EMDT_European Medical Device Technology

EMDT Sourcebook 2015-2016

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emdt.co.uk 2015 | The Source book Market Report 5 uS multinationals. The lower cAGr for non- eurozone markets reflects negative growth for Sweden due to the closure of St Jude Medical's pacemaker manufacturing facility in Veddesta, which has significantly reduced both import and export activity. We anticipate that Western europe will continue to account for around 40% of global medical device imports over the next five years, which is a market share similar to that recorded in 2014, but is lower that 45% registered in 2009. Germany, the Netherlands, belgium, France and the uk will continue to be the leading importers. Medical device exports have grown at a slightly higher 2009-2014 cAGr of 5.4% in uS dollar terms, amounting to uSD112.7 billion. cAGrs have ranged from 12.7% for Portugal to -4.0% for Sweden. eurozone markets, which account for 80.1% of the regional exports, have recorded a higher cAGr of 6.1%, while non-eurozone markets have registered a slower cAGr of 2.7%. This is due to the higher level of re-exporting activity in some eurozone markets and the collapse in pacemaker exports for Sweden. Germany, the Netherlands, belgium, Swit- zerland and Ireland will remain the leading exporters, but the Western european share of global medical device exports will continue to decline steadily, down from 51.6% in 2014 and 54.4% in 2009, reflecting a shift in manu- facturing to lower-cost production bases in eastern europe and Asia, and the drive by many developing economies to reduce their import dependence. We note that brazil, china, India, Malaysia, russia and South korea are among the countries to have launched ambitious investment programmes for their domestic medical device industries. The regional balance of trade deficit fell to uSD22.3 billion in 2014. France, Spain, Italy and the uk have a high balance of trade defi- cit in the medical device sector, surpassing over uSD2.0 billion. considering its market size, Spain's deficit, although it has been con- tained during the past five years, is too high. Norway and Portugal have smaller deficits, which are relative to their market size. The remaining markets have trade surpluses, led by Germany, Ireland, Switzerland and the Netherlands. Low corporate taxes, strong manufacturing capabilities and regional distribution centres have driven their export strength. Germany Will Remain the Most Attractive Eurozone Market Within the eurozone, Germany will remain the most attractive medical device market, accounting for around 30% of Western euro- pean consumption. The German market will be the only euro- zone market to outperform the region. The strength of the German market lies in its well developed healthcare system and the com- Non Eurozone Markets Will Record Higher 2014-2019 CAGRs Germany Belgium Netherlands France Austria Finland Ireland Portugal Spain Italy EUROZONE UK Norway Sweden Switzerland Denmark NON EUROZONE TOTAL 3.2 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2.7 2.5 2.4 2.1 1.8 1.8 1.3 1.0 0.8 2.3 5.1 3.9 2.7 2.1 1.4 4.0 2.7 The German market will be the only eurozone market to outperform the region

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