Medical Grade Coatings Market: By Material, Polyvinylidene Fluoride, Silicone, Parylene, Metals and Others), By Formulation, By Application and Geography
Medical Grade Coatings Market size was valued at US$ 7.2 billion in 2023 and is poised to grow at a CAGR of 10.8% from 2024-2030. Factors such as increasing demand for medical devices, benefits of medical grade coatings, rising disposable incomes of the global population, and rising demand for coatings from medical devices are some factors influencing the market growth. Based on material, polytetrafluoroethylene (PTFE) segment accounted for a larger market revenue share in 2020 and projected to gain market revenue share over the forecast period. However, stringent regulatory policies and time-consuming regulatory approvals are inhibiting the market growth.
Study Period
2024-2030Base Year
2023CAGR
10.8%Largest Market
North AmericaFastest Growing Market
North America
Market dynamics are changing the medical device market in unprecedented ways. Over the years, the aging population in developed countries, declining birth rates and higher life expectancy and the rise of chronic diseases around the globe have been major demand drivers for medical devices. Demand is further generated thanks to the ever-expanding market geography, changing roles of patients and decision-makers, technological advancements, and increased data availability. There has been a huge growth in the application of coatings onto medical devices in the last few years. These coatings improves the durability of the equipment and offer outstanding thermal stability, dry-film lubricity and dielectric properties which create substantial market growth over the forecast period. Hence, increasing demand for medical devices is fueling the market growth.
Asia Pacific accounted for larger revenue share in global medical grade coatings market with considerable CAGR owing to rise in healthcare & research expenditure. Growing penetration of new medical devices and strong improvements of the medical device industry are other factors responsible for the market growth. Further, China is the major contributor for the market growth in this region.
Latin America
Europe
Asia Pacific
Middle East
North America
|
Report Benchmarks |
Details |
|
Report Study Period |
2024-2030 |
|
Market Size in 2023 |
US$ 7.2 billion |
|
Market CAGR |
10.8% |
|
By Material |
|
|
By Formulation |
|
|
By Application |
|
Download Free Sample Report
The Medical Grade Coatings Market Size was valued at US$ 7.2 billion in 2023
The Medical Grade Coatings Market Key Players are Aculon Inc (U.S) AST Products Inc (U.S) Biocoat Inc (England) Covalon Technologies Ltd (Canada) Harland Medical Systems Inc (U.S) Hydromer Inc (U.S) Medicoat Ag (Switzerland)
The Medical Grade Coatings Market Regions are North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.
Key Market Players
Author
Muni Kumar Meravath is a seasoned Healthcare Market Research Analyst with over 6 years of experience in the healthcare domain, encompassing pharmaceuticals, medical devices, and diagnostics. A graduate in Pharmacy, he possesses a strong foundation in the intricacies of the healthcare sector. He further enhanced his expertise by pursuing an MBA in Pharmaceuticals, equipping him with valuable business acumen. His analytical skills and market insights have contributed to strategic decision-making and enhanced market positioning for various healthcare organizations. Committed to driving innovation and excellence, Muni continues to seek opportunities to improve healthcare delivery through data-driven insights.
Download Free Sample
