The global medical grade coatings market size was valued at USD 6.0 billion in 2021 and is poised grow at a CAGR of 20.8% during the forecast period 2022-2028. Glance our 200 slides market research and competitive intelligence research report, 25 Tables and 65 Figures and other qualitative sections with an in-depth TOC on “Global Medical Grade Coatings Market: By Material (Polytetrafluoroethylene (PTFE), Polyvinylidene fluoride (PVDF), Silicone, Parylene, Metals and Others), By Formulation (Solvent-Based and Water-Based), By Application (Cardiovascular, Dentistry, Gynaecology, Neurology, Orthopaedic and Others) and - Global/Region/Country Forecast to 2028”.
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Growing Demand for Medical Devices is Fueling the Global Medical Grade Coatings Market
The medical device market is changing in unprecedented ways due to market dynamics. Leading drivers for the medical devices are increasing chronic illnesses across the globe, higher life expectancy, growing aging population in developed countries and reducing birth rates. There has been a vast growth in the coatings application onto different medical devices in the last few years. Such coatings have the potent to improve the equipment durability and provide various benefits such as dielectric properties, outstanding thermal stability and dry-film lubricity, which contribute greatly to the considerable growth of the market over the estimation time span. Therefore, growing demand for medical devices is impelling the market growth.
There are several factors such as growing demand for coating from medical devices, huge demand for medical devices, growing disposable incomes of the worldwide population and advantages of medical grade coatings enhancing the market growth. But, strict regulatory policies as well as time-consuming regulatory approvals are restraining the growth of market.
Asia Pacific Witnesses Larger Revenue Share in the Global Medical Grade Coatings Market
Asia Pacific witnesses larger revenue share in the global medical grade coatings market with significant CAGR rate due to the increase in research and healthcare expenditure. Strong improvements of the medical device industry and increasing penetration of novel medical devices are also significant factors fuel the market growth. China is one of the leading contributors for the market growth in the region.
Competitive Analysis - Global Medical Grade Coatings Market
There are several major players operating in the global medical grade coatings market such as Aculon Inc (U.S), AST Products Inc (U.S), Biocoat Inc (England), Covalon Technologies Ltd (Canada), Harland Medical Systems Inc (U.S), Hydromer Inc (U.S), Medicoat Ag (Switzerland), Medtronic (Ireland), Precision Coating Co. Inc (U.S), Royal DSM (Netherlands), Specialty Coatings Systems Inc (U.S) and Surmodics Inc (U.S). Global medical grade coatings market is surging due to the frequent acquisitions and launches by the key players in the market. For example, Harland Medical Systems Inc. introduced low particulate hydrophilic coating in June 2017 for medical devices. Their goal is to offer high durability without forfeiting superior lubricity. Market players also focus on key innovation of novel products and collaboration strategies to strengthen their presence in the market and increase the product portfolio. Key players also focus on expanding their business and surviving in the market.
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Key players in the medical grade coatings market Aculon Inc (U.S), AST Products Inc (U.S), Biocoat Inc (England), Covalon Technologies Ltd (Canada), Harland Medical Systems Inc (U.S), Hydromer Inc (U.S), Medicoat Ag (Switzerland), Medtronic (Ireland), Precision Coating Co. Inc (U.S), Royal DSM (Netherlands), Specialty Coatings Systems Inc (U.S), Surmodics Inc (U.S)
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