Medical Coatings Global Market Opportunities and Strategies to 2033

This report describes and explains the medical coatings market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global medical coatings market reached a value of nearly $8.88 billion in 2023, having grown at a compound annual growth rate (CAGR) of 19.4% since 2018. The market is expected to grow from $8.88 billion in 2023 to $23.4 billion in 2028 at a rate of 21.4%. The market is then expected to grow at a CAGR of 22.2% from 2028 and reach $63.8 billion in 2033.

Growth in the historic period resulted from the increased number of surgical procedures, rising occurrences of ischemic heart disease and chronic obstructive pulmonary disease and surge in the prevalence of chronic diseases. Factors that negatively affected growth in the historic period were fluctuations in raw material prices.

Going forward, increasing size of the aging population, growing government support and a rise in healthcare expenditure will drive the market. Factors that could hinder the growth of the medical coatings market in the future include strict government regulations on medical device coatings.

The medical coatings market is segmented by type into anti-microbial coating, hydrophilic coating, anti-thrombogenic coating, drug-eluting coating and other types. The anti-microbial coating market was the largest segment of the medical coatings market segmented by type, accounting for 31.9% or $2.83 billion of the total in 2023. Going forward, the hydrophilic coating segment is expected to be the fastest growing segment in the medical coatings market segmented by type, at a CAGR of 24.3% during 2023-2028.

The medical coatings market is segmented by material type into polymers, metals and other material types. The polymers market was the largest segment of the medical coatings market segmented by material type, accounting for 70.2% or $6.23 billion of the total in 2023. Going forward, the metals segment is expected to be the fastest growing segment in the medical coatings market segmented by material type, at a CAGR of 23.4% during 2023-2028.

The medical coatings market is segmented by application into medical devices, medical implants, medical equipment and tools, protective clothing and other applications. The medical devices market was the largest segment of the medical coatings market segmented by application, accounting for 44.7% or $3.97 billion of the total in 2023. Going forward, the medical devices segment is expected to be the fastest growing segment in the medical coatings market segmented by application, at a CAGR of 23.4% during 2023-2028.

North America was the largest region in the medical coatings market, accounting for 35.7% or $3.17 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the medical coatings market will be Asia-Pacific and Western Europe, where growth will be at CAGRs of 23.6% and 22.6% respectively. These will be followed by North America and South America, where the markets are expected to grow at CAGRs of 19.9% and 19.8% respectively.

The global medical coatings market is highly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 4.47% of the total market in 2022. The market concentration can be attributed to the presence of a large number of players in different geographies. Prominent players are acquiring the products and entering into partnerships with the other companies to consolidate their market positions across the globe, while others are distributing products. Koninklijke DSM N.V. was the largest competitor with a 1.74% share of the market, followed by Precision Coating Company, Inc with 0.76%, Surmodics, Inc. with 0.69%, Freudenberg SE with 0.37%, KISCO LTD with 0.23%, Merit Medical Systems, Inc with 0.20%, Harland Medical Systems, Inc. with 0.20%, Biocoat Incorporated with 0.17%, Covalon Technologies Ltd. with 0.09% and Medicoat AG with 0.03%.

The top opportunities in the medical coatings market segmented by type will arise in the anti-microbial coating segment, which will gain $4.87 billion of global annual sales by 2028. The top opportunities in the medical coatings market segmented by material type will arise in the polymers segment, which will gain $9.93 billion of global annual sales by 2028. The top opportunities in the medical coatings market segmented by application will arise in the medical devices segment, which will gain $7.4 billion of global annual sales by 2028. The medical coatings market size will gain the most in the USA at $3.58 billion.

Market-trend-based strategies for the polycarbonate sheets market include ecofriendly medical coating for medical device, technological advances in coatings which focus on infection prevention, innovative product developments in testing systems for medical device coatings, growing investments to support expansion of biocompatible medical device coatings, strategic partnerships and collaborations among market players, development of human-implantable medical device coating technology and introduction of antimicrobial surface treatment based on nanotechnology.

Player-adopted strategies in the medical coatings market include enhancing business operations through new mergers and acquisitions and strengthening business capabilities through launching new product solutions.

To take advantage of the opportunities, the analyst recommends the medical coatings companies to focus on eco-friendly innovations for sustainable growth, focus on advanced coating technologies for infection prevention, focus on innovative testing systems for enhanced market positioning, focus on strategic investments for biocompatible coating portfolio expansion, focus on high-growth segments: anti-thrombogenic and anti-microbial coatings, focus on rapid growth in metals market segment, focus on accelerated growth in medical devices and medical implants, expand in emerging markets, continue to focus on developed markets, focus on diversifying distribution channels for market expansion, provide competitively priced offerings, focus on strategic pricing for competitive edge, participate in trade shows and events, continue to use B2B promotions, focus on targeted promotion for market visibility and focus on understanding end-user needs for effective engagement.