BMI View : Our forecasts show that the Irish medical device market will record low-to-moderate growth over the 2015-2020 period. The market will benefit from Ireland's economy outperforming its fellow EU members, the introduction of universal health insurance, the increasing healthcare needs of the ag e ing 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 maintain our forecast that the market will expand at a euro 2015-2020 CAGR of 5.2% and a US dollar 2015-2020 CAGR of 3.2%, taking the value to EUR832.3mn (USD832.3mn).
We anticipate imports will continue on their upward trajectory in 2017 supported by an expanding domestic market which will benefit from increased capital investment and the continuing rise in patient activity. In Q316, imports rose by 6.5% y-o-y in euro terms in Q316 and by 7.2% in US dollar terms. Over the 12 months to September 2016, imports increased by 8.7% in euro terms, and by 5.2% in US dollar terms to USD2.0bn.
We expect sustained export momentum in 2017 despite the downside risks of Brexit and the incoming Trump Administration in the US, reflecting the ongoing expansion of Ireland's medical device industry. In Q316, exports grew by 5.9% y-o-y in euro terms and increased by 6.3% in US dollar terms. Over the 12 month period to September 2016, imports rose by 6.7% in euro terms and by 3.2% in US dollar terms to USD11.6bn.
Increased funding for capital investment in 2017 will support further expansion of the medical device market, which we forecast will see mid single-digit growth in euro terms through to 2020. The Health Service Executive has published its 2017 National Service Plan which makes a special provision of EUR439mn for capital funding in 2017, comprising EUR384mn for building, equipping and furnishing of health facilities, with a further EUR55mn for ICT.
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.