MEDICAL DEVICE COATING MARKET ANALYSIS

The global medical device coating market is estimated to be valued at US$ 13.60 billion in 2023 and is expected to exhibit a CAGR of 8.9% during the forecast period (2023-2030).

Analysts’ Views on Medical Device Coating Market:

Companies operating in the market are receiving approvals for products based on advanced coating technologies, which is driving the growth of the global medical device coatings market over the forecast period. For instance, in June 2020, Surmodics, Inc., a provider of medical devices and in vitro diagnostic technologies, announced that they had received CE Mark Certification for SurVeil drug-coated balloon (DCB) in the European Union. It is a next-generation device that is used for the treatment of peripheral artery disease (PAD) and is manufactured using an innovative process for ensuring coat uniformity.

Figure 1. Medical Device Coating Market Share (%), By Coating Type, 2023

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Medical Device Coating Market– Drivers

• Rising number of business development strategies by market players: Key players operating in the medical device coating market are using several business development strategies, such as acquisitions, mergers, collaborations and others, to expand their product offerings, which, in turn, is expected to fuel market growth over the forecast period. For instance, in November 2020, Advanced Medical Solutions Group plc, a medical device company, announced that they had acquired Raleigh Adhesive Coatings Limited, a medical device coating company. This acquisition will further strengthen the company’s position in the wound care sector by expanding their in-house specialist services, such as acrylic and silicone coating, bulk material converting capabilities, and perforation processing, among others.
• Increasing prevalence of cancer: Increasing changes in lifestyles are considered a major cause of cancer. Thus, the increasing prevalence of cancer globally is expected to boost growth of the market over the forecast period, as arrays are used in diagnostics for various indications such as cancer and others. For instance, according to the data published by the American Cancer Society in 2021, cancer facts and figures in the U.S. reported the estimated number of cancer cases in the U.S. in 2021, which is provided below:

Figure 2. Medical Device Coating Market Share (%), By Region, 2023

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Medical Device Coating Market- Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global medical device coating market over the forecast period. North America is estimated to hold 33.5% of the market share in 2023. The global medical device coating market is expected to witness significant growth in the coming years, owing to increasing research and development activities by key market players. For instance, in June 2021, Precision Coating Co., Inc.’s, a medical devices company’s, vice president discussed innovations in medical device coatings at a webinar. The webinar focused on technological innovation in medical device coatings such as MICRALOX, which offers several advantages such as a long-lasting and virtually indestructible surface and superior chemical and corrosion resistance.

Medical Device Coating Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the U.A.E., Egypt, and others, are facing problems with the transportation of things from one place to another.

The COVID-19 pandemic had a negative impact on the global medical device coating market, as healthcare providers were facing challenges such as a lack of additional manpower, equipment, consumables, and other resources that are required to ensure safety in hospitals and to provide treatment to patients with other diseases. This negatively affected the overall healthcare market.

There was a delay in the supply of raw materials that are required to manufacture medical devices due to irregularities in the transportation system. Furthermore, due to the increasing number of patients suffering from COVID-19 and other life-threatening diseases, product distributors are seeing inconsistent demand for products from retailers.

Medical Device Coating Market Segmentation:

The global medical device coating market report is segmented into coating type, application, and region.

• By coating type, the market is segmented into hydrophilic coating, antimicrobial coatings, drug-eluting coatings, anti-thrombogenic coatings and others (hydrophobic coating, etc.). Out of which, the antimicrobial coatings segment is expected to hold a dominant position in the global medical device coating market during the forecast period because they are less expensive and more compatible with many device materials, including composites, carbon fiber, metal, stainless steel, and plastic.
• By application, the market is segmented into neurology, orthopedics, and general surgery, cardiovascular, dentistry, gynecology and others (respiratory, etc.). Out of which, the cardiovascular segment is expected to dominate the market over the forecast period, and this is attributed to the rising prevalence of cardiovascular disease globally.
• Based on region, the market is segmented into North America, Latin America. Europe, Asia Pacific, Middle East and Africa. Out of which, the North America region is expected to dominate the market over the forecast period, and this is due to the increasing product approval from the U.S. FDA (Food and Drug Administration) by the market players in this region.

