| Despite the global financial turmoil of 2008, overall market sales of medical devices was positive. Medical device companies are reporting positive growth in 2008 that has continued through 2009. Medical devices are those products that are used for medical examination, surgery or treatment of patients. These devices include surgical, diagnostic & imaging, ophthalmic, laboratory, and dental instruments along with X-ray apparatus, medical supplies (such as bandages) and disposables such as syringes, needles and catheters. The global market is roughly divided in 3 large regions - USA with 40% share, European Union with 30% share and the rest of the world with the balance 30% share. New emerging markets in Asia, Eastern Europe and Latin America constituted areas of potential growth for these European medical device producers who have almost 80% share of the EU market. The medical devices market in Europe is introducing better therapies and solutions through the advancement in technology. Additionally, competition in the market is leading manufacturers to introduce new devices. The market holds tremendous potential for the devices offering minimal invasive treatment procedures, providing low cost diagnosis, monitoring and curing procedures with short recovery times. The increased need for medical devices in Europe can be attributed to the growth in ageing population. The population aged above 65 is these countries is more health conscious and attends regular health checkups. Further, with more number of people getting aware of new technologies, more information through medical diagnosis is expected. According to the European Union Medical Devices Commission statistics, in 2008, total global sales of medical devices were approximately US$336 bln compared with US$300 bln in 2007. In the developed countries, sales during the economic downturn will be sustained by the United States, Europe, Western countries, led by hospital purchasing MRI, CT, PET and other large-scale serious impact on diagnostic imaging equipment. It is predicted that the procurement of the total diagnostic imaging equipment by large hospitals in developed countries is likely to show a sharp drop in four years, and could even halve. China, Japan and India are the three major industrial economic powers in the Asia and account for about 70% total market sales of Asian region. The medical device market in China will grow well and continue to have more than 10% growth. The rate and scale of growth is much slower in India. Over the past few years, the Indian government has put in efforts to develop tourism and economic health care industry. This will result in large significant increase in the number of diagnostic imaging equipment products. In the past few years the Indian medical equipment market has been maintaining an annual growth rate of 20%. However this rate has slowed down as the number of foreign patients is decreasing. The sales of medical device market in Japan in 2009 were steady, with the industry satisfying domestic demand. An increasing number of Arabs in the Middle East have increased consumption of medical devices, relying mainly on imports. |
11-Oct-23
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19-Sep-17
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