Report : South America 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 7.1% CAGR, the South America Medical Device Coating Market is speculated to be worth US$ 852.89 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South America medical device coating market was valued at US$ 565.12 million in 2022 and is expected to reach US$ 852.89 million by 2028, registering a CAGR of 7.1% from 2022 to 2028. Rising demand for medical devices in surgical and diagnostics procedures and high prevalence of hospital-acquired infections (HAIs) are the critical factors attributed to the South America medical device coating market expansion.
Medical devices are required for various invasive and minimally invasive surgical and diagnostic procedures such as laparoscopy, biopsy, and endoscopy. Laparoscopic ureterolithotomy, a process of removing stones from the ureter, is performed using a laparoscope and catheters. The use of coated medical devices significantly reduces the time taken for cardiac and urinary catheterization. Coatings prevent infections during biopsy, excision, and cryotherapic diagnostic procedures where the contact between medical devices and body is integral. Besides, coated medical devices are significantly cost-effective. According to WHO, an estimated 2 million types of medical devices are categorized into more than 7,000 generic groups. Disposable medical devices, such as cannulas, blades, anvils, triggers, diagnostic probes, and guide wires, need coatings for anti-infectious procedures and maneuverability improvement. The diagnosis and treatment of abdominal pain, kidney stones, varicose veins, and intestinal infections are increasing, demanding coated medical devices. As per the American Cancer Society, the number of carcinogenic cases is going to hit 27.5 million by 2040 leaping from the previous figure of 17.0 million in 2018. Such rising cases of diseases demanding medical devices for surgical procedures are propelling the growth of the South America medical device coating market.
On the contrary, complications associated with medical device coatings and frequent product recalls hurdles the growth of South America medical device coating market.
Based on material type, the South America medical device coating market is segmented into polymers, metals, and others. The metals segment held 51.1% market share in 2022, amassing US$ 288.52 million. It is projected to garner US$ 423.09 million by 2028 to expand at 6.6% CAGR during 2022–2028.
Based on devices, the South America medical device coating market is segmented into medical equipment and tools, medical devices, medical implants, and others. The medical devices segment held 39.6% market share in 2022, amassing US$ 223.73 million. It is projected to garner US$ 339.10 million by 2028 to expand at 7.2% CAGR during 2022–2028.
Based on coating, the South America 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 32.7% market share in 2022, amassing US$ 184.69 million. It is projected to garner US$ 280.37 million by 2028 to expand at 7.2% CAGR during 2022–2028.
Based on application, the South America medical device coating market is segmented into infectious diseases, neurology, orthopedics, general surgery, and others. The others segment held 31.3% market share in 2022, amassing US$ 176.96 million. It is projected to garner US$ 266.53 million by 2028 to expand at 7.1% CAGR during 2022–2028.
Based on country, the South America medical device coating market is segmented into Brazil, Argentina, and the Rest of South America. Our regional analysis states that Brazil captured 54.6% market share in 2022. It was assessed at US$ 308.80 million in 2022 and is likely to hit US$ 477.50 million by 2028, exhibiting a CAGR of 7.5% during the forecast period.
Key players dominating the South America 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, DSM Biomedical and Svelte Medical Systems, a privately-held company engaged in the development of highly deliverable balloon expandable stents, have revolutionized the standard for coronary stenting procedures to treat coronary artery disease (CAD). The collaboration fuels the development of DISCREET Bioresorbable Coating Technology used with SLENDER IDS and DIRECT RX Bioresorbable Coated Drug-Eluting Stent (DES) Systems.
Contact Person: Sameer Joshi
Phone: +1- 646- 491- 9876
Email id: firstname.lastname@example.org