European Medical Device Market
The global medical device
market is valued at 184 billion euros (EUCOMED 2004). According to EUCOMED the US accounts for 43% of the global market and
the EU accounts for 30% of the world market. The EU market for medical devices is estimated to be more than 55 billion euros.
The five largest EU markets and their respective share of the 55 billion euros plus market are as follows: Germany (34.7%),
France (16.4%), Italy (11.2%), UK (10.6%), and Spain (5.5%). While the ten new EU member countries add 75 million people
to the EU population (total population of approximately 450 million) collectively they will represent only about 2.7% of the
total EU market for medical devices (EUCOMED 2004, Marchant 2003). The ten new member countries average spending on healthcare
is only 4.9% of GDP, compared with 8.6% for the original 15 EU member countries. As these markets develop and spend a larger
percentage of GDP on healthcare they will likely represent a growing portion of the EU market opportunity. The fragmented
nature of the EU market and lack of reliable EU market data has resulted in the European Commissionís commissioning of a study
to be conducted by the University of Siena.
There are 9345 medical technology companies competing for market share
in EU (Marchant 2003). The EU market for medical devices is expected to continue to grow largely driven by an aging population
and the subsequent increase in demand for medical devices.
Medical devices that have been recognized by the European
Parliament and Member States for making contributions to improved healthcare include interventional cardiology, cardiovascular
disease, stroke management, cancer, musculoskeletal disorders, and wound care (Review 2003).
Copyright © 2004 Kirk
Zeller, All rights reserved