Market Trends: Medical Device Coatings on the Rise
Coatings suppliers have entered a period of heightened uncertainty.
The global market for medical device coatings is expected to grow to $6.3 billion by the end of 2014 and $9 billion in 2019, with a compound annual growth rate (CAGR) of 7.3% from 2014 to 2019, according to a recent report from BCC Research. Against a backdrop of regulatory uncertainty, the industry has been forced to confront the unanticipated change in company business models as long-established suppliers renounce their American roots and flee to more tax-friendly European countries.
Despite formidable regulatory and economic challenges, the industry is expected to recover from a slowdown in demand triggered by persistent high unemployment in the U.S. and reductions in healthcare spending worldwide. The U.S. alone will reportedly record a CAGR of 8.9% from $3.1 billion in 2014 to $4.9 billion in 2019.