Report : Asia-Pacific Medical Device Coating Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Device Material Type (Polymer, Metal, and Others), Devices (Medical Equipment and Tools, Medical Devices, Medical Implant, and Others), Coating (Hydrophilic Coating, Anti-Microbial Coating, Drug-Eluting Coating, Anti-Thrombogenic Coating, and Others), and Application (Infection Diseases, General Surgery, Orthopedic, Neurology, and Others)
At 8.2% CAGR, the Asia Pacific Medical Device Coating Market is speculated to be worth US$ 2,945.07 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific medical device coating market was valued at US$ 1,834.27 million in 2022 and is expected to reach US$ 2,945.07 million by 2028, registering a CAGR of 8.2% from 2022 to 2028. Increasing product launches and product developments and increasing R&D activities and innovation in medical device coating materials are the critical factors attributed to the Asia Pacific medical device coating market expansion.
The continuous research in medical device development has offered new innovative coating varieties. Product innovation and strategic activities by key market players create ample opportunities to step in new application areas. For instance, in August 2020, Hydromer partnered with N8 Medical to supply coatings to manufacture CeraShield endotracheal tubes. These tubes play a crucial role in the treatment of COVID-19 patients. This development exhibits the company's active involvement in the medical device coatings market. Also, In February 2020, Biocoat launched HYDAK UV. The new version of its original HYDAK coating is designed to be cured using ultraviolet (UV) light. This coating allows for flexible integration with industry-standard UV coating systems. Thus, the increasing medical device coating product launches, as well as various organic and inorganic developments, are expected to provide lucrative opportunities for the Asia Pacific medical device coating market growth.
On the contrary, complications associated with medical device coatings and frequent product recalls hurdle the growth of Asia Pacific medical device coating market.
- Based on material type, the Asia Pacific medical device coating market is segmented into polymers, metals, and others. The metals segment held 47.3% market share in 2022, amassing US$ 867.26 million. It is projected to garner US$ 1,352.87 million by 2028 to expand at 7.7% CAGR during 2022–2028.
- Based on devices, the Asia Pacific medical device coating market is segmented into medical equipment and tools, medical devices, medical implants, and others. The medical devices segment held 39.9% market share in 2022, amassing US$ 732.55 million. It is projected to garner US$ 1,181.90 million by 2028 to expand at 8.3% CAGR during 2022–2028.
- Based on coating, the Asia Pacific medical device coating market is segmented into hydrophilic coatings, anti-microbial coatings, drug-eluting coatings, anti-thrombogenic coatings, and others. The hydrophilic coating segment held 33.5% market share in 2022, amassing US$ 613.97 million. It is projected to garner US$ 994.97 million by 2028 to expand at 8.4% CAGR during 2022–2028.
- Based on application, the Asia Pacific medical device coating market is segmented into infectious diseases, neurology, orthopedics, general surgery, and others. The others segment held 31.5% market share in 2022, amassing US$ 576.96 million. It is projected to garner US$ 945.22 million by 2028 to expand at 8.6% CAGR during 2022–2028.
- Based on country, the Asia Pacific medical device coating market is segmented China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 35.7% market share in 2022. It was assessed at US$ 655.32 million in 2022 and is likely to hit US$ 1,078.05 million by 2028, exhibiting a CAGR of 8.7% during the forecast period.
Key players dominating the Asia Pacific medical device coating market are Covalon Technologies Ltd, Harland Medical Systems Inc, Hydromer Inc, Kisco Ltd, Koninklijke DSM NV, and Surmodics Inc among others.
- In 2022, Harland Medical Systems, Inc. announced the release of the CTS1100 Coating Thickness Testing System at MD&M West. As a testing system, the CTS1100 allows medical device manufacturers to accurately and easily measure coating thickness on their devices.
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