BMI Industry View : The US medical market , the world's largest, is forecast to see steady growth over the next five years, outstripping most other developed markets. D emand for medical devices will be d riven by strong economic growth, favourable demographics , the rising prevale nce of chronic diseases , the impetus provided by a substantial previously uninsured population gaining access to healthcare services , and the market's appetite for technologies that improve cost-effectiveness.
Headline Industry Forecasts
We expect that the market will continue to register robust growth over the next five years and forecast a 2014-2019 CAGR of 5.3%, ranging from 4.5% for patient aids up to 6.7% for dental products. We expect that this growth will increase the market from USD133.6bn in 2014 to USD173.3bn in 2019. The market will remain the world's largest by a huge margin and growth will be one of the fastest amongst the developed nations.
Import performance will remain positive throughout 2015 and beyond. US purchasing power has increased as a result of the US dollar's appreciation against the euro and the yen, giving an additional boost to imports. Imports have been rising steadily since 2009, with mid-single growth recorded in the last two years. The latest monthly trade data reveals that imports totalled USD40.9bn in the 12 months to July 2015, a y-o-y increase of 5.7%.
Currency pressures will be less damaging in 2016, but we expect exports to be subdued through 2015 and 2016, with an absence of significant growth until 2017. Currency depreciation against the US dollar in the EU-28 and Japan, which together were the destination of over half of exports in 2014, is making the market environment very difficult for US exporters. Exports have remained almost static for the last three quarters going back to Q414. The latest monthly trade data reveals that exports increased by 0.2% in the 12 months to July 2015, taking the total to USD44.2bn
The United States 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 States provides industry professionals, strategists, company executives and analysts with independent forecasts and competitive intelligence on the United States Medical Devices industry.
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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.