Over the past 50 years, the medical device industry has seen several notable developments. In fact, the use of biomedical devices, such as medical implants, surgical instruments, and prostheses has increased substantially over the time. Every year, millions of individuals undergo surgeries and implantations. Cardioverter defibrillators, prosthetic hips and knees, contact lenses, and cardiac pacemakers are some of the most commonly implanted medical devices, while fixation devices and artificial joints account for about 44% of all medical devices. The growing demand for complex medical devices has prompted the medical device developers to innovate and introduce bio-compatible, high-performance medical device coating that can meet the operational, clinical, and engineering requirements for these devices.
Presently, multiple types of medical device coatings are available in the market to accommodate the multifunctionality of novel medical devices. In addition, various medical device manufacturers are using novel surface modification technologies to enhance the physiochemical properties, frictional resistance, and, in certain cases, layout of the substrate, adding on to the device properties. Driven by the surge in demand for various types of medical devices and the need for a wide array of medical coatings for these devices, the medical device coating market is anticipated to witness a steady growth during the forecast period.
Medical Device Coating Service Providers: Current Market Landscape
Presently, more than 85 medical device coating companies claim to offer various types of medical grade coatings, including parylene, silicone, and fluoropolymers for multiple applications. It is worth highlighting that, majority of these players offer novel coatings as well as services associated with medical device coatings. Most of these players are mid-sized companies based in the US, the UK, and Germany. Additionally, more than 115 surface modification technologies and coating solutions are available in the market to enhance the physiochemical features of medical devices, including antimicrobial properties, corrosion resistance and thermal stability.
Medical Device Coating Service Providers: Company Competitiveness Analysis
In order to gain an edge in this competitive industry, service providers are continuously undertaking initiatives to upgrade their existing service offerings. Companies including Tekcyte and Theradep emerged as the leading players offering an elaborate service portfolio for coating medical devices; these companies offer customizable coating options as per the customer requirements for both, natural as well as polymer-based coating materials.
Surface Modification Technologies and Coating Solutions: Current Market Landscape
Coating materials must be selected in such a way that they reduce the chances of adverse reactions when they interact with the surroundings of the medical device. Hence, in order to avoid such cases, it becomes crucial to modify the biomaterials surface and protect it throughout its anticipated shelf life. During our research, over 115 products (technologies and coating solutions) were identified that offer surface modification for medical devices. Presently, over 80% of the products are utilized for the surface modification of invasive medical devices, including catheters, stents and surgical instruments.
Medical Device Coating Service Providers: PESTLE Analysis
PESTLE analysis can be applied to bolster the strategic planning processes and risk management within the industry to comprehend the competitive landscape in a sector and strategize financial decisions. The primary purpose of this analysis is to develop a better understanding of the offerings of different medical device coating providers and establish an understanding of the current industry benchmark.
Likely Growth of the Medical Device Coatings Services Market
Presently, the global market for medical device coating services is worth USD 7.7 billion. With the rising demand for medical device coating solutions and services, the affiliated market for service providers is expected to grow at a steady annualized rate of 7.7% over the coming decade. The opportunity is likely to be well distributed across various type of medical devices, company sizes and key geographical regions. Currently, in terms of type of medical device coated, class III devices capture the majority share of the overall medical device coating market. Class III devices include high-risk devices such as pacemakers, defibrillators, cochlear implants, renal stents and coronary stents.
In terms of geography, North America currently holds the largest share of the medical device coating market. This is expected to change as the market in Asia is likely to grow at a relatively faster CAGR during the forecast period.
Concluding Remarks
It is worth highlighting that owing to the profound increase in the number and application of invasive medical devices, there is a significant rise in the interest of stakeholders in medical device coatings; furthermore, the domain has witnessed a substantial increase in partnership activity over the years as well. Moreover, the growing demand for biocompatible medical implants has led players engaged in this domain to expand their existing capabilities / capacities in order to accommodate the future needs of their clients. Owing to the surge in the number of medical devices and their associated risks of infections, the global medical device coating market is projected to grow at a steady pace during the forecast period.
You can also download the SAMPLE REPORT on this topic by Roots Analysis by clicking on the link here… https://www.rootsanalysis.com/reports/medical-device-coatings-market.html
The post Medical Device Coating and Surface Modification Technologies: Current Market Landscape and Emerging Opportunities appeared first on Blog.
