Catheter Coatings Market Like to Touch $1.52 Billion by 2026
Pune, Maharashtra, India, December 17 2020 (Wiredrelease) Allied Analytics –:The global catheter coatings market is majorly driven by surge in prevalence of diseases such as CAUTI, and increase in demand for coating materials such as antimicrobial, hydrophilic, lubricious coatings in the market. Furthermore, rise in demand for cardiovascular & urology catheters is one of the major factors that drives the catheter coatings market in the forecast period.
According to a new report published by Allied Market Research, titled, “Catheter Coatings Market by Material and Type: Opportunity Analysis and Industry Forecast, 2019–2026,”the global catheter coatings market size was valued at $0.91 billion in 2018 and is projected to reach $1.52 billion by 2026, registering a CAGR of 6.5% from 2019 to 2026. Catheters are inserted into a patient’s body for delivering drugs or fluids, and are also helpful in eliminating substances from the body. Catheters are mostly used in urinary incontinence, urinary retention, urinary tract surgery, spinal surgery and others. These devices are inserted into the body and are prone to biofilm formation on the surface of the catheter leading to infection, such as urinary tract infections. Therefore, to avoid this, catheters are coated with different materials or substances. Catheters can be coated with hydrophilic materials, antimicrobial materials, and drug-eluting materials among others that allow the catheters to easily pass through the body. Coating inhibits blood coagulation within the body and modulates effective functioning of catheters.
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Increase in geriatric population across the globe and the need of catheter coating for prevention of catheter-associated urinary tract infection (CAUTI) are primarily driving the catheter coatings market growth. Similarly, material advancements in the coating procedures by metals and polymers are further expected to boost the market growth. However, frequent changes in raw material prices and time-consuming regulatory approvals are expected to restrain the market growth. Conversely, untapped potential of emerging markets, such as China and India, and development of multifunctional coatings are expected to provide lucrative opportunities to the market players.
Moreover, COVID-19 pandemic has stretched healthcare system worldwide, developed countries are expected to cause economic recession. The Covid-19 pandemic has an adverse impact on the healthcare system, resulting in 50% to 70% drop in revenue from March 2019. Many small hospitals, clinics and nursing homes, have been forced to shut their operations. As a result of social distancing and localized curfews have resulted in delayed elective surgical procedures. In addition, visa cancellations have led to a hiatus in medical tourism and can negatively impact the healthcare market growth. This ultimately leads to decrease in the usage of surgical instruments including catheters, which hinders the growth of catheter coatings during the pandemic period.
The catheter coatings market is segmented on the basis of material, type, and region. By material, the market is classified into metal and polymer. Based on the type, the catheter coating market is divided into hydrophilic coatings, drug-eluting coatings, anti-microbial coatings and others. Region wise, the market is further analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By material, the polymer segment is anticipated to grow with the highest CAGR throughout the forecast period. This is attributed to increase in usage of polymers for surface coatings of central, peripheral, and cardiac catheters. Some of the polymers used in catheter coating are polyamide, polyvinylidene fluoride, polydimethylsiloxane, polyethylene, polytetrafluoroethylene, polypropylene, polyimide, parylene, poly (methyl methacrylate), and polyurethane among others. Polymers are the most widely used as a surface coatings material for central, peripheral and cardiac catheters, as these are responsible for reducing trauma to vessel walls and decrease friction among the body tissues. Furthermore, catheters are coated with polymers that also allow intravascular drug delivery; thereby, preventing the growth of microorganisms on the tissue surface.
By type, the hydrophilic coatings segment accounted for a major share in 2018 and is expected to exhibit a prominent growth rate during the forecast period, owing to its high use as a coating material for lower-cost catheter devices. Catheter and catheter guide wires are one of the most popular devices that are coated, as hydrophilic coatings prevent friction in the arteries and veins. Moreover, these coatings are solvent resistant, facilitate aqueous interactions, have low coefficients of friction, and eliminate thrombosis. This segment is also anticipated to experience rapid growth during the forecast period.
Region wise, North America has witnessed highest adoption of catheter coatings market technologies for a long time due to continuous improvement, availability, and accessibility of catheters for various medical treatments and procedures. The U.S. catheter coatings market is expected to account for the major share of the total market, due to rise in prevalence of urinary continence and growth in geriatric population. Similarly, in Canada, there is rise in prevalence of urinary incontinence due to unhealthy lifestyle and aging population. Asia-Pacific accounts for the highest CAGR in the global catheter coating market, owing to increase in demand for intermittent catheter and surge in awareness regarding use of catheters in several medical procedures. Increasing prevalence of cardiovascular diseases (CVDs) within the Asian countries is anticipated to fuel the demand for catheters, thereby boosting the demand for catheter coatings market. Moreover, the presence of major manufacturers for catheter coating market namely DSM, Bard Catheters, Allegro Medical, and Looyo, are expected to drive the catheter coatings market in Asia-Pacific region.
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Key findings of the study
By type, the drug-eluting segment occupied 20.0% share of the global catheter coatings market in 2018.
By material, the polymer segment is anticipated to grow with the highest CAGR throughout the forecast period.
By region, the Asia-Pacific catheter coating market is anticipated to experience growth at 8.3% during the forecast period.
Prominent players in the catheter coatings market have adopted various strategies such as developing advanced catheter coatings thereby addressing the evolving healthcare needs among patients and healthcare providers. Some of the key players operating in the market include B. Braun Melsungen AG., Biocoat Incorporated, Covalon OEM Technologies, Cuumed Catheter Medical Co., Ltd., Hydromer, LipoCoat BV, Polyone Corporation, Royal DSM., Specialty Coating Systems Inc., and Surmodics, Inc.
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