EMDT_European Medical Device Technology

European Medical Device Technology, Spring 2015

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emdt.co.uk European Medical Device Technology Spring 2015 | 25 market is able to establish such a vivacious start-up ecosystem. The business intelli- gence company Business Monitor Interna- tional (BMI) estimates the Israeli medical device market at $1,077.4 million in 2013, for instance. "The market is expected to grow at a CAGR of 9.5%, which should see it reach a value of US$1,692.8 million in 2018," Glen Peters, medical devices market analyst at BMI told EMDT. "Bro- ken down by product area, performance is expected to range from 7.2% for diag- nostic imaging to 16.8% for orthopaedics and prosthetics." Because the country is politically isolated from neighboring Arab countries, the EU, China and the United States serve as vital trade partners for Israel. Entrepreneurship Requires Chutzpah For Gilad Peleg Lorberbaum, COO of the Israeli medtech investment firm Rainbow Medical, the disadvantage of a small domestic market has actually also proved to be an advantage. "All companies in Israel need to be able to target larger external markets in Europe, the United States, and East Asia," he said. "So, there is a constant drive to innovate to reach those marketplaces. Otherwise, compa- nies cannot survive just by tapping into the local markets." Perhaps more so than companies from larger countries, Israeli firms are forced to think globally from the beginning and need to develop technolo- gies that are suitable for different kinds of markets. For Lorberbaum, the ability for prob- lem-oriented, out-of the box thinking is a trait of the Israeli culture that has histori- cal roots. "This comes out of necessity; even before there was an Israeli country, people always needed to improvise and adapt to different environments and dif- ferent cultures," he said. "In comparison, Europe is a very calm and supporting environment, which has a lot of benefits, but doesn't force people to innovate. Indi- viduals do not necessarily need to think different." Authors Dan Senor and Saul Singer, who coined the label 'start-up nation,' see another cultural trait that perhaps explains why so many Israelis have the guts to establish their own companies: MEDICAL MEASUREMENT AND TESTING MILITARY AND SECURITY INDUSTRIAL ENERGY AUTOMOTIVE Israeli frms are forced to think globally from the beginning and need to develop technologies that are suitable for different kinds of markets.

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