Medical Device Coating Market Size, Share & Trends Analysis Report By Product (Drug-eluting, Hydrophilic, Antimicrobial), By Application (Neurology, Cardiovascular, Dentistry), By Region, And Segment Forecasts, 2023 - 2030

Research Methodology

A three-pronged approach was followed for deducing the medical device coating market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for medical device coating market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of medical device coating market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Medical Device Coating Market Categorization:

The medical device coating market was categorized into three segments, namely product (Hydrophilic Coatings, Antimicrobial Coatings, Drug-eluting Coatings, Anti-thrombogenic Coatings), application (Neurology, Orthopedics, General Surgery, Cardiovascular, Dentistry, Gynecology), region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa).

Segment Market Methodology:

The medical device coating market was segmented into product, application, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The medical device coating market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into eighteen countries, namely, the U.S.; Canada; Mexico; the UK; Germany; France; Italy; Spain; China; India; Japan; South Korea; ASEAN; Brazil; Argentina; Chile; South Africa; UAE.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Medical Device Coating market companies & financials:

The medical device coating market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Surmodics, Inc. - Established in 1979 and based in Minnesota, U.S., Surmodics Inc. is a provider of medical device technologies and solutions. Their offerings include surface technology for intravascular devices, such as coatings for drug delivery, hydrophilic, and hemocompatible applications. These coatings are utilized in various intravascular areas, including coronary, structural heart, peripheral, and neurovascular. In addition to these technologies, the company also offers solutions for clinical requirements, including lubricity. Surmodics Inc. also supplies in vitro diagnostic (IVD) products, which encompass protein stabilizers, diluents & blockers, substrates, stop solution & support reagents, and antigens & antibodies. They also provide microarray slides/surfaces. As of November 30, 2019, the company employed a total of 369 individuals, with 151 of them working outside the U.S. in roles related to research and development and manufacturing operations.

• Miller-Stephenson, Inc. - Established in 1955 and based in Connecticut, U.S., Miller-Stephenson, Inc. is a company that provides chemical solutions to a variety of industries such as aerospace, automotive, and medical devices, among others. Their range of products encompasses lubricants, mold release agents, coatings for industrial and medical applications, conformal coatings, epoxy resin systems, medical products, radical initiators, specialty products, and specialty solvents. The industrial and medical coatings they offer include high-performance industrial coatings, coatings for industrial wires, coatings for medical devices, and coatings for medical wires.

• PPG Industries, Inc. - PPG Industries, Inc., a company with its roots dating back to 1883 and headquartered in Pittsburgh, U.S., specializes in the production and distribution of paints, coatings, chemicals, and specialty materials. The company’s operations are divided into two main segments: industrial coatings and performance coatings. It serves a wide range of industries, including aerospace, automotive, marine, construction, packaging, petrochemical, consumer goods, and industrial manufacturing. The performance coatings segment comprises products like coatings, solvents, adhesives, sundries, sealants, transparencies, transparent armor products, and wood stains, catering to industries such as aerospace, automotive, marine, and construction. On the other hand, the industrial coatings segment provides specially formulated coatings, adhesives, sealants & metal pretreatments, amorphous precipitated silica, organic light emitting diode (OLED) materials, optical lens materials, and photochromic dyes. These products are used in various industries such as automotive, industrial manufacturing, infrastructure, packaging, electrical & electronics, and consumer goods. The company boasts about 156 manufacturing facilities scattered across North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. Its research & development headquarters is in Allison Park, Pennsylvania, U.S. Architectural coatings are manufactured at its 16 facilities situated in the U.S., Canada, Australia, and China. The company employs a direct sales model, a company-owned distribution network, independent distributors, and company-owned stores to supply its products. As of December 2019, it had a workforce of approximately 47,000 employees.

• NOF CORPORATION - Established in 1937 and based in Tokyo, Japan, NOF CORPORATION is a producer of various products including specialty and functional chemicals & polymers, explosives & propulsion systems, functional foods, and anti-corrosion agents. The company operates under four main business divisions: Functional Chemicals, Explosive & Propulsion, Life Science, and Others, which include transportation & real estate. The Functional Chemicals division includes Oleo & Specialty Chemicals, Functional Chemicals & Polymers, and Anti-corrosion agents. The Life Science division is involved in DDS Development, and production of Life Science Products such as medical device coatings, and Functional Foods. The Explosive & Propulsion division handles the production of industrial explosives, space rocket products, gun powder & propellant, and functional materials & devices. As of March 31, 2020, NOF CORPORATION employed 1,675 staff members across its 11 manufacturing facilities and 9 R&D labs throughout Japan. The company is publicly traded on the Tokyo Stock Exchange.

• Terumo Corporation - Terumo Corporation, established in 1921 and based in Tokyo, Japan, is a provider of medical technology and healthcare solutions. The company primarily serves the global medical industry through its three subsidiaries and seven business divisions: Cardiac & Vascular Company, General Hospital Company, and Blood & Cell Technologies Company. The Cardiac & Vascular Company encompasses the Terumo Interventional Systems (TIS) Division, Neurovascular Division (MicroVention), Cardiovascular Division (Terumo Cardiovascular)/HeartSheet, and Vascular Graft Division. The General Hospital Company includes the Hospital System Division and Alliance Division, while the Blood & Cell Technologies Company consists of Terumo Blood & Cell Technologies. Terumo Interventional Systems offers coatings for medical devices specifically for medical professionals. As of March 2020, Terumo Corporation employed 26,438 individuals who serve across 160 countries in various regions. The company’s shares are traded on the Tokyo Stock Exchanges and are included in the Nikkei 225, a stock market index in Japan.

