Catheter Coatings Market size is estimated to reach $1.5 billion by 2026, growing at a CAGR of 6.4% during the forecast period 2021-2026. Catheter Coatings are the catheters that have been coated with an additional substance. These coatings allow the catheters to pass through the body very easily. The coated catheters have a significant reduction in bacterial adhesion, compared to uncoated catheters. These coatings also bring attraction to temporary as well as permanently implanted medical devices. The rise in the adoption of hydrophilic coatings on medical devices, increase in the demand for coated latex rubber catheters in developed nations, growing prevalence of catheter-associated urinary tract infections, rise in the demand for cardiovascular and urology catheters, and an increase in the demand for coated catheters that allow intravascular drug delivery are the factors that are set to drive the growth of the Catheter Coatings Market for the period 2021-2026.
Catheter Coatings Market Segment Analysis-By Type
The Catheter Coatings Market based on the Type can be further segmented into the Hydrophilic Coatings, Anti-microbial Coatings, Drug-eluting Coatings, and Others. The Hydrophilic Coatings segment held the largest share in 2020 and is also estimated to be the fastest growing segment with a CAGR of 7.2% over the period 2021-2026. This growth is owing to the factors such as the ability to reduce bacterial adhesion, facilitate aqueous interactions, and eliminate thrombosis. These coatings are biocompatible and durable and are the most used coatings for medical devices. These coatings are increasingly used for lower-cost catheter devices, which is driving the growth of the Catheter Coatings Market. The Drug-eluting segment held the second largest share in 2020 owing to its advantage of delivering an effective antirestenotic drug. These coatings have revolutionized the treatment of various diseases owing to its potential in decreasing the risk of late complications.
Catheter Coatings Market Segment Analysis-By Material
The Catheter Coatings Market based on the Material can be further segmented into Metal and Polymer. The Polymer segment held the largest share in 2020 and is also estimated to be the fastest growing segment with a CAGR of 6.7% over the period 2021-2026. This growth is owing to the factors such as growing demand for growing usage of polymers for surface coatings of central and cardiac catheters and rise in the advanced polymer product launches by the key players. The catheters coated with polymers allow intravascular drug delivery and also prevent the growth of microorganisms on the tissue surface, which is driving the growth of the Catheter Coatings Market. The Metal segment held the second largest share in 2020 owing to its anti-bacterial properties that prevent microbial growth on the surface of the catheters and its biocompatibility, which extends the usable life of the device.
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Catheter Coatings Market Segment Analysis-By Geography
North America held the largest share with 32% of the overall market in 2020. The growth in this segment is owing to the factors such as increase in the demand for coated latex rubber catheters, rise in the demand for drug-eluting coatings, and growing prevalence of urinary incontinence. The rise in the adoption of hydrophilic coatings on medical devices is driving the growth of the Catheter Coatings Market. Asia-Pacific is estimated to be the fastest growing segment over the period 2021-2026. The growth in this segment is owing to the factors such as increase in the awareness about coated urinary self-catheters, rise in the adoption of antimicrobial coatings, and growing demand for intermittent catheters.
Catheter Coatings Market Drivers
Rise in the demand for Hydrophilic Coatings
The hydrophilic coatings are designed to reduce the friction as the catheter is inserted with the intention to reduce the risk of urethral damage. Moreover, manual lubrication is not required for the hydrophilic coatings catheters as they are more sterile and are less likely to cause infection, which is one of the major factors that is driving the growth of the Catheter Coatings Market.
Increase in the Adoption of Coatings on Medical Devices in Developed Nations
The coatings on medical devices are increasingly being adopted in developed nations to reduce friction between medical devices and blood vessels. Hydrophilic coatings also offer physicians greater maneuverability and result in less trauma to blood vessels for patients. Moreover, these coatings effectively allow blood to wick over the implanted, which is propelling the growth of the Catheter Coatings Market.
Catheter Coatings Market Challenges
Major Regulatory Concerns
The strict regulations by regulatory bodies in some developed nations is one of the major factors that is estimated to reduce the growth of the Catheter Coatings Market. The regulations on metallic coatings and absence of Food and Drug Administration (FDA) guidance on antimicrobial coating techniques has further limited the demand for antimicrobial coating on medical devices.
Catheter Coatings Market Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Catheter Coatings Market. Key companies of this market are ROYAL DSM, Surmodics Inc, Hydromer, Polyone Corporation, Toray Industries Inc, Mitsubishi Rayon Co Ltd, Composiflex Inc, Biocoat Incorporated, Covalon OEM Technologies, and Icotec AG among others.
Geographically, North American Catheter Coatings Market accounted for the highest revenue share in 2020 and is poised to dominate over the period 2021-2026 owing to the growing demand for coated latex rubber catheters.
The increase in the adoption of hydrophilic coatings on medical devices is driving the hydrophilic coatings segment.
The regulatory concerns in developed nations are one of the major restraining factors that reduce the growth of the Catheter Coatings Market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Catheter Coatings Market report.
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