The medical grade coatings market is anticipated to be worth $7.61 billion by 2023 and reach US$ 19.8 billion by 2033, growing at a CAGR of 10%. Medical grade coatings have a wide range of applications in the medical industry, making them a rapidly growing market. Coatings like this are used to enhance the performance and durability of medical devices like implants and catheters.
With technological advancements, these types of coatings are becoming more popular. Medical devices must meet rigid safety requirements, which are the most important aspect of their design. Medical devices pose quality challenges that aren’t met by other types of products because they combine efficiency, cost, and functionality with sanitary and biocompatibility considerations.
Various medical coatings can be used on a wide variety of devices for a wide range of applications, ranging from lubricants to antimicrobial liquids to water-repellent polymers. All phases of procedures, including check-ups, surgeries, and clinical tests, use medical equipment. With global regulations increasing, companies will require solutions that are cost-effective while meeting their needs, which can only be provided by reliable suppliers who specialize in this field.
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Graphene-based nanocomposites have also been developed recently that can be combined with traditional polymers to create coatings tailored to specific needs in numerous industries, including medicine. In addition to regulatory changes, safety protocols have also been tightened when dealing with biocompatible materials manufactured inside the human body. Recent rapid growth in healthcare infrastructure in emerging markets, such as India and China, is contributing to the growth of the healthcare industry. A large population in these countries also opens up a huge pool of potential customers for manufacturers who are trying to provide medical grade coatings in these countries.
Key Takeaways
- By 2022, the medical grade coatings market surpassed US$ 6.68 billion.
- The United States is expected to emerge as the dominant market in North America, accounting for nearly 90% of total sales.
- With the increasing focus on healthcare research, the United States will continue to drive growth in the region
- The United Kingdom experienced a growth rate of 5.4% y-o-y in 2022, driven primarily by an increase in healthcare expenditure
- European sales are expected to remain strong in Germany and France
- Keeping up with emerging trends within the industry, key market participants typically invest about 4 to 6% of their revenues in research and development.
“Increasing demand from the medical sector is expected to boost sales of medical grade coatings. Market players will explore options in emerging economies as growth stagnates in predominantly developed countries. A growing healthcare sector and unmet medical needs will provide a favorable environment for manufacturers of medical grade coatings in developing nations”, comments an FMI analyst.
Competitive Landscape
A number of prominent industry players make significant investments in the production of medical grade coatings.
The key industry players are Medtronic PLC, DuPont, Koninklijke DSM NV, SurModics, Inc., Specialty Coating Systems Inc., Precision Coating Co. Inc., Biocoat Inc., Covalon Technologies Ltd., Harland Medical Systems Inc., Hydromer Inc., Medicoat, Inc., AST Products Inc., and Aculon Inc.
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Market Developments Include:
- In February 2023, TekCyte developed a chemically bonded biocompatible medical device coating that can be applied to stents and catheters. Implantable devices are therefore less visible to the body’s immune system due to this protective barrier. Designed for easy application to existing metal stents, BIOINVISBLE functions as an invisible coating. Medical device manufacturers will be able to use this coating process to provide a reliable, safe, and drug-free alternative to stents in the future, considering its scalability.
- In March 2023, SI Group, one of the world’s leading additive suppliers, will display its latest coating solutions at the European Coatings Show (ECS) in Nuremberg, Germany. Among its key coatings brands, the company will exhibit REZICURE co-binders, REZILITE light stabilizers, and ETHANOX antioxidants.
Key Segmentation
- Medtronic PLC
- DuPont
- Koninklijke DSM NV
- SurModics, Inc.
- Specialty Coating Systems Inc.
- Precision Coating Co. Inc.
- Biocoat Inc., Covalon Technologies Ltd.
- Harland Medical Systems Inc.
- Hydromer Inc.
- Medicoat, Inc.
- AST Products Inc.
- Aculon Inc.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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