The global medical grade coatings market projected to reach US$20bn by 2033

The global medical grade coatings market is projected to reach US$7.61bn in 2023 and is projected to reach US$19.8bn by 2033, expanding at a CAGR of 10% during the forecast period.

The global market of medical grade coatings is anticipated to grow at a significant rate between 2023 and 2033 owing to its crucial role in various tools, medical devices and equipment for surgeries and treatment in the healthcare sector.

Various tools, equipment and devices used in surgeries of cardiovascular, neurology, oral treatment, general surgery and in various other medical treatments require medical grade coatings. These coatings make medical equipment and devices corrosion and friction resistance and keep them free from microbes and pathogens. The expansion of the healthcare sector will, therefore, fuel the demand for medical grade coatings in the coming years.

A number of regulatory agencies, including the Environmental Protection Agency and the European Commission for Medical Device Regulation (MDR), have been very concerned with perfluorobutane sulfonic acid (PFOS) and perfluorooctanoic acid (PFOA) utilized in the production of polytetrafluoroethylene (PTFE) coatings for medical devices for more than a decade.

A major shift in product strategy has resulted from changing regulations. For instance, 3M will stop producing PFAS by 2025, while PPG has stopped manufacturing coatings for medical devices. In order to eliminate PFAS from the processing of PTFE by 2030, Chemours has committed to eliminating at least 99% of the PFAS.

Two other coatings manufacturers are also reducing restricted chemicals while maintaining product performance standards by reformulating existing coatings and creating new ones based on evidence-based scientific data. Their success depends on relentlessly seeking viable solutions and filling in the gaps left by others in the supply chain. In addition to PFOS, PFOA, solvents, and hex chrome compounds, they have created low-friction, water-based coatings for medical devices. Additionally, they comply with REACH and RoHS.

An orthopedic implant coated with a smart coating that monitors strain has been developed by researchers at the University of Illinois. Infection-causing bacteria are killed by these coatings and early warnings of implant failure are provided. Nanostructured antibacterial surfaces are integrated with flexible sensors. According to the researchers, dragonfly and cicadas’ wings inspired the surface.

How do historical and future Ooutlooks for medical grade coatings match up?

Medical grade coatings consumption is anticipated to grow by 1.9X over the assessment period, owing to increasing demand from various application segments. The expansion of the healthcare sector is expected to bode well for the market. The report predicts solid growth of the market, driven by the increasing use of medical grade to protect surgery and treatment devices and tools.

On the basis of geographical outlook, North America and Europe are expected to remain the dominant regions in the market and are expected to maintain their position throughout the assessment period. The dominance of these regions, especially North America, is estimated to continue, owing to the increasing investment in the healthcare sector and expansion of the pharmaceutical sector. Moreover, the increasing investment by regional governments in the medical sector is one of the key factors enabling sales in the region.

Prominent market participants are expanding their market presence by acquiring small and medium size players. They also are investing in research and development of innovative and advance products to cater the growing demand from the various application segments.

According to FMI’s analysis, medical grade coatings sales is estimated to grow at 6.7% CAGR over the assessment period. Medical grade coatings are used in the coating of various tools, equipment, and devices, which are used across medical practices such as general surgery, neurology, dentistry, orthopedics and many others. These coatings are anti-fungus, anti-bacterial and anti-pathogen, resistant to corrosion, friction less and do not cause harm to the internal organs and glands. These type of coatings are further used in the clothes those are wear by the surgeons during the time of several operations.

How is R&D key to increasing medical grade coatings sales?

Investment in research and development (R&D) of advanced and innovative products has been increasing. This is also because there is an increasing focus on catering to the demand for biocompatible and biodegradable products in the medical sector. Soaring carbon footprint is responsible for the trend, which is unlikely to slow down in the coming years.

Key market participants generally invest about 4-6% of their revenue in R&D activities to develop advanced technologies and keep pace with evolving trends within the industry. The emerging field of nanotechnology is anticipated to play a significant role in research and development activities conducted on medical grade coatings. The rising demand for materials to ensure improved efficiency of the tools, devices, or equipment to be used will bode well for the market.

How is the need for biocompatibility in medical devices driving demand?

Biocompatibility is one the most critical criteria that medical devices should fulfill before being certified safe for sale and for use in the healthcare industry. Biocompatibility is defined as the compatibility of a medical device, tool or equipment with the human biological system and those that do not cause any harm to the internal organs of a human body.

Biocompatibility requirements are even more stringent for medical devices that are meant for surgical applications and those used as implants. Some of the common examples are orthopedic implants, stents and pacemakers among others. Medical grade coatings are used for improving the biocompatibility of the medical devices, tools and equipment, making them safe for human use.

For example, in angioplasty procedures and the implantation of stent trigger body responses leading to restenosis in the arteries. To overcome these problems, drug eluting coatings have been used to coat metal stents to allow the controlled release of drugs that inhibit the restenosis process. Similarly, medical grade coatings are used to coat devices whose substrate materials may harmfully react with body tissues or fluids. Thus, the role of medical grade coatings in improving the biocompatibility of medical devices is a key factor in market growth.

What are growth projections for the United States?

North America is anticipated to remain dominant in the global market, especially due to the increasing demand from the United States’ pharmaceutical and medical sectors. According to the Centers for Medicare and Medicaid Services, the health care spending in the United States. grew by 4.6% in 2019, reaching US$3.8trn. With a focus on healthcare and modern treatment poised to surge, the US will emerge as a highly lucrative market for medical grade coatings.

Advancements in products are expected to be achieved by the country due to the presence of skilled labours, excellent researchers and the growing fields of biotechnology and nanotechnology. FMI has projected the United States medical grade coatings market to account for more than one-fourth volume share in the global market.

These insights are based on a report on Medical Grade Coatings Market by Future Market Insights