Among all the segments, the coating type segment has the highest potential due to the increasing growth strategies, such as product approval from the regulatory body and others, by key market players. For instance, on March 14, 2023, Biocoat Incorporated, a medical device company based in the U.S., announced that its HYDAK UV coating is being used on two medical devices that have been awarded FDA 510(k) clearance status.

• The first interventional device using HYDAK UV that received 510(k) clearance is a neurovascular thrombus retriever catheter
• The second device is an interventional catheter designed to remove thrombus from the peripheral vasculature

Medical Device Coating Market- Cross Sectional Analysis:

The rising number of new medical device coating product launches in the North America region, is expected to propel market growth over the forecast period. For instance, in February 2020, Biocoat Incorporated announced the launch of Hydak UV.

The new coating enables flexible integration with UV coating techniques that are accepted in the medical device industry. It is based on the bi-laminar platform of Biocoat's current thermal heat-cure coating technology, which is employed on ophthalmic, neurovascular, and cardiovascular devices.

Medical Device Coating Market: Key Developments

• On February 3, 2023, BioInteractions, a leading UK biomaterial technology company, announced an expanded Product Pathway Partnership service incorporating bespoke coatings, optimized application and tooling, testing, regulatory support, and commercial production at the world’s largest medical design and manufacturing event, MD&M West. The company that is responsible for creating and developing the coating technology for medical devices is TridAnt. TridAnt is a non-leaching, safe, and durable antimicrobial coating that has been proven effective against a broad spectrum of pathogens, including E.coli, MRSA, flu, vaccines, noroviruses and SARS-COV.
• The application of TridAnt to medical implants reduces the risk of infection, shortens the treatment time, and helps to improve the well-being of patients who undergo a range of clinical procedures.
• In January 2021, LipoCoat, a medical technology manufacturing company, was announced as the Best Medical Device Coatings Company of 2020 in the Global Healthcare & Pharmaceutical Awards 2020. The LipoCoat’s bio-inspired and non-toxic coatings prevent the adhesion of microbes, thus reducing infection risks.
• In October 2020, Dynaox Inc., a wholesale distributor, announced the start of a new business relationship with Harland Medical Systems, Inc., a provider of medical coatings, in the summer of 2020. The company Dynaox Inc. represents the medical device coating manufacturer for the Japanese market.

Medical Device Coating Market: Key Trend

Increasing fundings by the market players

Increasing growth strategies by the market players, such as funding and others, are expected to drive growth in the market over the forecast period. For instance, on September 6, 2023, Bioretec Ltd, a pioneering company dedicated to advancing biodegradable orthopedic implants, announced that they had received a grant of a maximum of US$1.04 billion for its research and development (R&D) work from Business Finland’s Co-Innovation project funding for the period March 2023 – February 2025.

Medical Device Coating Market: Restraint

High Cost of Volatile Raw Material

Volatile raw material prices, which are used in coating medical devices, are expected to hinder growth of the global medical device coating market over the forecast period. Polymer resins, fillers, oil-and water-based solvents, and binders are the basic raw materials required in the manufacture of coatings. The most extensively used polymer resins are polypropylene derivatives, including acrylate, urethane, and alkyd resins. Furthermore, toluene, benzene, and isopropyl alcohol are the most widely used solvents, while hyaluronic acid and colloidal silver are used as binders. More than 40% of the raw materials used in coating manufacturing are petrochemicals. Price fluctuations in these raw materials, such as polypropylene and toluene, have occurred due to variations in crude oil prices.

To overcome this challenge, manufacturers can opt for alternative options such as polymers and others that are available on the market at low prices.

Medical Device Coating Market - Key Players

Major players operating in the global medical device coating market include AdvanSource Biomaterials Corporation (Mitsubishi Chemical America, Inc.), Specialty Coating Systems Inc., AdvanSource Biomaterials, AST Products, Inc., Biocoat Incorporated., Coatings2Go, Covalon Technologies Ltd., Harland Medical Systems, Inc., Hemoteq AG (Freudenberg Medical), Hydromer, Merit Medical Systems, PPG Industries, Inc. and Precision Coating Company, Inc.

*Definition: Medical device coatings are substances that enhance the maneuverability and performance of medical devices in various applications, such as neurology and others. These coatings reduce friction for catheters, guide wires, and other minimally invasive devices. Medical device coatings are primarily classified as lubricious, anti-microbial, drug-eluting stents, and parylene polymers. These coatings are primarily incorporated into class II and class III medical devices.