV coating systems.