The Allied Market Research published a report on Medical Device Coating Market 2021-2030, Interesting fact and figures (CAGR, Global Size, Shares and Revenue with Business Growth Support and Market Value and Volume with Supply Demand Scenario and Pipeline Projects). The global medical device coating market was valued at $7,280 million in 2020 and is projected to reach $12,705 million by 2030 registering a CAGR of 6.8% from 2021 to 2030.
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Drivers, restraints, and opportunities-
The fact that antimicrobial properties of medical device coatings can help prevent the spread of HAIs drives the global medical device coating market. On the other hand, strict government implications in this field impede the growth to some extent. However, factors such as advancement & emergence of novel medical devices, increase in demand for implantable devices, and surge in disposable income of the global population are expected to create lucrative opportunities in the industry.
The metals segment to lead the trail-
On the basis of material type, the metals segment generated the highest share in 2020, holding more than three-fourths of the global medical device coating market. The same segment is also expected to cite the fastest CAGR of 7.4% from 2021 to 2030. This is attributed to biocompatibility and surface modification qualities.
The hydrophilic segment to maintain the lion’s share-
On the basis of coatings type, the hydrophilic segment accounted for the highest market share in 2020, generating more than four-fifths of the global medical device coating market. The same segment is also anticipated to cite the fastest CAGR of 7.1% from 2021 to 2030, due to its non-thrombogenic nature and resistance to abrasion.
Major key players operating in the medical device coating market include, AST Products, Inc., Bayer Ag, Biocoat Incorporated, Covalon Technologies Ltd., Harland Medical Services, Hydromer Inc, Kisco Ltd., Precision Coating, Surmodics Inc., and Royal DSM.
North America to dominate by 2030-
On the basis of region, North America contributed to the major market share in terms of revenue 2020, holding around one-third of the global medical device coating market, owing to rise in cases of hospital acquired infections (HAI) in the region. Asia-Pacific, however, is projected to cite the fastest CAGR of 7.8% from 2021 to 2030, due to surge in enhanced surgical practices and technological advancements in the province.
Key Findings Of The Study
- By coatings, the hydrophobic coatings segment accounted for one-sixth share of the medical device coating market in 2020.
- Region wise, Asia-Pacific is anticipated to grow at the highest CAGR of 9.0% throughout the forecast period.
- In Europe, Germany accounted for less than one-third share of the medical device coating market, in 2020.
- By material, the metals segment accounted for three-fourths share of the global medical device coating market in 2020.
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