ESOMAR-certified consulting firm Future Market Insights latest report projects a healthy growth outlook for global medical grade coatings market through 2021 and beyond. Increasing demand for medical equipment and expansion of medical sector are set to drive the market. Increasing applications of medical grade coatings in general surgery, neurology, dentistry and other sectors will continue propelling growth.
According to the report, the medical grade coatings market is poised to expand at 6.7% CAGR through 2021. The rising need for minimally invasive procedures and biocompatibility in medical devices is bolstering the growth of medical grade coatings market. Medical grade coatings are used for enhancing biocompatibility to make the tools safe and precise for the procedure. Also, increasing focus on research and development activities to cater the demand for biocompatible and biodegradable products in medical sector has widened the growth opportunities for manufacturers.
“Leading players are conducting extensive research and development to find advanced technologies and incorporate nano-technology for the application of medical grade coatings. Rising demand for high-perfomance tools and equipment with advanced technology is fuelling the growth,” remarks the FMI analyst.
- Polytetrafluoroethylene (PTFE) medical grade coatings segment is estimated to hold around 1/3rd of market share
- In terms of application, general surgery segment is anticipated to witness remarkable growth during forecast period
- Drug eluting coating segment is expected to be the most preferred grade type
- Powder coatings formulation is expected to be the dominant segment
- China is expected to be one of the fastest growing market through 2021 and beyond
- United States to lead the North America medical grade coatings market, accounting for 85% sales
- Germany and France to emerge as the most lucrative European medical grade coatings market
- Growing demand for medical tools and equipment from hospitals across India to drive medical grade coatings market
- Increasing use of minimally invasive surgical procedures to be a key driver
- Rising prevalence of disease in growing geriatric population to drive medical grade coatings market
- Emergence of nanotechnology and growing demand for multifunctional coatings to improve the demand
- High upfront cost and increasing prices of raw material expected to limit the growth
- Low shelf life of the medical coatings to restrict the growth of medical grade coatings market
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., and Aculon Inc. are some of the prominent medical grade coatings manufacturers profiled by FMI. According to the study, leading players are focusing on research and development activities to develop new and innovative products to maintain their position in the industry.
For instance, in April 2020, Hydromer collaborated with N8 Medical for the supply of coatings to manufacture CeraSheild endotracheal tubes. The product plays a crucial role in the treatment of COVID-19.
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More Insights on FMI’s Medical grade coatings Market
The latest market study on global medical grade coatings market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of material (PTFE, PVDF, silicone, parylene, metals, and others), application (general surgery, cardiovascular, orthopedics, neurology, gynecology, dentistry, and others), type (hydrophilic, hydrophobic, anti-microbial, drug eluting, and others), formulation (solvent based, water based, and powder coating), and across major regions (North America, Latin America, Europe, East Asia, South Asia Pacific, and Middle East & Africa).