Market Size in 2022 | Market Forecast in 2030 | CAGR (in %) | Base Year |
---|---|---|---|
USD 6.44 Billion | USD 10.83 Billion | 7.71% | 2022 |
According to the report published by Zion Market Research, the global Medical Grade Coatings Market size was valued at USD 6.44 Billion in 2022 and is predicted to reach USD 10.83 Billion by the end of 2030. The market is expected to grow with a CAGR of 7.71% during the forecast period.
The report analyzes the global Medical Grade Coatings Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Medical Grade Coatings Industry.
Medical grade coatings are the several coatings specified by the manufacturers of the medical devices that provide anti-microbial surfaces & electrical insulation, lower friction, and many other enhancements of the function of a surface of a medical device. The medical grade coatings strengthen the abilities of medical devices and add biocompatibility & lubricity action to the surfaces of the medical device.
The global medical grade coatings market is growing at a speedy rate. Factors such as the rise in the geriatric population that is prone to chronic diseases, increase in the number of surgical procedures, and growing use of polymer-based medical coatings for medical implants, protective covering, medical equipment, & medical devices are primarily contributing to the growth of the global market. Further, the growing need to enhance versatility, functionality, and ease of use of the medical product has surged the demand for medical grade coatings. In addition to this, the rise in preference for home care facilities, increase in healthcare expenditure, and the current Covid-19 pandemic has led to the increase in demand for medical devices.
The widely used Parylene coatings for medical devices and several components also offer several benefits including resistance to fungal & bacterial proliferation, no curing cycle, FDA-approved, chemically inert, biologically stable, solvent-free, and are non-toxic. Medical grade coatings are also widely used for improving aesthetics for recognition purposes during surgery.
The advanced coating also delivers anti-fouling properties in presence of tissue and blood. All these factors are combinedly spurring the growth of the global medical grade coatings market. Moreover, the rapidly growing medical industry, new product launches, growing demand for coating of medical devices are also fueling the growth of the market.
Furthermore, technological advancements in the development of efficient medical grade coatings may lead to several opportunities for the growth of the global medical grade coatings market during the forecast period. However, strict regulations for medical devices and easy availability of the alternates may hinder the growth of the global medical grade coatings market.
The pandemic of Covid-19 has imposed immense pressure on the healthcare sector. The infection is spreading rapidly and led to a scarcity of medical devices & medical equipment for the treatment of the disease. During the pandemic, a surge in demand for ventilators, diagnostic kits, syringes, and other protecting devices was witnessed.
Thus, the manufacturers of medical devices and other related products with the support from government and regulatory authorities have increased the manufacturing of the products to meet the global demand. All these factors have led to an increase in demand for medical grade coating, thereby boosting the growth of the global medical grade coatings market and is anticipated to grow at a healthy rate due to the ongoing condition of pandemic in several countries.
Report Attributes | Report Details |
---|---|
Report Name | Medical Grade Coatings Market |
Market Size in 2023 | USD 6.44 Billion |
Market Forecast in 2030 | USD 10.83 Billion |
Compound Annual Growth Rate | CAGR of 7.71% |
Number of Pages | 280 |
Forecast Units | Value (USD Billion), and Volume (Units) |
Key Companies Covered | Medtronic PLC, Medicoat Inc., Hydromer Inc., Harland Medical Systems Inc., Covalon Technologies Ltd., Biocoat Inc., Precision Coating Co. Inc., Speciality Coating Systems Inc., SurModics Inc., Koninklijke DSM NV |
Segments Covered | By Formulation, By Type, By Application, And By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latian America, Middle East and Africa (MEA) |
Base Year | 2022 |
Historical Year | 2017 to 2021 |
Forecast Year | 2023 - 2030 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
The global medical grade coatings market is categorized based on formulation, type, material, application, and region.
Based on the formulation, the global medical grade coatings market is divided into powder coating, water based, and solvent based. Drug eluting, anti-microbial, hydrophobic, hydrophilic, and others are the types of medical grade coatings in the global market.
Based on the material, the market is bifurcated into metals, parylene, silicone, PVDF, PTFE, and others.
The application segment consists of dentistry, gynecology, neurology, orthopedics, cardiovascular, general surgery, and others.
Geographically, North America is estimated to lead the global medical grade coatings market and is expected to retain its dominance during the forecast period. Factors such as advancements in medical device technology, new product launches, and an increase in expenditure on R&D activities for the development of innovative medical devices & equipment are fostering the growth of the market in this region. Asia Pacific is projected to grow at a faster rate due to an increase in healthcare expenditure, the current pandemic situation, and an increase in demand for minimally invasive procedures.
Some of the key participants that are operating in the global medical grade coatings market are:
By Formulation:
By Type:
By Material:
By Application:
By Region:
What Reports Provides
FrequentlyAsked Questions
Factors such as the rise in the geriatric population that is prone to chronic diseases, increase in the number of surgical procedures, and growing use of polymer-based medical coatings for medical implants, protective covering, medical equipment & medical devices are primarily contributing to the growth of the global market. Furthermore, technological advancements in the development of efficient medical grade coatings may lead to several opportunities for the growth of the global medical grade coatings market during the forecast period.
Medtronic PLC, Medicoat, Inc., Hydromer Inc., Harland Medical Systems Inc., Covalon Technologies Ltd., Biocoat Inc., Precision Coating Co. Inc., Speciality Coating Systems Inc., SurModics, Inc., and Koninklijke DSM NV are some of the key participants that are operating in the global medical grade coatings market.
Geographically, North America is estimated to lead the global medical grade coatings market and is expected to retain its dominance during the forecast period. Factors such as advancements in medical device technology, new product launches, and an increase in expenditure on R&D activities for the development of innovative medical devices & equipment are fostering the growth of the market in this region.
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