BMI View : The Belgian medical device market continues to perform better than average for the region, but we anticipate a slower rate of growth than in previous years . The health sector is set for a further period on austerity following the government's decision to cut the growth target for health insurance spending from 3.0% to 1.5% in 2015 and to just 0.75% in 2016 . At the same time, the rising health needs of the expanding elderly population and the drive to improve the care of patients with chronic conditions will continue to drive a steady expansion of the medical device market.
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Latest Updates & Key Forecasts
We forecast that the medical device market will grow at a 2014-2019 CAGR of 2.7% in US dollar terms, reaching USD3.0bn in 2019. The low dollar grow rate reflects a weak euro, which will result in a contraction in the market in 2015 before a return to growth in 2016.
We expect import performance to continue to be affected by the weak euro in the short term. Imports contracted by 8.5% in the three months to August 2015 and by 2.9% over the 12 month period in US dollar terms.
We expect export performance to pick up again as demand increases from other eurozone countries. Exports were down by 3.3% in the three months to August 2015 and by 1.0% in the 12 month period.
Medical device companies will have to cope with increasing austerity and further cost containment measures in 2016, as a result of a further tightening of government fiscal policy. In October 2015, the Belgian government reached an agreement on the healthcare budget for 2016 that amounts to an increase of just 0.75% y-o-y. This compares to a budgeted increase of 1.5% in 2015.
The Belgium Medical Devices Report features market forecasts supported by trade, production and healthcare estimates by Espicom, a BMI Research's company. These forecasts and estimates focus on six product areas: Consumables, Diagnostic Imaging, Dental Products, Orthopaedics & Prosthetics, Patient Aids and Other Medical Devices.
Detailed product breakdown for market, trade and production data in Belgium provides industry professionals, strategists, company executives and analysts with independent forecasts and competitive intelligence on the Belgium Medical Devices industry.
- Benchmark BMI's Medical Devices market forecasts, which take into account macroeconomic and industry-specific forecasts for Belgium, to test analysis as it is a key input for budgeting and strategic business planning. Use our standardised data to gain a better understanding of market performance in Belgium.
- Target Business Opportunities in the Belgium Medical Devices market by using our assessments and projections for demographic trends, regulatory developments, investment dynamics and domestic demand in Belgium.
- Assess the activities and market position of your competitors via our assessments of domestic production, national and multinational manufacturers, along with the trade and distribution outlets of multinationals, key company developments and future growth prospects.
BMI Industry View
Provides industry, political and economic views. Briefly analyses the medical devices market, taking into account the latest industry forecasts, healthcare indicators and industry trends & developments.
SWOT analyses of the medical devices market, the political environment, the economic landscape and the business environment.
Evaluates and analyses the medical devices market in terms of historical and forecast trends, covering six product areas: Consumables, Diagnostic Imaging, Dental Products, Orthopaedics & Prosthetics, Patient Aids and Other Medical Devices. Additionally, presents annual and monthly import and export trade data.
Presents macroeconomic forecasts impacting the medical devices market.
Industry Risk Reward Index
Risk Reward Indices tool, which provides a globally comparative and numerically based assessment of the medical devices market’s attractiveness.
Assesses the medical devices market in the current year. Additionally, covers healthcare trends shaping the market, focusing on health status, healthcare system, healthcare funding, healthcare resources, healthcare activity and healthcare personnel. Includes historical healthcare data.
Industry Trends & Developments
Analyses the latest industry trends and developments shaping the market, in terms of monthly trade performance, forecast trends, production changes, regulatory developments, competitive strategies, political events and economic performance.
A focus on government healthcare reforms, epidemiological trends, mergers and acquisitions, product launches, market entries, FDI activity, R&D, biotechnology, clinical trials and supply chain issues.
Values historical medical devices production, and analyses the presence of national and multinational manufacturers operating in the market. Also, compares the presence of leading multinational company operations, either via sales & marketing, distribution or manufacture. Finally, takes into account market access drivers, including major distribution channels, trade associations and trade shows.
Carefully explains the medical devices market methodology, trade classifications, Risk Reward Index methodology and sources used in the medical devices market Report.