The report covers comprehensive information about market trends, value (US$ Mn) and volume (KT) projections, recent developments, and dynamics in the global medical grade coatings market for the period between 2019 and 2027.

The global medical grade coatings market is estimated to reach US$ 8.5 Bn, by value, by the end of the forecast period while growing at a CAGR of 6.4%. The increasing demand for medical devices and the need for biocompatible medical devices are some of the key factors expected to boost the demand for medical grade coatings in the global market.

Growing Medical Devices Market Pushing the Medical Grade Coatings Market

In the past few years, the medical device sector is performing well owing to the important contribution of the healthcare industry across the globe. From dentures to hip joints, X-ray scanners to sticking plasters, and in-vitro diagnostic devices that identify infections or monitor diabetes, all types of medical devices need medical grade coatings. A medical device is crucial in preventing, monitoring, overcoming disabilities, and diagnosing & treating illnesses. Therefore, the demand for medical devices is expected to grow with a significant rate in the developing countries across the globe. Medical grade coatings play an important role in preventing the entry of bacterial or any other infection through medical devices into the body.

At the end of the forecast period, the PTFE segment of the medical grade coatings market is anticipated to grow and become 1.7X of its value size in 2019. This segment of medical grade coatings is projected to create an incremental dollar opportunity worth US$ 1,371.3 Mn over the forecast period.

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Growing Focus on Biocompatible Medical Devices to Support Medical Grade Coatings Market Growth

Biocompatible material-based medical devices are designed to interface with biological systems for treating, evaluating, augmenting, or replacing any tissues, organ, or function of the body. The need for biocompatible medical devices is pushing the growth of the global medical grade coatings market.

The anti-microbial type medical grade coatings market is projected to grow at a CAGR of 7.8%, in terms of value, over the forecast period. That apart, medical grade coatings also help to maintain wettability of the medical devices, which is another factor that will drive the growth of the medical grade coatings market.

Operational Benefits of Medical Grade Coatings Pushing Market Growth

To ensure patient safety as well as extend the lifecycle of the medical device, medical grade coatings are used. Medical grade coatings can be used on specific parts of a device or used on the entire device. Medical grade coatings ensure ease of use and maintain the wettability of medical devices. Medical grade coatings are also used to eliminate corrosion as well as wear and tear of medical equipment. Medical grade coatings also increase the lubricity, and reduce the risk of injury or infection during the operation of the medical device. Some of the operational benefits are projected to drive the global medical grade coatings market over the forecast period.

China and India to Remain High Growth Countries in the Global Medical Grade Coatings Market

The consumption of medical grade coatings in China and India is expected to grow at a significant growth rate during the forecast period owing to the increasing consumption of medical devices. After the US, Germany, and Japan, China and India are the major consumers of medical grade coatings. Rapid growth in the healthcare industry in India and China is increasing the demand for medical devices. Such factors are projected to create a robust platform for the growth of the China and India medical grade coatings market by the end of the forecast period. Collectively, in terms of value, China and India are expected to grow and become 2.65x over the forecast period..

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Medical Grade Coatings Market – Competition Landscape

Globally, the medical grade coatings market is highly fragmented with the top market players holding single digit market share as of 2017. The top ten players in the global medical grade coatings market are projected to collectively hold a market share between 25% and 30%. In the past few years, the medical grade coatings market has witnessed significant market developments from the competition perspective. Acquisitions, collaborations, and expansion of production capacities are some of the key strategies being adopted by market players to expand and sustain in the global medical grade coatings market.

In August 2015 Hydromer Inc. has launched three new Medical Ultra-Hydrophilic coatings precisely to stay hydrated longer for Gynecological, Gastrointestinal catheters, and Urological devices

In June 2017, Harland Medical Systems Inc. introduced low particulate hydrophilic coating for medical devices. That aim to provide high durability without sacrificing superior lubricity

Some of the key manufacturers covered under this study on the global medical grade coatings market are DowDupont Inc., Royal DSM, Surmodics Inc., Hydromer Inc., Biocoat Inc., Precision Coating Co. Inc., AST Products Inc., Covalon Technologies Ltd., Harland Medical Systems Inc., Specialty Coatings Systems Inc., Medicoat Ag, Aculon Inc., and Medtronic.