The medical grade coatings industry is anticipated to be worth US$ 7.61 billion by 2023 and reach US$ 19.8 billion by 2033, growing at a CAGR of 10%. medicinal grade coatings offer a wide range of medicinal applications, making them a rapidly rising market. This sort of coating is applied to medical devices such as implants and catheters to increase their function and lifespan.
As technology progresses, these types of coatings will become more common. The most important aspect of medical device design is that it must adhere to severe safety rules. Medical equipment presents unique quality challenges because it combines efficiency, economy, and utility with sanitary and biocompatibility concerns.
Various medical coatings, ranging from lubricants to antibacterial solutions to water-repellent polymers, can be utilized on a wide range of equipment for a wide range of uses. Medical equipment is used in all phases of treatments, including check-ups, surgeries, and clinical tests. With global rules becoming more stringent, businesses will want solutions that are both cost-effective and meet their requirements, which can only be offered by reputable suppliers who specialize in this industry.
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Recently, graphene-based nanocomposites that may be mixed with standard polymers to generate coatings tailored to specific needs in a variety of industries, including medical, have also been developed. In addition to legislative modifications, safety measures for biocompatible materials created inside the human body have been tightened. Rapid increase in healthcare infrastructure in emerging nations such as India and China is helping the healthcare business grow. These countries’ enormous populations give a big pool of prospective clients for firms attempting 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.
About Future Market Insights (FMI)
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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