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New York, December 3, 2021/PRNewswire/-According to Technavio's latest market analysis report, from 2020 to 2025, the medical coatings market will grow by USD 5.94 billion. The report also confirmed the market growth rate of 7.31% during the forecast period. The report looks forward to the various factors affecting the current market conditions, the latest trends, driving factors and challenges affecting the overall market environment.
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2020-2025 Medical Coatings Market: Supplier Structure
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors must focus on distinguishing their products through unique value propositions to strengthen their foothold in the market. Market suppliers must also leverage existing growth prospects in fast-growing market segments, while maintaining their position in slow-growing market segments.
AST Products Inc., Biocoat Inc., Endura Coatings, Hydromer Inc., Koninklijke DSM NV, Materion Corp., Medicoat AG, Merit Medical Systems Inc., Precision Coating Co. Inc. and Surmodics Inc. market participants. Many suppliers are offering products and services that cater to the changing needs of consumers. For example, AST Products Inc. provides medical coating products under the brand name LubriMatrix. Similarly, Hydromer Inc. provides medical coating equipment coatings that can be applied to chronoprene, dynaflex, latex and polypropylene.
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2020-2025 Medical Coatings Market: Drivers and Challenges
The growth of the elderly population has always been an important factor driving market growth. Many countries, including developed and developing countries, are adopting various measures to increase healthcare budgets and healthcare plans for the elderly population. The increasing prevalence of chronic diseases has led to the development of medical devices that help treat age-related diseases such as hearing problems, mobility problems, and cardiovascular, neurological and endocrine diseases. In addition, as the life expectancy of people in economies such as Japan, Thailand, China, and Western Europe continues to increase, the demand for various medical devices including orthopedics and cardiovascular implants has surged. These devices also need to be safely packaged with medical coatings, which will drive their demand in the next few years. In addition, in the long run, factors such as the increasing preference for MIS and non-invasive technologies and the increase in hospital-related infections will further accelerate market growth.
Strict government regulations are one of the key factors that may hinder market growth during the forecast period. European and American regulatory agencies have taken various measures to simplify clinical policies and reforms. The European Union has established regulations to monitor the safety and performance of medical devices used in clinical procedures. For example, the Active Implantable Medical Device Directive regulates high-risk medical devices, such as pacemakers and deep brain stimulation devices. Similarly, the U.S. Food and Drug Administration (FDA) has developed different policies to regulate the approval of medical devices. Because the use of external materials in the human body involves high risks, manufacturers of medical coatings for medical applications need to comply with these regulations. Such strict regulations and clinical policies pose a challenge for manufacturers to prove and document compliance.
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2020-2025 Medical Coatings Market: Segmentation Analysis
In 2020, the polymer sector will occupy the largest share of the materials sector in the medical coatings market. Polymers have unique properties, so they can be used for many purposes. They can be effectively used for scratch and abrasion resistance, elasticity and brittleness. Polymers such as chitosan, polyether ether ketone (PEEK) and polytetrafluoroethylene (PTFE) can be used as antibacterial coatings for medical devices. PTFE coatings with non-acidic formulations can also be applied to medical wires. These wires are essential for various medical devices that need to be kept sterile and protected from many factors.
The passive coating part mainly includes hydrophilic and hydrophobic coatings. The hydrophilic coating is a water-absorbent coating, which has the characteristics of durability, anti-fogging, low particle count, abrasion resistance, low friction coefficient, UV resistance and biocompatibility. These characteristics make them a viable option for the end-user industry to use them as medical coatings. Therefore, the availability of new hydrophilic coatings with improved functions can accelerate the growth momentum of this market segment during the forecast period. The hydrophobic coating is a waterproof coating. The hydrophobic coating is suitable for medical instruments and surgical tools that are contaminated by liquid or tissue fragments. These coatings help keep surgical tools clean for a long time.
In the past few years, the demand for medical coatings in the field of medical equipment has grown rapidly. Medical equipment, such as guide wires, intravascular catheters, delivery sheaths, and balloon angioplasty catheters, are commonly used in minimally invasive diagnostic and therapeutic procedures. These devices are treated with a hydrophilic or hydrophobic lubricating coating to reduce friction between the device and the blood vessel. The coating on these medical devices can provide doctors with greater maneuverability and reduce blood vessel trauma. Reducing the cost burden of medical-associated infections (HAI) to promote the growing demand for value-based care has further promoted the demand for medical coatings.
North America will experience growth in all years during the forecast period from 2020 to 2025. The year-on-year growth rate during this period will vary from 6.53% to 7.45%. Technological advancements in the healthcare industry in the United States and Canada are positively affecting regional growth. The increasing incidence of HAI and the outbreak of infectious diseases are some of the major problems in the United States and Canada. The high incidence of HAI in North America has led to an increasing demand for medical coatings that can be used in various medical devices.
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2020-2025 Medical Coatings Market: Scope
Technavio presents a detailed picture of the market through research, synthesis and aggregation of data from multiple sources. The medical coatings market report covers the following areas:
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2020-2025 Medical Coatings Market: Main Highlights
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Accelerate with a compound annual growth rate of 7.31%
North America, Europe, Asia Pacific, South America and MEA
United States, China, Canada, Germany, Mexico and South Korea (Republic of Korea)
Leading company, competitive strategy, scope of consumer participation
AST Products Inc., Biocoat Inc., Endura Coatings, Hydromer Inc., Koninklijke DSM NV, Materion Corp., Medicoat AG, Merit Medical Systems Inc., Precision Coating Co. Inc., and Surmodics Inc.
Mother market analysis, market growth incentives and obstacles, fast-growing and slow-growing market segments, COVID-19 impact and future consumer dynamics, market conditions during the forecast period
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