Medical Device Coating Market is expected to reach US$12,818.01 Million by 2028

The global medical device coating market size expected to reach US$ 12,818.01 million by 2028 and registering at a CAGR of 7.7% from 2022 to 2028, according to a new research study conducted by The Insight Partners.

Metal Segment by Material Type to Account for Largest Share in Medical Device Coating Market during 2022–2028

According to our latest study on “Medical Device Coating Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Material Type, Devices, Coatings, and Application,” the market is expected to grow from US$ 7,644.09 million in 2021 to US$ 12,818.01 million by 2028; it is estimated to grow at a CAGR of 7.7% from 2022 to 2028. The report highlights the key factors driving the market growth and prominent players with their developments in the market.        

Based on material type, the medical device coating market is segmented into polymer, metal, and others. In 2021, the metal segment held the largest market share. However, the polymer segment is anticipated to register the highest CAGR during the forecast period. Based on devices, the market is segmented into medical equipment and tools, medical devices, medical implant, and others. In 2021, the medical devices segment accounted for the largest market share. However, the medical equipment and tools segment is expected to register the highest CAGR from 2022 to 2028. Based on coatings, the medical device coating market is segmented into hydrophilic coating, anti-microbial coating, drug-eluting coating, anti-thrombogenic coating, and others. The hydrophilic coating segment held the largest market share in 2021 and is expected to register the highest CAGR from 2022 to 2028. Based on application, the medical device coating market is segmented into infection diseases, general surgery, orthopedic, neurology, and others. In 2021, the others segment held the largest market share. Also, the same segment is expected to register the highest CAGR from 2022 to 2028.

Medical Device Coating Market, by Region, 2021 (%)

Medical devices are required for various invasive and minimally invasive surgical and diagnostic procedures, including laparoscopy, biopsy, and endoscopy. Laparoscopic ureterolithotomy, a process of removing stones from the ureter, is performed using a laparoscope and catheters. The use of coated medical devices significantly reduces the time taken for cardiac and urinary catheterization. Coatings prevent infections during biopsy, excision, and cryotherapic diagnostic procedures where the contact between medical devices and body is integral. Besides, coated medical devices are significantly cost-effective. Thus, the mentioned factors fuel the medical device coating market growth.

The COVID-19 pandemic bolstered the medical device coating market. Additionally, medical devices coated with biomaterials show promising results in invasive surgical catheters, driving the need for antiviral coatings. The main aim of biomaterials was to offer durability alongside cost-effective solutions for healthcare and practitioners. Therefore, the procurement of coated medical devices was high amid the pandemic.  Also, the medical device coating market is expected to grow during the forecast period.

Koninklijke DSM NV, Hydromer Inc, Surmodics Inc, Biocoat Inc, AST Products Inc, Covalon Technologies Ltd, Harland Medical Systems Inc, Precision Coating Company Inc, Kisco Ltd, and Formacoat LLC are among the leading companies operating in the global medical device coating market.    

Various organic and inorganic strategies are adopted by companies operating in the medical device coating market. Organic strategies mainly include product launches and product approvals. Acquisitions, collaborations, and partnerships are among the inorganic growth strategies witnessed in the market. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall market growth. Further, acquisition and partnership strategies help them strengthen their customer base and expand their product portfolios. A few of the significant developments by key market players are listed below.

• In April 2022, Biocoat, Inc., announced its expansion into the design, development, and delivery of hydrophilic dip coating equipment. Biocoat’s new equipment line is called EMERSE. Biocoat offers it to companies who require an in-house dip coating system to coat their medical devices. The addition of coating equipment now positions Biocoat as one of the only companies that can offer a complete, full-service solution for medical devices that require a hydrophilic coating.
• In March 2022, DSM Biomedical and Svelte Medical Systems, a privately-held company engaged in the development of highly deliverable balloon expandable stents, revolutionized the standard for coronary stenting procedures to treat coronary artery disease (CAD). The collaboration fuels the development of DISCREET Bioresorbable Coating Technology used with SLENDER IDS and DIRECT RX Bioresorbable Coated Drug-Eluting Stent (DES) Systems.
• In September 2021, Precision Coating—a leading medical coatings service provider to interventional, orthopedic, and advanced surgical markets—announced a merger with N2 Biomedical, a Bedford, MA-based company. N2 Biomedical, an Ampersand Capital Partners portfolio company, provides nano-engineered surface treatment and coating services to the medical device industry with its low-temperature ion implantation surface treatments and Ion Beam Assisted Deposition (IBAD) technologies.
• In February 2020, Biocoat, Inc., announced the launch of HYDAK UV. The new version of its original HYDAK coating is designed to be cured using ultraviolet (UV) light, allowing for flexible integration with industry standard UV coating systems. The innovative coating is built on the proven bi-laminar platform used in Biocoat’s existing thermal heat cure coating technology.

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