The global physical vapor deposition (PVD) medical devices market size was significantly large in 2023 and is expected to register a double-digit revenue CAGR over the forecast period. Industry analysis indicates that rising demand for PVD coated medical devices in hospitals, surgery centers, etc., is driven by changing market trends, which are expected to support market revenue growth to a significant extent over the forecast period.
Other major factors driving market revenue growth include increasing global geriatric population coupled with rising demand for medical testing equipment, general surgery instruments, dental instruments, catheters, pacemakers, etc. Rapidly growing healthcare industry and technological advancements in the medical field are other factors resulting in rising demand for Physical Vapor Deposition (PVD) medical devices, which in turn is expected to drive global market growth going ahead.
Rapidly increasing patient pool, especially elderly individuals suffering from different types of age-related health complications that need special hospital care, and technological advancements in healthcare devices and equipment are some key factors boosting demand for high-quality PVD coated medical instruments. Demand for steady supply of medical devices such as ventilators, pacemakers, surgical devices, testing devices, laparoscopic instruments, scalpel and saw blades used in orthopedic surgery etc., has been increasing across the healthcare sector globally. Players in the market are focused on developing and introducing more efficient PVD coated devices in market to cater to rising demand.
Physical vapor deposition or PVD is an emerging vacuum coating process that uses highly wear resistive coating for medical equipment to improve aesthetics, performance, and durability. PVD coated medical devices such as needles, drills, pacemakers, cardiac stents, dental implants, etc., are widely used in hospitals and clinical centers for a variety of medical treatments and surgeries. PVD thin-film coatings on medical devices offers cutting edge protection for surgical instrument so that its sharpness remains for a lifetime. These biocompatible PVD coatings does not react with bodily fluids, and are hence quite efficient for medical use. Titanium nitride (TiN) is most commonly used for coating medical instruments as it provides good wear-resistance and reduces friction. TiN is widely used to increase the performance of medical devices such as dental implants, etc. Aluminium Titanium Nitride (AlTiN), and Chromium Nitride (CrN) are also gaining traction as PVD coatings for medical instruments due to properties such as lubricity, bonding, increased hardness, wear-resistance, and biocompatibility.
Lack of skilled labors and high costs of medical instruments are some key factors that could hamper growth of the global physical vapor deposition medical devices market to some extent over the forecast period.
General surgery instruments segment is projected to register the highest revenue CAGR during the forecast period, attributed to increasing demand for surgery instruments required for medical treatments, driven by rising prevalence of chronic diseases, increasing need for associated surgeries, growing elderly global population, and rise in prevalence of age-related diseases and conditions.
The surgical center segment accounted for largest revenue share among the application segments in the global physical vapor deposition medical device market in 2023. This can be attributed to its characteristics such as good wear-resistance, bio-compatibility, and durability.
Based on region, the global physical vapor deposition medical devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these regional markets, North America market accounted for largest revenue share in the global physical vapor deposition medical devices market in 2023, with a significantly high revenue contribution from the market in the U.S. Steady growth of the market in the region is attributable to high rate of adoption of healthcare services, led by rising prevalence of adverse health conditions in countries in the region. Rapidly increasing elderly population, major developments in hospital infrastructure, and favorable healthcare coverage and related facilities provided for patients in the U.S. are other key factors boosting growth of the physical vapor deposition medical devices market in the region. Moreover, increasing investments in technological advancements by manufacturers operating in the region is further driving growth of the North America market.
Asia Pacific market revenue registered a rapid CAGR in 2023, and this trend is expected to continue during the forecast period. Factors such as rapid improvements in healthcare infrastructure through steady adoption of new and more advanced technologies to provide more efficient and improved treatment for patients and changing perspective of manufacturers to use PVD technology for the production of medical instruments is expected to propel growth of the Asia Pacific physical vapor deposition medical devices market during the forecast period. PVD medical device manufacturers in Asia Pacific countries such as China, India, and Japan can explore lucrative revenue opportunities in the market due to unmet demand and expanding healthcare facilities and services. Increasing elderly population, rising need of emergency medical care, growing health awareness, and increasing spending on healthcare services are key factors supporting growth of the China market, which in turn is expected to support growth of the Asia Pacific market going ahead.
Companies profiled in the market report
Abbott Laboratories, Johnson & Johnson, Varian Medical Systems, Thermo Fisher Scientific, Olympus, Philips Healthcare, Teleflex Incorporated, Jabil Healthcare, GE Healthcare, ResMed Corp., Masimo Corporation, Becton Dickinson and Company (BD), Medtronic, and Merz are some major companies operating in the global market.
Major companies are adopting various strategies, including mergers, acquisitions, partnerships, and new product development, among others to stay ahead of the competition and expand market footprint and revenue share.
Segments covered in the report:
This report offers historical data points and forecasts and revenue growth at a global, regional, and country level, and provides analysis, industry trends, and consumption pattern details for each region, major country, and segment from 2023 to 2032. The global physical vapor deposition medical device market report includes industry trends, drivers, restraints, opportunities, threats, market strategies, segment revenue, and market share contribution by each regional and country market. In addition, the report offers industry analysis and competitive landscape, company financials, and impact analysis.
The report includes a detailed view of the global physical vapor deposition medical device market, along with changing dynamics and trends, scenarios, detailed market and regional segmentation, regional landscape, analysis and evaluation, major investments, product offerings, product launches, and details of historical, current, and projected revenues.
For the purpose of this report, has segmented the global PVD medical device market on the basis of type, application, and region:
Type Outlook (Revenue, USD Million; 2023–2032)
Application Outlook (Revenue, USD Million; 2023–2032)
Region Outlook (Revenue, USD Billion; 2023–2032)