SAN FRANCISCO, June 2, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Coatings for Medical Devices – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 17; Released: March 2021
Executive Engagements: 9106
Companies: 61 – Players covered include AdvanSource Biomaterials Corp.; AeonClad Coatings LLC; Allvivo Vascular Inc.; Armoloy of Connecticut Inc.; AST Products Inc.; Biocoat Inc.; Carmeda AB; Covalon Technologies Ltd.; Hemoteq AG; Hydromer Inc.; Materion Corporation; N2 Biomedical; Precision Coating Co. Inc.; Royal DSM; Specialty Coating Systems Inc.; SurModics Inc. and Others.
Coverage: All major geographies and key segments
Segments: Type (Anti-Microbial, Drug-Eluting, Hydrophilic, Other Types); Application (Cardiovascular, General Surgery, Orthopedic, Neurology, Dentistry, Gynecology, Other Applications)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Coatings for Medical Devices Market to Reach $14 Billion by 2026
Medical device coatings are intended to protect medical devices as well as improve device maneuverability and performance. Coatings play an important role in protecting devices from pathogens and microbial factors. Growth in the global is set to be spurred by robust demand, technological advances, rising geriatric population and growing prevalence of cardiovascular conditions. Increasing incident of cardiovascular conditions and acute lower respiratory infections among children as a result of rising air pollution coupled with high uptake of hydrophilic lubricious coatings for urology and cardiovascular implants, catheters and sheaths due to biocompatibility is poised to drive medical coating demand. The global market is also buoyed by rising aging population, focus on quality healthcare services, increasing demand for minimally-invasive surgeries and need for timely diagnosis of medical conditions. Latest coatings available on the market address undesirable complications like tissue trauma, bacterial infection and blood clots.
Amid the COVID-19 crisis, the global market for Coatings for Medical Devices estimated at US$10 Billion in the year 2020, is projected to reach a revised size of US$14 Billion by 2026, growing at a CAGR of 5.8% over the analysis period. Anti-Microbial, one of the segments analyzed in the report, is projected to grow at a 6.3% CAGR to reach US$5.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Drug-Eluting segment is readjusted to a revised 4.9% CAGR for the next 7-year period. This segment currently accounts for a 28.2% share of the global Coatings for Medical Devices market. Drug-eluting coatings are widely used for coronary stents. Factors like rising aging population, sedentary lifestyle and unhealthy dietary habits are anticipated to result in increasing incident of cardiovascular conditions, which in turn boosts demand for drug-eluting coatings.
The U.S. Market is Estimated at $4.2 Billion in 2021, While China is Forecast to Reach $1.4 Billion by 2026
The Coatings for Medical Devices market in the U.S. is estimated at US$4.2 Billion in the year 2021. The country currently accounts for a 39.94% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$1.4 Billion in the year 2026 trailing a CAGR of 7.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.4% and 5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.5% CAGR while Rest of European market (as defined in the study) will reach US$1.5 Billion by the end of the analysis period. The US remains at the forefront of adoption of medical device coatings bolstered by advanced healthcare infrastructure and high spending on medical devices. The regional market is also buoyed by increasing medical device export volumes, rising focus on home healthcare and technological advancements. In addition, escalating cases of COVID-19 in the US have created massive demand for advanced medical treatments and pushed healthcare spending, which led to notable uptake of medical device coatings in the region. While rising disposable incomes across emerging economies and popularity of home healthcare are pushing demand, increasing adoption of reliable life-saving devices in developing economies like Brazil, India and China is likely to fuel uptake of medical coatings. Rising geriatric population and a sizeable proportion of obese population are anticipated to result in increasing prevalence of cardiovascular conditions in the region and propel the demand for sophisticated medical equipment.
Hydrophilic Segment to Reach $2.3 Billion by 2026
Hydrophilic surface coatings are used on devices such as tubes that require increased wettability to function efficiently with bodily tissues and fluids. Hydrophilic coatings are widely used for medical devices like cardiac pacemakers, introducer sheaths, guide wires and catheters for reducing friction. The segment is slated to gain from numerous benefits of these coatings like low coefficient of friction, enhanced durability, high lubricity, optical clarity as well as ability to survive maintenance procedures including cleaning, sterilization and storage. In the global Hydrophilic segment, USA, Canada, Japan, China and Europe will drive the 6.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.4 Billion in the year 2020 will reach a projected size of US$2.2 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$135.9 Million by the year 2026, while Latin America will expand at a 8% CAGR through the analysis period.
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SOURCE Global Industry Analysts, Inc.