November 12, 2008
Wellesley, Mass—According to a new technical market research report, MEDICAL DEVICE COATINGS (HLC049B) from BCC Research, the global market for medical device coating technology is expected to be worth $4.2 billion in 2008. This will increase to over $4.7 billion in 2009 and reach $7.5 billion in 2014, for a compound annual growth rate (CAGR) of 9.9%.
The market is broken down into the North American Free Trade Agreement (NAFTA) region which includes Canada, the United States and Mexico; the European Union; other developed nations; and the rest of the world. The NAFTA region has the largest share of the market, worth an estimated $2.1 billion in 2008. This should increase to $2.4 billion in 2009 and $3.9 billion in 2014, for a CAGR of 10.2%.
The European Union has the second largest market share, worth an estimated $1.1 billion in 2008. This is expected to increase slightly in 2009 and reach $2.0 billion in 2014, for a CAGR of 10.6%.
Other developed nations have the third largest market share, worth an estimated $715.0 million in 2008. This will reach almost $800.0 million in 2009 and $1.2 billion in 2014, for a CAGR of 8.9%.
After decades of occupying a highly specialized niche within the painting and coating industry, the medical device coating business has become the source for many advances in clinical medicine. These advances are fueled by the continuing development of high-value combination products and changes in Medicare policies that encourage greater use of antimicrobial-coated catheters and examining room surfaces.
Coatings will benefit most of the devices used in the recognized areas of medical specialization; however, not all disciplines will equally benefit. The greatest benefits of the addition of coating and surface treatment technologies will be in medical devices developed for general hospital use, personal use, general and plastic surgery, cardiovascular medicine and dentistry.
Medical Device Coatings( HLC049B )
Publish Date: Nov 2008
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