Global Medical Device Industry Report

Association Of Indian Medical Devices Industry

Respondents identify China, Brazil and India as offering the most in terms of growth among emerging markets. The expansion of business activities in emerging markets, together with stronger economic growth than other regions of the world, government funding and reforms, changing consumer lifestyles, increasing penetration of medical insurance products, and a rise in disposable income has increased the demand for quality healthcare services. This, in turn, is expected to increase the demand for medical equipment and other support services.

US, Singapore, Taiwan and Hong Kong, South Korea, Germany and Canada are identified as the most important regions for growth among developed regions. The aging population in US represents a significant driver of demand for medical devices: the elderly population in the US aged 65 years and above was approximately 40 million in 2010, representing around 13% of the nation’s population and accounting for a third of healthcare consumption. Spain and Italy are expected to offer the least growth potential.

The average size of the global, annual procurement budget for medical device industry buyer respondents is estimated at US$84 million, a 103% increase as compared to US$41 million in 2010. Buyer company procurement budgets are expected to rise over the next 12 months by an average of 9%, compared to the 8% increase predicted in the 2010 survey conducted by ICD Research. Revenue growth, increasing healthcare facilities in the emerging economies, increase spending to adhere to state regulation, increasing spending on new technology and testing facilities, material costs, technology upgrades and business expansions are cited as the major reasons for increasing procurement budgets.

Ref : “AIMED” Update Dated On October 30,2011

Contact: Forum Coordinator, Association Of Indian Medical Device Industry (AIMED), GL-3, Ashoka Estate,2, Barakhamba Road, New Delhi -110001.