PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477100
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477100
Drug-Eluting Coating Market size was valued at USD 2,789.34 Million in 2023, expanding at a CAGR of 8.7% from 2024 to 2032.
When a particular layer is placed on medical equipment, such as implants or stents, it's called a drug-eluting coating. Its purpose is to release medication gradually. These coatings can promote healing, lessen inflammation, stop infection, or stop the growth of scar tissue, among other functions. These coatings can lower the risk of problems and increase the efficacy of the device by releasing medications gradually at the site of implantation. The medications used and the coating's formulation is based on the particular medical application and the intended therapeutic results.
Drug-Eluting Coating Market- Market Dynamics
Increasing demand for minimally invasive surgeries drives market growth
The market is anticipated to rise due to the increasing demand for minimally invasive operations, which repair restricted or blocked coronary arteries by employing drug-eluting stents and small incisions. In January 2023, for instance, the National Library of Medicine issued an article stating that the number of cases of minimally invasive surgery performed in the US each year exceeded three million. These operations have several benefits, including less physical trauma, quicker recovery periods, shorter hospital stays, and fewer problems. As a result, the market for drug-eluting stents is expected to develop due to the increased demand for minimally invasive procedures.
Drug-Eluting Coating Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 8.7% over the forecast period (2024-2032)
Based on type segmentation, the Drug-delivery Coatings segment is expected to capture the largest revenue share over the projected period
Based on application segmentation, the hospital segment is expected to dominate the market over the projected period
Based on region, North America is expected to dominate the market over the forecast period
The Global Drug-Eluting Coating Market is segmented based on Type, Application and Region.
Based on the type, the Drug-Eluting Coating market is bifurcated into Drug-delivery Coatings, Biocompatible Coatings and Polymer-free Coatings/Surfaces. The Drug-delivery Coatings segment is expected to capture the largest revenue share over the projected period. The segment increase is owing to the rising prevalence of chronic disease. Innovative medical devices with drug-eluting coatings are in increasing popularity as the worldwide burden of chronic diseases, such as diabetes, cancer, and cardiovascular disorders, rises. These devices aim to improve patient quality of life and treatment outcomes.
Based on the application, the global Drug-Eluting Coating market is segmented into Research Institute and Hospital. The Hospital segment is expected to dominate the market over the projected period. The growing demand for minimally invasive surgery driving the segment growth.
Drug-Eluting Coating Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market over the forecast period. The existence of well-established healthcare infrastructure and technological developments in drug-eluting stents are also driving the market's expansion. For example, the incidence rate of atherosclerotic cardiovascular disease was 2.60 per 1,000 person-years among those with a raised 10-year predicted risk, 1.87 in those with a low 10-year but elevated 30-year predicted risk, and 0.32 in those with low 10-year and 30-year predicted risk in the United States, according to the Journal of the American College of Cardiology published in February 2023. As a result, the increased prevalence of atherosclerotic cardiovascular disease raises the need for drug-eluting stent therapy, which propels regional market expansion.
The key players operating in the market are Covalon Technologies Ltd., Carmeda AB, AST Products, Inc., Biophan Technologies, Inc., Biocoat, Inc., Hemoteq AG, Armoloy of Connecticut, Inc., Nanocopoeia, Inc., Hydromer, Inc. and N2 Biomedical. These players adopted various strategies to gain major market share in the industry including product launches, acquisitions, collaboration and others.
In June 2023, The FDA in the United States approved the SurVeilTM drug-coated balloon (DCB). Surmodics, Inc. is a prominent supplier of medical devices and in vitro diagnostic technologies to the healthcare sector.
GLOBAL Drug-Eluting Coating MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Covalon Technologies Ltd.
Carmeda AB
AST Products, Inc.
Biophan Technologies, Inc.
Biocoat, Inc.
Hemoteq AG
Armoloy of Connecticut, Inc.
Nanocopoeia, Inc.
Hydromer, Inc.
N2 Biomedical