Medical Coatings Market size was valued at USD 4.71 billion in 2023 and is anticipated to reach USD 15.69 billion by 2036, registering around 9.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of medical coatings is assessed at USD 5.08 billion. The growth of the market can be attributed to the increasing awareness related to healthcare-associated infections (HCAI), and growing usage of minimally invasive surgical procedures globally. In 2018, robot-assisted surgeries accounted for more than 13% of all the general surgeries performed in the world, up from about 2% in the year 2012.
Along with these, rising demand for lightweight medical equipment that can navigate through complex procedures is also expected to drove market growth in the upcoming years. Furthermore, high requirement for quality healthcare, and escalating government expenditures in healthcare in developing nations are projected to offer lucrative opportunities to the market in the near future.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
9.7% |
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Base Year Market Size (2023) |
USD 4.71 billion |
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Forecast Year Market Size (2036) |
USD 15.69 billion |
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Regional Scope |
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The market is segmented by application into medical device, medical implants, medical equipment & tools, protective clothing, and others, out of which, the medical device segment is anticipated to observe notable growth in the global medical coatings market. This can be accounted to the growing use of medical devices in developing nations, such as China and India, and rising production of devices, including catheters, in-vitro diagnostic devices, cannulas, and ventilators. Additionally, on the basis of type, the anti-microbial segment is predicted to acquire the largest share during the forecast period owing to the high compatibility of this coating with a variety of materials, that include carbon fiber, plastic and metal. Apart from this, surging utilization of microbial coatings in implantable devices is also evaluated to boost the market segment growth in the future.
Our in-depth analysis of the global market includes the following segments
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By Type |
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By Application |
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Regionally, the global medical coatings industry is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. Asia Pacific industry is likely to account for largest revenue share by 2036, impelled by increasing number of hospitals, and growing investments to improve healthcare facilities in the region. Moreover, the market in North America is expected to grab the largest share during the forecast period ascribing to the rising adoption of advanced surgical treatments. In addition, high healthcare spending, and strong presence of market players in the region are also projected to drive market growth significantly in the near future. As per the Centers for Medicare & Medicaid Services, the healthcare spending in the United States grew 9.7% in 2020, reaching USD 4.1 trillion or USD 12,530 per person. As a share of the nation's Gross Domestic Product, health spending accounted for 19.7%.
Author Credits: Radhika Pawar
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