• TOYOBO CO., LTD. - Established in 1882 and based in Osaka, Japan, Toyobo Co., Ltd. is a globally recognized manufacturer and supplier of products such as yarns, apparel, textiles, fiber fabrics, and industrial materials. The company is organized into five specialized business units: films & functional polymers, industrial materials, healthcare, textile & trading, and real estate. Toyobo has two research centers and eight manufacturing facilities in Japan, and it operates distribution centers and sales offices in over 15 countries worldwide, including China, Hong Kong, India, Indonesia, Germany, and Spain. As of December 2019, Toyobo employed 10,073 staff members, comprising artisans, engineers, daily wage workers, and research & development personnel, across its various global locations. The company holds ISO 9000 and ISO 14000 certifications for its total quality management and environmental management system respectively, applicable to its polymer operations, industrial plastics, and packaging materials in various countries. In 2019, the films and functional polymers division was the company’s highest revenue generator, followed by the textiles, industrial materials, and healthcare divisions.

• Hydromer Inc. - Established in 1980 and based in New Jersey, U.S., Hydromer Inc. offers a range of surface modification and coating solutions. These include industrial & medical device coatings, contract coating services, custom coating equipment, contract manufacturing, and more. The company caters to a variety of markets such as agriculture, appliances/displays, animal health, automotive/transport, aviation/aerospace, architectural/building, casual & protective eyewear, consumer care, cosmeceuticals/nutraceuticals, cosmetics/personal care, drug & compound delivery, electronics & sensors, food & beverage, LED/Optics, marine, medical healthcare, and military & defense. Hydromer Inc.'s product portfolio includes sanitizer solutions, medical device coatings, industrial coatings, and coatings for various substrates such as acrylic, aluminum, glass, nickel, titanium, and nylon, among others, as well as hydrogels. As of June 30, 2018, the company employed a team of 34 individuals.

• Materion Corporation - Established in 1931 and based in Ohio, U.S., Materion Corporation is a provider of high-tech materials. It caters to a wide range of sectors such as aerospace, appliances, astronomy, automotive, construction mining, consumer electronics, defense, energy, industrial manufacturing, medical, and telecommunications. The company operates through three main divisions: advanced materials, performance alloys & composites, and precision coatings. In the medical sector, it offers services for electronic implantable devices, life science instruments, medical coatings, connectors, and X-rays. Materion Corporation’s extensive product range encompasses braze & solder alloys, beryllium products, clad metals, high-performance alloys, metal matrix composites, inorganic chemicals, microelectronics packaging materials, thin film coatings, technical ceramics, precision optics, and thin film deposition materials. The company is publicly traded on the New York Stock Exchange. As of 2020, it employed 2,600 individuals across 32 global locations.

• Koninklijke DSM NV - Koninklijke DSM N.V., a company with its roots dating back to 1902 and headquartered in Heerlen, Netherlands, specializes in the production of plastics, paints & coatings, specialty food ingredients, and biomedical materials. These products find applications in various industries including automotive & transportation, construction, food & beverage, electrical & electronics, personal care, and packaging. The company’s operations are divided into four main segments: nutrition, materials, innovation center, and corporate activities. The nutrition segment, which includes categories like animal nutrition & health, human nutrition & health, and personal care & aroma ingredients, is responsible for producing ingredients, intermediates, and end products for the food & beverage, animal feed, and pharmaceutical industries. The materials segment, encompassing categories like engineering plastics, fibers (branded as Dyneema), and resins & functional materials, caters to industries such as automotive, electrical & electronics, consumer goods, and flexible food packaging. In addition to these, the company also serves markets and applications in the medical field, including cardiovascular, continence care, dental, diabetes management, neurology, ophthalmology, orthopedics, peripheral vascular, plastic & reconstructive surgery, women’s health, and wound management. Notably, DSM’s wound management division provides antimicrobial coatings for implants and processes materials to imbue them with antimicrobial properties. With manufacturing and sales facilities spread across North America, Latin America, Europe, and Asia, the company had a workforce of approximately 23,000 employees as of December 2019.

• Specialty Coating Systems Inc. - Established in 1971 and based in Indianapolis, U.S., Specialty Coating Systems Inc. is a provider of Parylene conformal coating services and technology. The company’s services are utilized in various applications such as medical devices, electronics, transportation, aerospace & defense, LEDs, and elastomers. In the medical sector, it offers antimicrobial coatings for the medical device industry. The company’s product range includes Parylene coating services, Parylene dimer, Parylene deposition systems, spray coating systems, spin coating systems, dip coating systems, and ionic contamination test systems. Specialty Coating Systems Inc. has a global footprint, with operations spanning across America, Europe, and Asia.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Medical Device Coating Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Medical Device Coating Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.