03.06.15
According to a recent report from London-based Business Monitor International (BMI), the medical device market in the United Kingdom “continues to be one of the strongest performers in the region.”
According to BMI’s analysts, the U.K.’s medtech sector should grow around 7 percent per year to 2018.
“This growth could, however, be tempered slightly if the Department of Health's (the government department responsible for public health issues) efficiency program is successfully implemented, as it aims to radically change the pricing, supply chain and procurement of medical devices in the NHS (National Health Service) with the introduction of barcoding and a single price comparison mechanism throughout the country among the initiatives on the cards,” analysts wrote. “The program will start with a couple of NHS trusts and the target for complete roll out is 2017."
The United Kingdom has one of the largest medical device markets in the world, valued at $10.2 billion in 2013. According to BMI, the market is the sixth-largest in the world and third-largest in Europe. Per capita expenditure was equal to $162 in 2013. The U.K. market for medical devices is projected to increase by 6.8 percent per year to reach $14.2 billion by 2018.
The growth of the U.K. medical device market is predominantly import-led and this has led to a succession of trade deficits since 2001, BMI analysts claim.
“A significant portion of the market, around 75 percent of the total, is made up of imports. In U.S. dollar terms, medical device imports grew by 7.3 percent in 2013 to reach $7.82 billion. Based on latest collated monthly data to year ending November 2014, medical device imports rose by 8.1 percent to $8.45 billion.
According to BMI’s analysts, the U.K.’s medtech sector should grow around 7 percent per year to 2018.
“This growth could, however, be tempered slightly if the Department of Health's (the government department responsible for public health issues) efficiency program is successfully implemented, as it aims to radically change the pricing, supply chain and procurement of medical devices in the NHS (National Health Service) with the introduction of barcoding and a single price comparison mechanism throughout the country among the initiatives on the cards,” analysts wrote. “The program will start with a couple of NHS trusts and the target for complete roll out is 2017."
The United Kingdom has one of the largest medical device markets in the world, valued at $10.2 billion in 2013. According to BMI, the market is the sixth-largest in the world and third-largest in Europe. Per capita expenditure was equal to $162 in 2013. The U.K. market for medical devices is projected to increase by 6.8 percent per year to reach $14.2 billion by 2018.
The growth of the U.K. medical device market is predominantly import-led and this has led to a succession of trade deficits since 2001, BMI analysts claim.
“A significant portion of the market, around 75 percent of the total, is made up of imports. In U.S. dollar terms, medical device imports grew by 7.3 percent in 2013 to reach $7.82 billion. Based on latest collated monthly data to year ending November 2014, medical device imports rose by 8.1 percent to $8.45 billion.