The coatings for medical devices market is expected to register high growth, especially as demand continues to rise across hospitals and healthcare facilities amid COVID-19 crisis, finds Fact MR in a recent study.
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Healthcare centers around the world have been procuring increasing number of cardiovascular devices, catheters, ventilators, and other medical devices to ascertain no dearth of facilities as patient pool rises amid the ongoing pandemic. At the same time, there is immense focus on reducing the risk of hospital acquired infections (HAI).
These factors are among chief drivers of the market. According to Fact MR, the rising awareness regarding HAI has increased caution among masses, which has in turn positively affected demand for various antimicrobial coatings in medical devices.
A study conducted on HAIs by the Centers for Disease Control and Prevention (CDC) in 2011 reported that almost 722,000 cases of infections were found that resulted in almost 75,000 patients’ death during their hospital stays. Antimicrobial coatings are used to enhance the maneuverability of the devices and protect them from microbes and pathogens.
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Key Takeaways from Coatings for Medical Devices Market Report
- Demand for antimicrobial coatings will continue to surge enabling growth in the market
- Application in cardiovascular segment will continue rising in response to surging demand for cardiac pacemakers and implants and favorable government policies.
- Increasing frequency of cardiometabolic disorders, rising adoption of advanced surgical treatments and investment towards expanding healthcare infrastructure are expected to create a stronger market in North America
- Asia Pacific too will offer lucrative prospects as India and China emerge as high potential markets backed by rising number of hospitals and expanding healthcare facilities
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COVID-19 Impact on Coatings for Medical Devices Market
The COVID-19 has disrupted various sectors including the coatings for medical devices market. The implementation of lockdown and travel bans has disrupted transport of raw materials. This hampered production and growth in the market. However, it is expected to recover despite restrictions witnessed in the last few months.
The pandemic has multiplied caution among the masses regarding health and hygiene. Demand for quality healthcare and non-invasive therapy also has increased. Increasing need of protective devices and other equipment needed for treatments during COVID-19 is expected to positively affect the market.
Market Players Focus on Nanotechnology to Gain Competitive Edge
Players are now focusing on creating coatings that decrease usage complexities and increase efficiency. Developments are underway to improve coatings that enhance bio compatibility between living tissues and medical equipment. They are putting efforts to introduce new technologies and products in the market.
Various companies and manufacturers are now partnering and collaborating in order to produce better coatings and expand their market. Players are now introducing nanotechnology based coatings and other products that lean towards ecofriendly values due to growing regulations regarding VOC emissions. For instance, Covestro AG has introduced waterborne, biocompatible coatings used in various medical equipment applications like drug delivery and wound care.
Some of the key players in the market are Specialty Coating Systems Inc., Hydromer Inc., Biocoat Inc., AdvanSource Biomaterials Corp., Royal DSM, Armoloy of Connecticut Inc., N2 Biomedical, Precision Coating Co. Inc., Materion Corporation, Allvivo Vascular Inc., AST Products Inc. and Carmeda AB.
Valuable Insights into Coatings for Medical Devices Market Report
In its latest report, Fact.MR has presented a detailed analysis on the coatings for medical devices market along with the inclusion of an assessment for the years 2024-2030. The market has been divided into various segments in order to provide a better understanding.
The market has been segmented on the basis of coating type into anti-microbial, drug eluting, hydrophilic, and other types. On the basis of application, it is segregated into cardiovascular, orthopedic, neurology, gynecology, and other applications. The market is segmented based on the geography into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
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