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Medical Device Coatings Market – Future Demand Strategies 2031

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5/16/2022

Medical Device Coatings Market – Future Demand Strategies 2031

Medical Device Coatings Market Outlook 2031

The global medical device coatings market was valued over US$ 11.8 Bn in 2020
It is estimated to expand at a CAGR of 19.4% from 2021 to 2031
The global medical device coatings market is expected to cross the value of US$ 81.8 Bn by the end of 2031

Enhanced Biocompatibility between Living Tissues and Medical Devices Propelling Global Market

Manufacturers in the global medical device coatings market are increasing output capacities in antithrombogenic, drug-eluting, hydrophilic, and antimicrobial coatings. Among these, hydrophilic coatings are predicted to show faster rise in the market landscape. However, antimicrobial coatings could dominate the market on the basis of revenue share.

The market holds potential for expansion with rising number of neurology, orthopedics, ophthalmology, general surgery, dentistry, gynecology, and cardiology cases. Among these end-use applications, general surgery is prognosticated to create larger demand in the market. On the other hand, the cardiology market for medical device coatings could show quicker growth in the near future. Thus, there could be a high demand for medical device coatings for occlusion devices, percutaneous devices, coronary stents, balloon catheters, guide wires, and angioplasty catheters.

The market could also gain growth with rising applications in private and public hospitals. There could be strong demand in the market due to the growing preference for non-implantable and implantable medical equipment in the recent years. The demand could further increase with enhanced biocompatibility between living tissues and medical devices achieved by medical device coatings.

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Mission-critical Applications in Orthopedics Generates Revenue Streams During COVID-19 Pandemic

The coronavirus pandemic has heightened the importance of antimicrobial coatings to avoid the spread of possible infection. Participants in the market are catering to mission-critical applications in key revenue-generating sectors such as orthopedics, general surgery, and cardiovascular end uses to keep the economies running. Even though the demand for medical device coatings is projected to increase at a sluggish pace, the CAGR of the market is expected to register high rate during the forecast period. The industry is likely to witness steady expansion driven by the increase in demand for medical device coatings and better resolution of supply chain issues in various countries.

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Swelling Demand for Cardiovascular Treatments Creating Emphasis on Stringent Regulations

Geographically, the global medical device coatings market is envisaged to find North America growing stronger in the foreseeable future. Impressive technological advancement in the medical sector could catapult the medical device coatings market in the region. Europe is likely to tread upon the heels of North America, in terms of market share. However, the implementation of tight government policies in the region could place Europe in a weak position in the global market. Nevertheless, participants in the market are increasing efforts to adapt with changing government regulations, which helps to boost their credibility credentials on the global level.

On the other hand, Asia Pacific is foretold to show an aggressive rise in the market. There could be colossal demand for medical device coatings in the region due to rise of Southeast Asia, India, and China, in terms of market growth. The swelling demand for cardiovascular and dentistry treatments in these countries could be another factor augmenting the demand in the Asia Pacific medical device coatings market. Strong advancement of the medical device industry and growth in penetration of new medical devices in China are forecast to create a whole lot of opportunities in the region.

Increasing geriatric population in Brazil and rising healthcare awareness are envisioned to contribute to the growth of the medical device coatings market in the rest of the world.

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Improvements in Device Designs Catalyzing Demand for Medical Device Coatings

The medical device coatings market is expected to witness high growth prospects due to latest technological developments, reducing design complexities, and improving use of medical devices. High awareness about hygiene and increase in incidence of hospital-acquired infection (HAI) could support the demand for coatings.

On the other hand, high prevalence of epidemic diseases is likely to create more demand in the market. High population growth could be another factor augmenting the demand in the global medical device coatings market. Rising foreign investments could develop as a powerful factor propelling the expansion of the global medical device coatings market.

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