The global medical coatings market size is expected to grow from USD 6.0 billion in 2020 to USD 15.2 billion by 2025, at a CAGR of 20.5% during the forecast period. The major factor driving the medical coatings market is the increase in rising income levels in emerging economies, a growing percentage of the geriatric population, and increasing use of home healthcare facilities are the other major drivers for the market.
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The scope of applications of medical coatings is quite high, owing to their functional properties. There is an increasing focus on the advancements of medical devices used in treatment, mitigation, diagnosis, and prevention of diseases and abnormal physical conditions. The medical technology sector experiences continuous evolution; major focus areas are innovative imaging devices and systems, minimally invasive therapeutic products, combination device and drug/biological products, computerized devices and medical IT systems, home- and self-care products, patient monitoring systems, and artificial organs and organ-assistive products. Innovation instruments range from simple surgical instruments, such as tongue depressors and bedpans, to complex programmable pacemakers with microchip technology and laser surgical devices. Rising complexity of medical devices has led to the use of a variety of materials to manufacture these devices. However, materials used to manufacture these devices are not necessarily biocompatible and hemocompatible. To provide the desired properties to the devices, the demand for medical coatings is expected to increase. Coatings can be required to cover the entire complex structure or just part of the complex structure, and it is required to adhere to a variety of materials used within a device. Market players are developing surface treatment methods and techniques to keep up with improvements to existing substrates, as well as newly developed substrates and polymers.
The complex nature of medical devices necessitates atomic layer deposition of a coating to form a uniform layer in the targeted area of a device. Advancements in medical device designing also require the use of nanotechnology that enables deposition of multiple coating layers and helps in eliminating defects and enhance biocompatibility. Continuous developments in medical technology present an opportunity for medical coating manufacturers to develop the best solutions for critical end-use requirements.
APAC to grow with the fastest CAGR during the forecast period
APAC is projected to lead the medical coatings market during the forecast period. The growing population, rising percentage of the geriatric population, augmenting healthcare investments, and increasing income levels in the region are the major drivers for the medical coatings market in the region. The healthcare industry in APAC has been experiencing positive transformations in the healthcare system in terms of healthcare infrastructure and public-private partnerships. These factors are also responsible for the highest CAGR of the market in the region.
Between 2019 and 2020, the medical coatings market has observed a high growth rate due to COVID-19 and the increased demand across the world. The demand for medical devices and supplies, such as ventilators, personal protective equipment (PPE), respirators, and protective clothing, is on the rise to combat COVID-19. This is propelling the demand for antimicrobial, anti-fog, hydrophilic, and hydrophobic coatings. However, the demand for medical coatings used on implants is expected to grow with CAGR less than that of medical devices. As an overall result of the impact on demand for different applications, the medical coatings market is expected to witness a positive impact in 2020.
The medical coatings market comprises major players such as DSM (Netherlands), Hydromer (US), Surmodics (US), Biocoat (US), AST Products (US), Covalon Technologies (Canada), Harland Medical Systems (US), Applied Medical Coatings (US), Freudenberg (US), and Merit Medical OEM (US).
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