BMI View: The political and economic uncertainty following the UK's decision to leave the EU undermines the medical device market outlook in the short term. We have revised down our market forecasts to take account of slower economic growth, reduced funding, additional pricing pressures and the prospect of increased market barriers. Positive demographics, the growing incidence of chronic diseases, universal access to good quality healthcare services and government support for innovation and new technology acquisition will remain key market drivers boosting growth in the longer term.
|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 2015-2020 CAGR of 3.5% in local currency terms and 0.6% in US dollar terms. The market will see local currency low single-digit growth in 2016 and 2017, but in US dollar terms it will contract for the second consecutive year in 2016 before returning to growth in 2017.
Import performance in US dollar terms will turn negative for the rest of 2016. Imports grew by 0.4% y-o-y to USD2.1bn in the three months to April 2016 with a rise of 5.9% in sterling terms. Imports fell by 2.7% to USD8.2bn in the 12 months to April 2016, but grew by 3.5% in sterling terms.
Export performance in US dollar terms will stay negative for the rest of 2016. Exports fell by 0.4% y-o-y to USD1.5bn in the three months to April 2016, but grew by 5.1% in sterling terms. In the 12 months to April 2016, exports fell by 4.0% to USD6.0bn, but grew by 2.1% in sterling terms.
We expect UK industry to remain resilient in the face of the fallout from the Brexit vote. Small to medium enterprises will be harder hit than larger companies, such as Smith & Nephew and Smiths Medical, which have extensive US operations. Siemens, which manufactures MRI magnets in the UK, has indicated that it remains committed to its UK manufacturing operations, but has called on Theresa May to clarify the UK's trade position as soon as possible to give business some certainty.
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.