BMI View: We expect the Slovakian medical device market to increase by 3.2% in US dollar terms in 2016, up from -14.7% in 2015, due to a smaller depreciation of the euro against the US dollar. Good economic performance and a high level of health spending will facilitate moderate m arket growth in local currency terms over the 2014-2019 period . Slovakia will remain heavily reliant on imported medical devices despite the presence of an established medical device industry.
|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 that the market will register a 2014-2019 CAGR of 5.5% in local currency terms, but in US dollar terms, the 2014-2019 CAGR will be lower at 3.4%, due to the projected depreciation of the euro against the dollar. We expect the market to increase from USD648.7mn in 2014 to USD767.9mn in 2019.
With the economy set to perform well over the next few years, we anticipate that import performance will improve in US dollar terms in 2016, although currency depreciation may weaken values. In the 12 months to January 2016, imports fell by 6.8% to USD460.7mn.
Although a eurozone economic recovery is taking place, growth will be depressed by severe structural impediments, particularly among the developed states, which include some of Slovakia's key export markets. We therefore anticipate weak export performance in 2016. In the 12 months to January 2016, exports fell by 16.4% to USD210.3mn.
In April 2016, the new health minister, Tomas Drucker, announced a series of measures for improving the health system. Medical device suppliers will benefit from these changes as more funding is made available and the public procurement system is strengthened.
The Slovakia 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 Slovakia provides industry professionals, strategists, company executives and analysts with independent forecasts and competitive intelligence on the Slovakia Medical Devices industry.
- Benchmark BMI's Medical Devices market forecasts, which take into account macroeconomic and industry-specific forecasts for Slovakia, 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 Slovakia.
- Target Business Opportunities in the Slovakia Medical Devices market by using our assessments and projections for demographic trends, regulatory developments, investment dynamics and domestic demand in Slovakia.
- 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.