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Medical device coatings are applied using plasma-enhanced chemical vapor deposition techniques as an antimicrobial barrier, a primer to promote adhesion between stainless steel and proprietary coatings, to fight corrosion, or to create hydrophobic or hydrophilic surfaces.

Market Statistics:

The global medical device coatings market is expected to surpass US$ 20,393.8 Mn in terms of value by the end of 2028.

Global Medical Device Coatings Market: Drivers

Launch of new products is expected to propel growth of the global medical device coatings market over the forecast period. For instance, in November 2019, MilliporeSigma launched its Parteck COAT excipient, a new functional material designed for immediate release film coating applications.

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 April 2020, researchers from Fraunhofer Institute for Manufacturing Technology and Advanced Materials, Germany, reported the use of laser treatment for the structuring of a titanium alloy surface combined with a titanium dioxide coating, in order to obtain improved implant osteointegration.

Global Medical Device Coatings Market: Recent Developments

Robust funding initiatives for development of new and advanced medical device coating solutions is driving the growth of medical device coatings market over the forecast period. For instance, in April 2020, LipoCoat, a biotechnology spin-off company of the nanotechnology institute MESA+ of the University of Twente received 1.5 million euros by Innovation Fund Rabobank and the High Tech Fund. The funding enabled the company to develop innovative infection control coated medical devices for better addressing the concerns of contamination in COVID-19 pandemic.

In addition, companies operating in the medical device coatings market are entering in collaborative agreements which will further drive the market growth. For instance, in May 2021, Avinger, Inc. a medical device company entered in partnership with Hydromer, Inc. for providing its coating solutions such as Pantheris for Avinger, Inc.’s intravascular image-guided, catheter-based systems.

Moreover, companies are receiving patents for their new innovative medical device coatings which will further boost the growth of medical device coatings market through the forecast period. For instance, on June 3, 2020, Covalon Technologies Ltd. received the United States Patent and Trademark Office (USPTO), the European Patent Office (EPO) and the Canadian Intellectual Property Office (CIPO) for their antimicrobial silicone-based wound dressing.  

Global Medical Device Coatings Market: Restraints

Governmental regulations on medical device coatings are expected to hinder growth of the global medical device coatings market. Different types of regulations and policies are imposed on the medical device as well as coating manufacturing industries by the governments. These regulations are required for various reasons, such as for the implementation of good manufacturing practices, promotion of quality products, and reduction of pollutant emissions. Limitations on amount of surface coatings, control on VOC and particulate emissions, and enforcement of excise duty and other taxes on medical devices are some of the regulations imposed on the medical OEM division.

Global Medical Device Coatings Market - Impact of Coronavirus (Covid-19) Pandemic

Globally, as of 4:47pm CEST, 10 September 2021, there have been 223,022,538 confirmed cases of COVID-19, including 4,602,882 deaths, reported to WHO. As of 5 September 2021, a total of 5,352,927,296 vaccine doses have been administered. The virus is transmitted between people mainly via respiratory droplets. It also remains stable on various surfaces for days, which in turn has increased focus on sterilizing surfaces with high contamination potential. Such scenario is expected to boost demand for novel surface coatings that will have a long-term effect against viral and microbial activity.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/medical-device-coating-market-2790

 Key Takeaways:

  • The global medical device coatings market was valued at US$ 10,720.7 Mn in 2020 and is forecast to reach a value of US$ 20,393.8 Mn by 2028 at a CAGR of 8.5% between 2021 and 2028.
  • The cardiovascular segment was valued US$ 3,666.5 Mn in 2020 and is expected to witness a CAGR of 9.2% over the forecast period. (Different Segment should be covered than what is covered in MI file by Research Team )

Market Trends

The global medical device coatings market is witnessing several M&A activities. For instance, in April 2019, Qurin Diagnostics B.V. and Lionix International B.V. acquired Surfix B.V., a supplier of custom-made nanocoatings

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 May 2020, researchers from Martin Luther University Halle Wittenberg, Germany, reported examining the anti-inflammatory properties of surface coatings made of either hyaluronic acid or heparin in combination with chitosan prepared as multilayers through the layer-by-layer technique.  

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

  • November 2019: AdvanSource Biomaterials Corporation entered into a definitive Asset Purchase Agreement with Mitsubishi Chemical Performance Polymers, Inc. to sell substantially all of its assets to Mitsubishi Chemical Performance Polymers for a price of US$ 7.25 million in cash
  • September 2019: Biocoat, Inc. launched an ISO-certified, full-service on-site facility for the application of its HYDAK coatings to its customers unique medical devices
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