Medical Coatings Market: Current Analysis and Forecast (2021-2027)

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The medical coating market is expected to grow at CAGR of 8% over the period of 2021-2027. Medical devices require special care to maintain their effectiveness and durability. The dangers of these devices include body fluids, moisture, and contamination, which can make the product unsuitable for its function. To protect them, a coating called a medical coating is applied. It offers relevant solutions for the majority of the substrates such as glass, plastic, and rubber. Medical devices with a medical-grade coating are more durable because they can be easily sterilized. With rapid technological advancement and rising investment in research & development of these coatings, many of the medical coating market players are launching new and innovative products which in turn is driving the market all over the globe. For example, in June 2021, Amcor introduced ACT2100 heat seal coating for medical-grade DuPont Tyvek2 and paper packaging applications. This next-generation coating technology delivers enhanced performance features for healthcare applications and will be produced in multiple locations worldwide to offer customers increased flexibility to be supplied from the most suitable location for the manufacturing and packaging of their devices. Furthermore, the rising prevalence of infectious diseases and hospital-associated infections coupled with the rapidly growing applications in the medical industry including cardiovascular devices, ventilators, catheters, guidewire, sutures, stents, syringes, and other protective medical equipment are some of the other factors significantly impacting the medical coatings market globally.

Applied Medical Coatings, LLC., Dymax Corporation, Royal DSM, Abbott Laboratories, Biocoat Inc., AeonClad, Bayer Material Science LLC, Boston Scientific Corporation, Covalon Technologies Ltd., Amcor, are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with innovative products.

Insights Presented in the Report

“Amongst Coating Type, the passive coatings category accounted for the majority share in the market in 2020”

Based on coating type, the market is classified into active coatings and passive coatings. Amongst coating types, the passive coatings category accounted for a significant share of the market. These coatings have properties such as lubricity, durability, and low friction coefficient contributing to the growth of the market. Hydrophilic coatings are commonly used on guide wires, catheters, and introducer sheaths to reduce the coefficient of friction. They are water repellent or liquid repellent and have minimal penetration & easy insertion of medical devices into biological openings, making them suitable for medical devices.

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“Among Material Type, the polymers is expected to witness highest CAGR during the forecast period”

Based on material type, the market is categorized into polymers, metals, and others. Among these, the polymers is expected to witness the highest CAGR during the forecast period. They are needed to optimize strength and corrosion resistance while minimizing the coefficient of friction. The polymer is non-wetting and inert, preventing almost any substance from adhering to and reacting with the coated surface. These properties make the polymer suitable for a variety of applications such as anesthesia delivery, stirrer shafts, sterilizers, centrifuge components, saline packaging, and more. Thereby, boosting the growth of this segment.

“Among Application, the medical devices is expected to witness highest CAGR during the forecast period”

Based on application, the market is categorized into medical devices, medical implants, medical equipment and tools, protective clothing, and others. Among these, the medical devices are expected to witness the highest CAGR during the forecast period. This is due to the increased demand for medical devices such as catheters, guide wires, endotracheal tubes, positive pressure ventilators, in vitro diagnostic devices, cannulas, ventilators, ventilator accessories, infusion pumps, ventilators, and other devices owing to the rise in prevalence of various diseases.

“North America to witness significant growth during the forecast period”

For a better understanding of the market dynamics of the medical coating market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the medical coating market industry in 2020 owing to strong healthcare infrastructure and growing adoption of medical coating in the region.

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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Global medical coating market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global medical coating market were the three major steps undertaken to create and analyze the adoption of medical coating in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global medical coating market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the medical coating market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the medical coating market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as coating type, material type, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the medical coating market. Further, we conducted factor analysis using dependent and independent variables such as various coating type, material type, and applications of medical coating. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the medical coating market sector across the globe.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global medical coating market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the medical coating market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global medical coating market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global medical coating market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of coating type, material type and application in the global medical coating market.

The main objective of the Global Medical Coating Market Study

The current & future market trends of global medical coating market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of medical coating market in terms of Value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of coating type, material type and application
• Define and analysis of the regulatory framework for the medical coating market industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the medical coating market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
• Company profiles of the medical coating market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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