The medical device coating industry has garnered $7,861.4 million revenue in 2021, and it is projected to rise at a 7.6% CAGR from 2021 to 2030, to generate $15,165.9 million revenue in 2030.
The industry expansion is attributed to the growing awareness on minimally invasive device usage, ascribed to their high success rate. In addition, the rising frequency of healthcare-associated infections, including ventilator-associated pneumonia, and catheter-associated urinary tract infections propels the antimicrobial coatings on medical devices.
The rising elderly population, surging healthcare-related challenges, and growing demand for implants boost the industry growth. In addition, the rising requirement for early detection of diseases is projected to boost the medical device demand, which is projected to fuel the industry growth in the near future.
The healthcare-relevant devices provide patient safety, and hence it is essential for manufacturers to offer the infection-resistant and best-suited material for implants and devices. The metal-based coatings on medical devices hold the largest industry share, due to their wide usage. They are projected to experience the fastest growth, of approx. 7.9% in the coming future.
The metals used in coating materials such as silver for titanium for orthopedic implants, silver for implantable devices, and gold for cardiovascular stents. Similarly, ceramic-based coatings decrease device-associated costs, including forceps, spatulas, scissors, and specific implants.
The R&D in bio-ceramic technology is projected to improve ceramic-coated implants, which are highly durable and low-cost.
The FDA and other regulatory authorities are increasingly focusing on coated medical devices, led by growing prevalence. Manufacturers adopt measures to enhance device safety, including appropriate coatings incorporation, and thus cause industry propulsion.
North America holds the largest industry share, and it is projected to generate $5,408.5 million revenue in 2030. It is ascribed to rising improvement in medical device technology and easy access to better equipment and care. In addition, the rising penetration of healthcare facilities, such as diagnostic centers, and surging investments in healthcare R&D, result in a boom in the industry in the region.
Therefore, the rising prevalence of HAIs fuels the medical device coating industry’s growth.
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