The medical grade coatings market banks on the massive shift toward operational efficiency in case of medical equipment with enhanced maneuverability. Sales of medical grade coatings are poised to surpass 303 KT in 2019, as per the latest research study published by FMI. The FMI study projects a steady growth of medical grade coatings market, influenced by rising demand for value addition to the existing medical devices.
According to the FMI study, medical grade coatings have become indispensable on the back of their ability to enhance functionality of the new-age medical devices and equipment. Rising clamor for upgrading crucial properties of medical devices, such as lubricity and antimicrobial action, is a key sales influencer of medical grade coatings.
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“A cohort of favorable studies envisage that modern-age medical devices would be incompetent in reaching their desired potential without effective coating solutions. Medical applications seek for devices complying with a set of rigid conditions revolving around functionality and safety, making medical grade coatings highly essential in the medical devices and equipment space”, finds FMI study
According to the report, silicone continues to be highly-favored as a primary material choice for many medical equipment coating applications, with global sales likely to grow steadily in 2019. Silicone offers extended coating mileage and enhanced surfaced modification in the new-age medical devices, which is responsible for enhancing its visibility among other material types.
Antimicrobial medical grade coatings continue to witness significant demand for diverse end-use applications, with global sales poised to cross 60 KT in 2019. Apart from being acknowledged for offering optimal protection, these coatings are also gaining momentum by virtue of their role in reduction of odors, stains, and accidental degradation of medical devices.
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Persistent Clamor for Biodegradability Pushes Demand for Medical Grade Coatings
Burgeoning need for enhanced maneuverability of medical equipment remains an overarching trend favoring the manufacturers of medical grade coatings. Widely-acknowledged for their operational benefits, medical grade coatings are becoming integral in upgrading functionalities of the medical devices.
The medical devices and equipment landscape remains one of the rapidly evolving areas in terms of adoption of multiple innovative materials, such as plastics. However, biocompatibility prevails as a key area seeking substantial attention in parallel with rising safety considerations. Medical grade coatings, offering unparalleled biocompatibility, are being actively embraced by manufacturers of medical equipment to upgrade for developing complaint products with reinforced properties. For example, angioplasty procedures and stent implantations trigger body responses resulting in restenosis in arteries. In a bid to overcome this, use of drug eluting coatings for coating metal stents has significantly taken off to facilitate controlled release of drugs inhibiting restenosis.
Medical grade coatings market players remain focused on incorporation of new technologies to take the coating performance a notch higher, irrespective of the target application. Amelioration of adhesion properties of coatings remains a primary area of consideration for the manufacturers, since multiple types of medical grade coatings demonstrate incompatibility with specific material types. Manufacturers are restoring to efficient technologies, such as plasma-enhanced chemical vapor deposition (PECVD), to high quality coatings with superior adhesion for a diverse range of requirements.
Introduction of high-performance fluoropolymer coatings remains a prominent breakthrough in the medical grade coatings space. With the increasing end-user proclivity for customized specialty coatings including fluoropolymer as an ‘active’ ingredient, these coatings are mainstreaming in case of medical devices to offer the desired combination of quality and functionality. However, the FMI report states that it would be interesting to see how manufacturers catch up with this trend and how it gets commercialized in the market.
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The FMI report also sheds light on increasing number of collaborations between medical device manufacturers with several medical grade coating providers, resulting in co-created products via combined expertise. For instance, Royal DSM entered into a strategic partnership with Vention Medical, Inc. in 2017 for product amelioration with advanced coating formulations. Moreover, the companies are also invested in new product launches for expansion of their global presence and solidifying their market sustenance.
The FMI report covers a comprehensive assessment of latent opportunities in the medical grade coatings market for the forecast period of 2019 to 2027. According to the report, the medical grade coatings market is likely to expand at a value CAGR of over 6% through 2027.