Global Hydrophilic Coatings Market Is Estimated To Witness High Growth Owing To Biocompatibility & Increased Usage In Medical Devices
The global Hydrophilic Coatings Market is estimated to be valued at USD 18.81 billion in 2024, exhibiting a CAGR of 5.8% over the forecast period (2024-2031). Hydrophilic coatings are extensively used in various medical devices such as catheters, guidewires, implantable devices, and others due to their biocompatibility. Furthermore, increasing healthcare expenditure coupled with the rising cases of chronic diseases like cardiovascular disorders is fueling the demand for various medical devices require hydrophilic coatings.
Growth in medical device industry
Rise in demand for minimally invasive surgeries have propelled the demand for various medical devices such as catheters, guidewires, and angioplasty balloons which require hydrophilic coatings for better performance. The increasing access to healthcare and rising disposable incomes in emerging nations are some of the factors driving the medical devices market. This substantial growth in medical devices industry has been a major driver for hydrophilic coatings market over the years.
Increasing Demand from Medical Device Industry is Driving the Global Hydrophilic Coatings Market
The global hydrophilic coatings market is being propelled by the rising demand from the medical devices industry. Hydrophilic coatings play a crucial role in medical devices by preventing thrombosis and making implants biocompatible. They are widely used to coat catheters, guidewires, stent grafts, dental, and orthopedic implants. As the global population ages, the incidence of chronic diseases is rising rapidly which is fueling the demand for various medical procedures. This, in turn, is driving the need for medical devices which employ hydrophilic coatings. The hydrophilic coatings market is expected to grow in parallel with the medical devices industry in the coming years.
Growth of the Healthcare Infrastructure is Another Key Driver
With rapid urbanization and rising incomes in developing nations, governments are increasingly prioritizing healthcare and investing heavily in building and expanding healthcare infrastructure. This includes setting up more hospitals, clinics, diagnostic centers, and production facilities for medical devices. As healthcare infrastructure blossoms globally, the demand for various medical devices will surge consequently driving the need for hydrophilic coatings. Countries like India, China, Brazil, and others are witnessing massive investment in their healthcare sectors which is creating new opportunities for hydrophilic coating manufacturers catering to the medical device OEMs. Overall, the strengthening of global healthcare systems acts as a major market driver for hydrophilic coatings.
Stringent Regulations Restrain the Market Growth
The stringent regulations imposed by regulatory bodies like FDA and REACH on the toxic materials used in coatings production pose a challenge for hydrophilic coatings manufacturers. Significant compliance-related costs and time delays in product approvals can negatively impact the time-to-market and overall business prospects. Manufacturers have to spend large amounts on R&D to find substitutes for toxic materials and ensure their coatings meet all regulatory standards which increases production costs. The stringent regulatory framework, if made more rigorous, can discourage innovation and restrain the overall market growth potential.
Volatility in Raw Material Prices is Another Constraint
Hydrophilic coatings are derived from petrochemical sources and their prices fluctuate in tandem with crude oil rates. Any spike in international crude oil prices feeds into a rise in input costs for coatings producers. Since hydrophilic coatings have narrow profit margins, manufacturers find it difficult to consistently hike product prices during raw material price hikes without losing customers. This price volatility poses planning challenges. It also deters new entrants and restrains investments towards capacity expansions in the market. Stable raw material costs are essential for a conducive market environment and any prolonged high price cycles can dampen demand growth.
Opportunities in Emerging Applications
While medical devices remain the core application area, hydrophilic coatings are increasingly finding new uses in non-medical sectors as well which opens up fresh opportunities. Their self-lubricating properties make them suitable for components in automotive, hydraulic, and aerospace industries. With rapid economic development and growing consumer spending, demand is rising from these sectors especially in emerging nations. Manufacturers can tap new application areas like engine valves, transmission systems, and aircraft landing gears which will drive future hydrophilic coatings consumption.
Growing Focus on Antimicrobial Properties
There is a growing emphasis on developing hydrophilic coatings with antimicrobial functionality to prevent infection risks. Coatings which can release controlled amounts of antimicrobial agents like silver nanoparticles are gaining traction in medical as well as non-healthcare applications like touch screens and indoor construction materials. Many coating producers are investing in R&D to enhance their product lines with antimicrobial attributes. As hospitals and the general public become more aware, the demand for such multi-functional coatings with added safety benefits will increase considerably creating new revenue pools over the coming years.
Link - https://www.coherentmarketinsights.com/market-insight/hydrophilic-coatings-market-986
Key Developments
- In May 2024, Hydromer Inc., a medical device coatings company, launched a new product called HydroThrombX. This innovative product is likely a specialized coating or treatment designed for medical devices to help prevent thrombosis, or the formation of blood clots.
- In 2023, Surmodics, a leading provider of medical device coatings and surface modifications, launched its Preside hydrophilic coatings for neurovascular, coronary, and peripheral applications. Hydrophilic coatings are designed to enhance the lubricity and trackability of medical devices, making them easier to navigate through the body's vasculature during procedures.
- In 2020, Royal DSM, a leading global solutions supplier, confirmed the completion of its acquisition of Glycom, a leading supplier of Human Milk Oligosaccharides (HMOs), for an enterprise value of USD 833.31 million.
Key Players
Royal DSM, Biocoat, Inc., Aculon Inc., Advasource Biomaterials Corporation, Hydromer, Inc., Corning, Inc., Surmodics Incorporated, AST Products, Inc., Abbott Laboratories Inc., Harland Medical Systems, Covestro, Telefax Inc., BioInteractions Inc., Surface Solution Group , Coatings2Go, Dontech,Inc., Argon Medical, Formacoat, Applied Medical Coatings, and Pangolin Medical
