In terms of revenue, this research report from XYZ-Research indicated that the global Medical Device Coatings market was valued at USD 496.4 million in 2019, and it is expected to reach a value of USD 555 million by 2026, at a CAGR of 2.15 % over the forecast period 2021-2026. Although there will always be some uncertain in the global economy in the following years, it is surely forecasted that the market of Medical Device Coatings is still promising.
Coating is any type of covering applied on the substrate or an object for either to serve a protective or decorative purpose. The medical devices are susceptible to an attack of various germs such as bacteria, viruses, and other pathogens apart from the physical damages. This necessitates the application of a protective coating on the surface of numerous diagnostic and surgical medical devices such as stent, cardiac assist devices and needles, among others.
Globally, the Medical Device Coatings industry market is low concentrated as the manufacturing technology of Medical Device Coatings is relatively matures. And some enterprises, like Royal DSM, Surmodics, Speciality Coating Systems, Biocoat Incorporated, Covestro, Materion Corporation are well-known for the wonderful performance of their Medical Device Coatings and related services. The Royal DSM aims at producing 619.6 MT Medical Device Coatings in 2020, with 16.48 % production to take place in global market, Surmodics accounts for a volume share of 8.6 %.
Figure Regional Market Share in Terms of Revenue (2019 - 2020)
Source: Experts Interview, Secondary Sources and XYZ-Research Chemical & Material Research Center, 2020
With emerging economies growing faster, a strategy has been adopted by most leading vendors in the Medical Device Coatings market to approach these areas. XYZ analysis of the Medical Device Coatings market indicated that the demand in Europe and USA will be relatively stable, but Asia, especially China, has higher growth rate. Vendors recognize the importance of this region, particularly in developing countries and are working towards penetrating this market by strengthening their sales and distribution networks.
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