Medical Coatings Market Size
|Study Period:||2018 - 2028|
|Fastest Growing Market:||North America|
|Largest Market:||North America|
|CAGR:||> 7 %|
*Disclaimer: Major Players sorted in no particular order
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Medical Coatings Market Analysis
The market for medical coatings is projected to register a CAGR of more than 7% during the forecast period. The market was negatively impacted by COVID-19. However, the market has now been estimated to have reached pre-pandemic levels and is expected to grow steadily in the future.
- During the forecast period, the demand for medical coatings is expected to grow as more people learn about how medicine is getting better.
- On the other hand, changes in the prices of raw materials are likely to slow the growth of the market.
- Growing healthcare investments in emerging economies will open new opportunities in the near future.
- North America had the biggest share of the market and is likely to continue to do so for the next few years.
Medical Coatings Industry Segmentation
Medical coating is a significant procedure in the fabrication of medical equipment in order to meet the industry's rigorous patient safety standards. The medical coating prevents liquid penetration and keeps the equipment anti-bacterial. The medical coatings market is segmented by chemistry, type, application, and geography. By chemistry, the market is segmented into silicon, fluoropolymer, parylene, and others. By type, the market is segmented into anti-microbial coating, hydrophilic coating, drug-eluting coating, anti-thrombogenic coating, and other coating types. By application, the market is segmented into medical devices, medical implants, medical equipment and tools, and other applications. The report also covers the market size and forecasts for the medical coatings market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on value (USD million).
|Other Coating Types|
|Medical Equipment and Tools|
Medical Coatings Market Trends
This section covers the major market trends shaping the Medical Coatings Market according to our research experts:
Anti-Microbial Coating Type is likely to Witness the Highest Growth Rate
- The antimicrobial coatings industry is expanding and is currently regarded as a billion-dollar sector. This sector is being developed to prevent the growth of bacteria and germs on several surfaces.
- Antimicrobial coatings eliminate the need for harsh cleaning chemicals and the excessive use of sanitizers and disinfectants. Also, an antimicrobial coating is a chemical solution that is put on a surface and can stop or slow the growth of microorganisms that cause disease and allergies.
- These coatings and surfaces may guard against hazardous, disease-causing bacteria and boost the surface's longevity, appearance, corrosion resistance, and cleanability. Thus, these coatings are used extensively in the healthcare industry.
- In hospitals, antimicrobial coatings are used on catheters, medical tools, surgical devices, and other medical tools and gadgets to stop infections from spreading.
- Hence, with the expanding healthcare sector, the demand for antimicrobial coatings increases significantly to ensure a safe, clean, and germ-free hospital environment. Several investments have been made to expand the healthcare sector. According to the IBEF, by 2025, government expenditure on healthcare is expected to reach nearly 2.50% of GDP.
- Also, the Department for Promotion of Industry and Internal Trade in India says that between April 2000 and June 2022, USD 19.90 billion worth of FDI went into the medicines and pharmaceuticals sector.
- Due to all of these factors, the anti-microbial coating is likely to have the fastest growth rate.
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North America to Dominate the Market
- Over the next few years, the medical coatings market in North America is expected to grow a lot, thanks to the growing healthcare, building and construction, and other industries.
- North America is expected to be a major contributor to the industry because of its advances in medical devices, easy access to better tools and care, large number of healthcare facilities like diagnostic centers, and strong investments in healthcare R&D.
- The rise in the geriatric population and the associated healthcare-related difficulties are expected to fuel market growth in North America. Also, the need for early disease diagnosis is expected to drive demand for medical devices, which will help the industry grow over the projection period.
- Hence, with the expanding healthcare industry in North America, the demand for medical coatings has increased significantly. since healthcare institutions are prone to healthcare-associated infections. These coatings help reduce the speed and risk of bacteria and germs on high-touch surfaces like keyboards.
- In 2021, healthcare spending in the United States increased by 2.7 percent, reaching USD 4.3 trillion (accounting for USD 12,914 per person). thus supporting market growth in the region.
- Furthermore, health spending accounted for 18.3 percent of the Gross Domestic Product in the United States. So, with healthcare costs going up, the region is likely to use a lot more medical coating.
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Medical Coatings Industry Overview
The medical coatings market is fragmented by nature. Some of the major players in the market include DSM, AST Products, Inc., Hydromer, Precision Coating Company, Inc., and Biocoat Incorporated, among others.
Medical Coatings Market Leaders
Precision Coating Company, Inc
AST Products, Inc.
*Disclaimer: Major Players sorted in no particular order
Medical Coatings Market News
- 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.
Medical Coatings Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Increasing Awareness Regarding Advancement of Medical Treatments
4.1.2 Increasing Global Population with Health Issues
4.2.1 Fluctuation in Raw Material Prices
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION ( Market Size in Value)
5.2.1 Anti-microbial Coating
5.2.2 Hydrophilic Coating
5.2.3 Anti-thrombogenic Coating
5.2.4 Other Coating Types
5.3.1 Medical Device
5.3.2 Medical Implants
5.3.3 Medical Equipment and Tools
5.3.4 Other Applications
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.4.2 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of the Europe
5.4.4 South America
188.8.131.52 Rest of South America
5.4.5 Middle East & Africa
184.108.40.206 Saudi Arabia
220.127.116.11 South Africa
18.104.22.168 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share(%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 AST Products, Inc.
6.4.2 Biocoat Incorporated
6.4.3 Covalon Technologies Ltd.
6.4.5 Freudenberg Medical
6.4.6 Harland Medical Systems, Inc.
6.4.8 Medicoat AG
6.4.9 Merit Medical Systems
6.4.10 Precision Coating Company Inc.
6.4.11 Surmodics, Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Healthcare Investments in Emerging economies
Medical Coatings Market Research FAQs
What is the study period of this market?
The Medical Coatings Market is studied from 2018 - 2028.
What is the growth rate of Medical Coatings Market?
The Medical Coatings Market is growing at a CAGR of >7% over the next 5 years.
Which region has highest growth rate in Medical Coatings Market?
North America is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Medical Coatings Market?
North America holds highest share in 2022.
Who are the key players in Medical Coatings Market?
DSM, Biocoat Incorporated, Precision Coating Company, Inc, AST Products, Inc., Hydromer are the major companies operating in Medical Coatings Market.
Medical Coatings Industry Report
Statistics for the 2023 Medical Coatings market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Medical Coatings analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.