BMI Industry View: The UK medical device market will continue to be one of the strongest performers in the region, with average US dollar growth of around 5% per annum forecast to 2019. The newly elected Conservative government has promised a minimum real terms increase in NHS funding in England over the next five years. Nevert heless, cost containment remains high on the agenda and efficiency measures will weigh on market growth. The Department of Health's efficiency programme aims to radically change the pricing, supply chain and procurement of medical devices in the NHS with the introduction of bar-coding and a single price comparison mechanism throughout the country .
Headline Industry Forecasts
The UK medical device market is the sixth largest in the world and third largest in Europe. We value the market at USD11.3bn in 2014. We forecast a 2014-2019 CAGR of 3.8% in local currency terms, higher than the 1.0% CAGR for the 2009-2014 period, which saw the market contract in 2010 and 2011. This reflects higher economic growth over the forecast period, for which we forecast an average 2.5% rise in real GDP through to 2019. In US dollar terms, the 2014-2019 CAGR will be higher at 5.1%, which will see the market reach USD14.5bn in 2019. The market will contract in US dollar terms in 2015 before returning to growth in 2016.
Medical device imports supply around 76% of the market and were valued at USD8.9bn in 2014, having grown at a 2009-2014 CAGR of 2.5% in US dollar terms and 1.4% in local currency terms. The performance was negative in US dollar terms during H115 due a decline in the value of the pound against the dollar. We believe that imports will return to growth in H215 on the back of a stronger pound following the decisive result in the May general election.
The UK is a significant global exporter of medical devices and remains among the world's top 10, despite a relatively subdued performance over the past five years, when exports grew...
The United Kingdom 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 United Kingdom provides industry professionals, strategists, company executives and analysts with independent forecasts and competitive intelligence on the United Kingdom Medical Devices industry.
- Benchmark BMI's Medical Devices market forecasts, which take into account macroeconomic and industry-specific forecasts for United Kingdom, 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 United Kingdom.
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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.