MEDICAL DEVICE COATING MARKET ANALYSIS

Medical Device Coating MarketSize and Trends

The global medical device coating market is estimated to be valued at US$ 13.60 billion in 2023 and is expected to exhibit a CAGR of 8.9% during the forecast period (2023-2030).

Medical Device Coating Market- Drivers

• Rising number of business development strategies by market players: Key players operating in the medical device coating market are using several business development strategies, such as acquisitions, mergers, collaborations and others, to expand their product offerings, which, in turn, is expected to fuel market growth over the forecast period. For instance, in November 2020, Advanced Medical Solutions Group plc, a medical device company, announced that they had acquired Raleigh Adhesive Coatings Limited, a medical device coating company. This acquisition will further strengthen the company’s position in the wound care sector by expanding their in-house specialist services, such as acrylic and silicone coating, bulk material converting capabilities, and perforation processing, among others.
• Increasing prevalence of cancer: Increasing changes in lifestyles are considered a major cause of cancer. Thus, the increasing prevalence of cancer globally is expected to boost growth of the market over the forecast period, as arrays are used in diagnostics for various indications such as cancer and others. For instance, according to the data published by the American Cancer Society in 2021, cancer facts and figures in the U.S. reported the estimated number of cancer cases in the U.S. in 2021...