The growing demand for medical equipment and expansion of the medical devices sector in various regions have been creating opportunities for the growth of the medical grade coatings market. As per a study by Future Market Insights, the medical grade coatings market will expand at a CAGR of 6.7% during the forecast period of 2021-2031. As per the report, among materials used, the demand for polytetrafluoroethylene or PTFE is considerably high. PTFE materials have wider applications in coating and are used in hydrophobic, anti-microbial, and other coatings. It is expected to account for nearly 33% of medical grade coatings manufactured in 2021 in terms of value.
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Regionally, North America and Europe will remain key markets. Of these, North America is expected to remain dominant. The presence of a well-developed healthcare infrastructure will continue supporting growth in these regions.
Key Takeaways of Global Medical Grade Coatings Market Study
- Medical grade coatings market is expected to surpass US$ 6.68 Bn in 2021
- The U.S. will emerge dominant, accounting for nearly 85% of sales in North America. Thanks to increasing focus on healthcare research, the U.S. will continue spearheading growth in the region
- The U.K. will exhibit 5.4% y-o-y growth in 2021, driven by increasing healthcare spending
- Germany and France will remain attractive pockets for sales within Europe
- China will remain the leading market for medical grade coatings in East Asia, followed by Japan and South Korea.
“Growing demand from medical sector is expected to drive the medical grade coatings sales. While developed countries will continue exhibiting demand, stagnancy in certain pockets will compel market players to explore options in emerging economies. Considering the presence of unmet medical needs and increasing focus on expansion of healthcare sector, medical grade coatings manufacturers will find conducive environment for growth in emerging nations,” says an FMI analyst.
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The global medical grade coatings market is anticipated to grow substantially owing to the development in the medical as well as health-care sector and increasing investment in innovation and development of medical devices and equipment. Outbreak of COVID-19 has significantly impacted the global medical grade coatings market. The rising demand for various medical equipment and devices to offer efficient care to a mounting number of patients created prospects for medical grade coatings sales.
Who is Winning?
The global medical grade coatings market has been identified as a significantly fragmented market. The Tier 1 manufacturers account for maximum share in the global market. Some of the leading players included in the report are DuPont, Koninklijke DSM NV, SurModics, Inc., Speciality Coating Systems Inc. Precision Coating Co. Inc., Biocoat Inc., Covalon Technologies Ltd., Harland Medical Systems Inc., Hydromer Inc., Medicoat, Inc. Aculon Inc., and AST Products Inc the manufacturers across the globe are anticipated to create tough competitive environment on the global level.
Want to Know More?
Future Market Insights has published a market research report on the Global Calcite Market that contains global industry analysis of 2016–2020 and opportunity assessment for 2021–2031. The report provides in depth analysis of the Global Calcite Market through different segments, namely by type, by size, application and region. The Global Calcite Market report also provides supply and demand trends, along with an overview of the parent market.
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