BMI View : Ireland represents a small, but advanced medical device market , which we forecast will grow at a 2015-2020 CAGR of 7.1 % , to reach USD 998.8mn in 2020 . The market will be driven by the introduction of universal health insurance combined with the healthcare needs of the aging population and the uptake of new technology.
|Total (USDmn)||Per Capita (USD)||Total (Local Currency mn)||Per Capita (Local Currency)||Exchange Rate (Local Currency/USD)|
Latest Updates And Key Forecasts
We forecast the market will grow at a US dollar CAGR 2015-2020 CAGR of 7.1%,taking the value to USD998.8mn in 2019. After contracting in 2015, we expect the market to return to low growth in 2016 and reach double-digit growth later in the forecast period.
We expect import performance in US dollar terms to pick up in 2016 as the euro stabilises against the US dollar. In euro terms, imports grew by 13.3% y-o-y in Q415, but rose by just 0.8% in US dollar terms. Over the 12 months to December 2015, imports increased 16.8% in euro terms, but fell by 2.0% to USD1.9bn when measured in US dollars.
We believe a cyclical upswing in the eurozone economy and the benefits of the weak euro in boosting exports to non eurozone markets, such as the USA, China and Japan will underpine robust export growth in 2016. In euro terms, exports grew by 28.9% y-o-y in Q415. and increased by 14.7% in US dollar terms. Over the 12 months to December 2015, imports rose by 33.6% in euro terms and by 12.1% to USD11.2bn when measured in US dollars.
The Irish Medical Devices Association (IMDA) expects the medtech industry will continue to see steady growth as the recovery takes hold in the domestic economy. The IMDA's strategy for 2016-2020, 'The Global Medtech Hub', states that much more can be done to help the sector stay at the forefront of advanced manufacturing to offset the pressure from lower cost economies. In particular, Ireland's strength in information technology makes the country well placed to take advantage of the move towards connected health and big data by developing new devices from a range of converging technologies.
The Ireland 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 Ireland provides industry professionals, strategists, company executives and analysts with independent forecasts and competitive intelligence on the Ireland Medical Devices industry.
- Benchmark BMI's Medical Devices market forecasts, which take into account macroeconomic and industry-specific forecasts for Ireland, 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 Ireland.
- Target Business Opportunities in the Ireland Medical Devices market by using our assessments and projections for demographic trends, regulatory developments, investment dynamics and domestic demand in Ireland.
- 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.