Growing adoption of polymer-based medical coatings in cardiovascular and general surgery treatments is expected to generate sizable revenue streams and the Asia Pacific market is projected to witness rapid growth during the forecast period
Wilmington, Delaware, United States, , Dec. 07, 2022 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – Demand for antimicrobial coatings for treating device-associated infections in a wide range of medical procedures is propelling the medical device coatings industry’s growth. Their applications are growing notably in cardiovascular implantable devices, contact lenses, and medical equipment & tools. The global Medical Device Coatings Market is forecast to expand at a CAGR of 19.4% from 2021 to 2031.
The use of polymer-based medical coatings has also broadened the medical device coatings market demand potential over the years. Polymer-based medical coatings held a major market share in 2020. In the coming years, the use of novel polymer-based medical coatings is likely to gather impetus, and influence medical device coatings market development.
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Key Findings of Study
Widespread Demand for Antimicrobial and Hydrophilic Coatings Creates Lucrative Opportunities: The TMR study found a massive revenue potential in the sales of medical devices with antimicrobial coatings. In part, the growth is accelerated by concerns about device-associated infections, especially after the COVID-19 epidemic. The segment is projected to account for the majority of revenue share in the global market during the forecast period. However, in the near future, hydrophilic coatings are expected to witness substantial adoption among medical device manufacturers, especially for cardiovascular and urological devices.
Applications to Rise in Cardiovascular and General Surgery Medical Devices: Continuing applications of medical devices in cardiovascular procedures and general surgery provide steady revenue streams to market players. Recent trends indicate that the prevalence of cardiovascular diseases will catalyze the demand for medical devices.
Growing Use of Implantable Medical Devices in Multiple Specialties to Steer Demand: Implantable medical devices, particularly indwelling devices pose risks of microbial colonization and infection. This has propelled long-term antimicrobial strategies in the healthcare industry, which has also broadened the canvas for R&D in medical device coatings.
The rise in the uptake of non-implantable and implantable medical devices in hospitals is a key factor impacting the medical device coatings market demand. The prevalence of cardiovascular diseases has spurred surgical procedures in chronic obstructive pulmonary disease (COPD) and ischemic heart diseases, where implantable devices are widely used for a temporary duration.
A pressing need to treat implantable medical devices associated-infections including hospital-acquired infections (HAI) is a key factor reinforcing continuous advancements in medical device coatings. Advancements in designs of medical equipment used in neurology, orthopedics, and urology are broadening the medical device coatings market outlook.
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Regional Growth Dynamics
North America and Europe are lucrative markets and each accounted for a key share of the global medical device coatings market in 2020. North America is estimated to gain incremental share in the market during the forecast period. Stringent implementation of regulatory norms and emphasis on safer and efficacious medical devices in various specialties has opened up avenues for product innovations in the regional market. These medical device coatings market trends are also expected to make the overall landscape intensely competitive.
The Asia Pacific market is projected to witness rapid growth in revenues during the forecast period. The huge demand for medical devices in cardiovascular and dentistry treatments underpins abundant opportunities. Further, prospects of the regional market are steered by advancements in the medical device industry.
Some of the key players are implementing the strategies of mergers, joint ventures, and collaborations to expand their medical device coatings market share. Prominent players include
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Medical Device Coatings Market Segmentation
About Transparency Market Research
Transparency Market Research, a global market research company registered in Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analyzed, which will determine growth in the markets over the next decade.
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