The report, "Medical Device Coatings," also estimates that by the end of 2014, the industry will increase to $6.3 billion.
BCC Research forecasts that despite formidable regulatory and economic challenges, the industry will 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 record a compound annual growth rate of 8.9% from $3.1 billion in 2014 to $4.9 billion in 2019.
Over the past several years, coatings that enhance biocompatibility can improved the quality of implanted electronic devices and artificial joints. Antimicrobial-coated catheters and examining room surfaces have become frontline defenses against antibiotic-resistant infections.
“Although there are many multi-billion giants, the medical device industry that produces coatings and coated products also relies heavily upon smaller companies,” said James Wilson, BCC Research Technology Analyst. “That [medical device coatings] specialized area has become essential across nearly the full spectrum of healthcare products for large and small medical device manufacturers."