Robust Demand for Medical Grade Coatings Anticipated in 2019, Driven by Expanding Healthcare Landscape and Growing Medical Devices Adoption

Global Medical Grade Coatings Market Projected to Grow at a robust CAGR of 6.4% through 2027.

Medical grade coatings are coatings that conform to special norms such as bio-compatibility and non-toxicity required for medical applications. Medical grade coatings find application as surface modifiers and are enablers of smooth & safe operation for medical devices. They are manufactured from special grade materials such as Polytetrafluoroethylene (PTFE), polyvinylidene difluoride (PVDF) and silicone. Medical grade coatings are applied on substrates as varied as plastics, metals and ceramics, which are used on medical devices. They allow for improved maneuverability, minimization of friction, protection from infections and are medically safe for internal or external use on the human body. The global medical grade coatings market is projected to grow at a robust pace during the forecast period, in view of the increasing expenditure on basic and advanced healthcare, and the consequent rising need of medical devices.

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On the basis of material type, the medical grade coatings market has been segmented into Polytetrafluoroethylene (PTFE), Polyvinylidene Difluoride (PVDF), Silicone Parylene, Metals, and Others. Fluoropolymer materials such as PTFE and PVDF hold significant shares in the medical grade coatings market in terms of value. Factors that enable fluoropolymer materials demand in the medical grade coatings market include better adhesion, resistance to corrosion, durability and low friction co-efficient. The PTFE material type segment is expected to account for a share of 41% in the total absolute $ opportunity created in the medical grade coatings market between 2019 and 2027. Moreover, the silicone material segment of the medical grade coatings market holds a significant share in terms of volume demand, owing to its low cost, long track record of medical applications and considerably improved technology of silicone coatings. The polyvinylidene difluoride (PVDF) material segment of the medical grade coatings market is expected to grow to 1.6x its present market size by the end of the forecast period.

Based on application, the medical grade coatings market has been segmented into the medical specializations of general surgery, cardiovascular, orthopedics, neurology, gynecology, dentistry and others. The general surgery segment accounted for a sizeable share of the medical grade coatings market, with demand mostly stemming from various surgical equipment, consumables and other medical devices for all types of general surgerical procedures. The orthopedics segment is projected to grow at a fast rate as compared to other application segments of the medical grade coatings market during the forecast period, with high demand for medical grade coatings from orthopedic implants. The cardiovascular application segment of the medical grade coatings market is also projected to grow at a robust pace, with increasing demand for high grade improved biocompatible medical grade coatings for equipment and implants such as pacemakers.

The medical grade coatings market has been classified, based on formulation, into solvent based, water based, and powder coating. Solvent based formulations for medical grade coatings have traditionally dominated the market; however, technological innovation and availability of water based formulations for medical grade coatings have increased significantly in the recent past. Moreover, the advent of powder coating formulation and efficient processes such as thin film deposition have boosted the uptake of medical grade coatings for specific substrate types and applications. The segments of water based formulation and powder coating are projected to witness fast growth in the medical grade coatings market during the forecast period.

The medical grade coatings market, based on type, has been segmented into hydrophilic, hydrophobic, anti-microbial, drug eluting and other. The hydrophilic segment held a significant share in the global medical grade coatings market, and is expected to account for 42% of the overall absolute dollar opportunity created in the medical grade coatings market during the forecast period.

North America, Latin America, Europe, Japan, Asia Pacific excluding Japan and Middle East & Africa are the regions covered in this study of the global medical grade coatings market. North America held a significant share in the global medical grade coatings market, driven by high per capita healthcare expenditure and a strong medical devices market. Europe, Japan and Asia Pacific excluding Japan are the other regions with sizeable market shares in the medical grade coatings market. Fast paced growth is projected to be witnessed in the Asia Pacific excluding Japan region for medical grade coatings, driven primarily by China and India and the countries’ burgeoning healthcare industry.

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The medical grade coatings market has high intensity of competition with several large and small players vying for market shares. The high degree of regulatory requirements and significant role of government approvals required for medical devices have made the medical grade coatings market extremely competitive. Key players who are part of the global medical grade coatings market include 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.

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