BMI Industry View : Ireland represents a small, but advanced medical device market , which we forecast will grow at a CAGR of 1.8% , to reach USD 908.9 mn in 201 9 . 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 a US dollar CAGR 2014-2019 CAGR of 1.8%, which will see the market grow to USD908.9mn in 2019. The low dollar growth rate reflects a weak euro, which is on course to depreciate by around 20% against the US dollar in 2015, with a further 3% depreciation forecast for 2016. This will translate into a 14.8% contraction in the US dollar value of the market in 2015, followed by a return to low growth in 2016 and higher growth from 2017 to 2019.
We expect imports to achieve double-digit growth in 2015 when measured in euros, on the back of higher economic growth, but currency weakness will continue to impact on US dollar values. In euro terms, imports grew by 19.0% y-o-y in the three months to August 2015, but fell by 1.9% in US dollar terms. Over the 12-month period, imports fell by 1.0% to USD1.9bn.
We expect strong export performance to continue in 2015. In euro terms, exports grew by 35.9% y-o-y in the three months to August 2015 and increased by 11.9% in US dollar terms. Over the 12-month period, imports rose by just 0.3% to USD10.0bn.
We expect an increase in funding for the delivery of health services in 2016 to EUR13.2bn (USD14.5bn) will have a positive effect throughout the healthcare market. Areas singled out for extra funding in 2016 include cancer services, nursing homes (Fair Deal), child therapy services and, subject to successful negotiation with doctors representatives, the extension of GP care without fees to all those aged under 12.
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.