Research Nester published a report titledMedical Coatings Market: Global Demand Analysis Opportunity Outlook 2031which delivers detailed overview of the globalmedical coatings marketin terms of market segmentation by type, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global medical coatings market is estimated to occupy a large amount of revenue by growing at aCAGR of ~20% during the forecast period, i.e., 2022 2031, ascribing to the rising awareness regarding healthcare-associated infections (HCAIs), and increasing usage of minimally invasive surgical procedures conducted worldwide. Along with these, growing demand for lightweight medical equipment, and mounting requirement for quality healthcare are also expected to drive the growth of the market in the upcoming years.
In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
Healthcare Companies and Private Service Providers to have a minimal damage Caused by Inflation:
As US govt. remains committed to quality by spending more in the Medicaid and Medicare programs, incentives by govt. to medical devices, pharma companies and biotech to benefit the market players in short and long term goals. In 2021, U.S. spent $12,318/person on healthcare- highest amongst all OECD countries followed by Germany at $7,383. The federal government commitment towards healthcare systems to enable market players expanding their revenues and mitigating the risk posed by the inflation.
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The market is segmented by type and application. Based on type, the anti-microbial segment is anticipated to acquire the largest share during the forecast period in view of the high compatibility of this coating with a variety of materials, including carbon fiber, plastic and metal. Additionally, by application, the medical device segment is projected to observe notable growth over the forecast period attributing to the increasing usage of medical devices in developing countries, such as China and India.
Geographically, the global medical coatings market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East Africa. Asia Pacific is evaluated to witness noteworthy growth in the market during the forecast period attributing to the escalating number of hospitals, and surging adoption of advanced surgical treatments in the region. Moreover, the market in North America is assessed to acquire the largest share over the forecast period on the back of the strong footprint of market players, and high healthcare expenditure in the region.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth opportunity analysis, market players competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
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Rising Utilization of Minimally Invasive Surgeries Globally to Drive Market Growth
The growing number of cases of diseases, such as cancer, arthritis and cardiovascular disorders, that require complex surgical treatment, is predicted to raise the demand for minimally invasive procedures. It is anticipated to boost the consumption of lightweight medical devices, that often have medical coating for easy insertion into narrow vascular areas. This in turn is assessed to drive significant market growth in the near future.
However, volatility in the costs of raw materials is expected to operate as key restraint to the growth of the global medical coatings market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global medical coatings market which includes company profiling of Koninklijke DSM N.V., Biocoat Inc., Endura Coatings, Freudenberg Medical LLC, Harland Medical Systems Inc., Hydromer Inc., Materion Corp., Merit Medical Systems Inc., Precision Coating Co. Inc., Surmodics Inc., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global medical coatings market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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