New Delhi: According to a most recent market intelligence analysis, the global market for coatings for medical devices, which is scheduled to be evaluated at US$ 1.2 Bn in 2021, is expected to reach US$ 2.4 Bn by 2031, rising at a CAGR of 7.2% over the analysis period ranging from 2021 to 2031. Rising demand for cardiovascular and orthopedic implants, increased incidences hospital-acquired infections, and the expanding medical device industry will provide enormous growth prospects.
Sales experienced a positive incline from 2016 to 2020, registering a CAGR worth 6.7%. Prospects further widened amidst rising COVID-19 cases, as an increase in demand for ventilators, cardiovascular devices, catheters, sutures, guide wires, stents, syringes, mandrels, and other protective equipment, experienced a massive spike.
Future market growth for medical device coatings is expected to be reliant on the proliferation number of start-up companies. For instance, Spanish startup Tractivus is a specialist in antibiofilm coatings. The company offers its proprietary PHOBOSTech technology, involving coating thin nanoscale layers which impart antibacterial properties. Similarly, US-based startup TheraDep manufactures tailored biologic coatings for medical devices and laboratory equipment, which complexes cold atmospheric plasma with biomolecules or pharmaceuticals of interest, enabling them to bind to any surface.
Key Takeaways from the Market Study
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Global market for coatings for medical devices expected to double until 2031
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Antimicrobial coatings for medical devices to generate 50% of global market demand
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Hydrophilic coatings to be highly sought after, expected to reach US$ 2 Bn by 2031
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Orthopedic medical device coatings to register a CAGR worth 6% across the 2021-2031 forecast period
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Cardiovascular applications to constitute over a quarter of global revenue share
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U.S to emerge as the fastest growing market, registering a CAGR of 12% through 2031
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India & China to collectively expand at 17% value CAGR across the forecast period
The ever increasing scope of medical devices to diagnose and treat numerous chronic and infectious ailments is prompting manufacturers to introduce robust and long-lasting coatings, facilitating increased R&D in that direction, remarks an Senior Research Analyst.
Competitive Landscape
In the coming decade, manufacturers in the Coatings for Medical Devices market will primarily focus on strategic acquisitions, collaborations, and product launches.
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In 2020, Hydromer partnered with N2 Medical to supply coatings for CeraShield endotracheal tubes. These tubes are critical in the treatment of COVID-19 patients. This breakthrough demonstrates the company’s active participation in the coatings for the medical devices sector.
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Market participants are progressively investing in research and development (R&D) efforts in order to diversify their product ranges. Biocoat, for example, will offer HYDAK UV in 2020. A one-of-a-kind variation on the original HYDAK coating. This advancement aided the corporation in expanding its product offering.
