BMI Industry View: Greece has the fif th larg est medical device market in Central and Eas tern Europe but growth has been constrained by the economic crisis. The market is heavily reliant on imports, which contracted in 2014, preceded by a rise in 2013 and considerably falls between 2009 and 2012 . The current heightened economic and political uncertainty is unlikely to improve investment in healthcare in the short term. Domestic manufacturers are mainly small scale operations focusing on low value, high volume disposables.
Headline Industry Forecasts
The medical device market is valued at EUR598.9mn (USD802.5mn) in 2014, representing 0.2% of the world market and equivalent to EUR53.8 (USD72.1) per capita. In 2014, Greece spent 0.3% of GDP and 3.7% of health expenditure on medical devices. As a result of current political and economic uncertainty, we expect the medical device market to grow at a low CAGR of 0.8% in US dollar terms over the 2014-2019 period, reaching EUR697.3mn (USD836.7mn) in 2019.
Medical device imports supply approximately 81% of the domestic market. Imports fell significantly between 2009 and 2012 due to the severe economic downturn, contributing to a 2009-2014 CAGR of -13.7% in US dollar terms. Following a brief return to growth in 2013, imports declined by 3.4% in 2014 and by 8.2% in the 12 months to May 2015.
Medical device exports recorded a 2009-2014 CAGR of 2.4% in US dollar terms. Exports continued to fluctuate into 2015, with a rise of 13.9% in Q115 following a decline of 12.5% in H214. However, this recovery appears to have been short-lived, as a decrease of 1.5% was recorded for the three months to May 2015. Due to a significant fall in imports in recent years, the balance of trade deficit has decreased significantly from -USD912.2mn in 2010 to -USD562.8mn in 2014.
Domestic medical device production is estimated to be in the region of USD240mn in 2014. In comparison, Eurostat recorded production of...
The Greece 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 Greece provides industry professionals, strategists, company executives and analysts with independent forecasts and competitive intelligence on the Greece Medical Devices industry.
- Benchmark BMI's Medical Devices market forecasts, which take into account macroeconomic and industry-specific forecasts for Greece, 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 Greece.
- Target Business Opportunities in the Greece Medical Devices market by using our assessments and projections for demographic trends, regulatory developments, investment dynamics and domestic demand in Greece.
- 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.