Global Medical Device Coating Market, By Coating Type [Hydrophilic Coating, Antimicrobial Coatings, Drug-eluting Coatings, Anti-thrombogenic Coatings and Others (Hydrophobic Coating, etc.)], By Application [Neurology, Orthopedics, General Surgery, Cardiovascular, Dentistry, Gynecology and Others (Respiratory, etc.)], and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
Key market players are focusing on adopting various growth strategies, such as research and development activities and others, which will drive the global medical device coating market over the forecast period. For instance, in May 2022, Specialty Coating Systems (SCS) announced that it will hold its next webinar on Tuesday, June 7, 2022, at 2 p.m.The webinar entitled “Specialized Coatings for Advanced Medical Devices” will be presented by Rakesh Kumar, Ph.D., Vice President of Technology, and Dick Molin, Medical Market Manager. The webinar will provide deeper insight into these functional needs by offering examples of critical devices and components that benefit from high-performance coatings and will review how engineers and designers fill those needs by examining a number of specialized coatings, their processes, and their properties.
Global Medical Device Coating Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
The COVID-19 pandemic has negatively affected several markets across the globe and is also expected to hamper demand and supply in the global medical device coating market. The COVID-19 pandemic has affected demand and supply of the global medical device coating market in three main ways: by directly affecting production and demand; by creating disruptions in distribution channels; and by having a financial impact on firms and financial markets. The supply chain and manufacturing activities of medical device coating in India, China, and the U.S. are disrupted due to nationwide lockdowns. Where countries such as Saudi Arabia, the UAE, Egypt, and others are facing problems with regards to the transportation of raw materials from one place to another.
Global Medical Device Coating Market: Key Developments
In May 2022, Foster Corporation’s Distribution business, a leader in material solutions for the critical application healthcare market segment, had been appointed as the marketing partner for AdvanSource Biomaterials, a group company of Mitsubishi Chemical. AdvanSource focuses on the manufacture and development of specialty thermoplastic polyurethane (TPU) products suited for specific application requirements in the North American healthcare market from its locations in Connecticut and Nevada. AdvanSource Biomaterials has developed and offers for sale an impressive line of thermoplastic polyurethane products for implantable and non-implantable healthcare applications.
In February 2020, AdvanSource Biomaterials announced that on Friday, January 31, 2020, substantially all of its assets were sold to Mitsubishi Chemical Performance Polymers, Inc. As AdvanSource entered into an Asset Purchase Agreement with MCPP, a subsidiary of Mitsubishi Chemical America, Inc. and its shareholder, Mitsubishi Chemical Corporation, to sell substantially all of its assets to Mitsubishi Chemical Performance Polymers for a price of US$ 7.25 million in cash.
Teleflex Medical OEM, provider of medical coating, offers a proprietary, hydrophilic surface coating for polymer-based devices that are navigated through the vascular system. The coating performs favorably in terms of lubricity and extended durability when compared to other coatings on the market. It has proven biocompatibility and shelf-life stability. It also exhibits a low particulate count in testing and outstanding adhesion to the substrate material. The coating can be customized to optimize certain performance characteristics based on specific user needs.
Browse 46 Market Data Tables and 34 Figures spread through 180 Pages and in-depth TOC on “Global Medical Device Coating Market”- Forecast to 2030, Global Medical Device Coating Market, By Coating Type [Hydrophilic Coating, Antimicrobial Coatings, Drug-eluting Coatings, Anti-thrombogenic Coatings and Others (Hydrophobic Coating, etc.)], By Application [Neurology, Orthopedics, General Surgery, Cardiovascular, Dentistry, Gynecology and Others (Respiratory, etc.)], and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/medical-device-coating-market-2790
Key Takeaways of the Global Medical Device Coating Market:
- The global medical device coating market is expected to exhibit a CAGR of 8.9% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global medical device coating market.
- Among application, cardiovascular segment is expected to hold a dominant position in the global medical device coating market during the forecast period, and this is attributed to the increasing prevalence of cardiovascular disease globally, which may help in market growth over the forecast period. For instance, according to the World Health Organization, cardiovascular diseases (CVDs) are the leading cause of death globally, taking an estimated 17.9 million lives each year. CVDs are a group of disorders of the heart and blood vessels that include coronary heart disease, cerebrovascular disease, rheumatic heart disease, and other conditions.
- Among regions, North America is expected to be the dominant region in the global medical device coating market, owing to the increasing adoption of growth strategies such as product approval and others by market players. For instance, in November 2020, Boston Scientific, a global medical device company, announced that it had received U.S. Food and Drug Administration (FDA) approval of the Ranger Drug-Coated Balloon, developed for the treatment of patients with peripheral artery disease (PAD) in the superficial femoral artery (SFA) and proximal popliteal artery (PPA).
- Major players operating in the global medical device coating market are 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.
