Originally Published MDDI December
2004
Medtech
Snapshot
Market Size
Steady Growth in Tentative Times
Despite fluctuations in both the domestic and world economies, the U.S. medical
device industry remains a vibrant and progressive industry, according to the
U.S. Department of Commerce (DoC).
Steady growth in the U.S. market will be tempered by “poor economic performance
and cost containment in Europe and Latin America,” according to Espicom
Business Intelligence, a research group based in the UK. The firm notes that
many Asian markets are now performing strongly again. Leading markets in central
Europe that became EU members in 2004 are also performing well.
The largest market for medical equipment is by far the United States. The Americas
make up 56.3% of the world market, followed by the European Economic Area, which
makes up 22.9%. However, the medical industry is a global industry, and medical
device manufacturers look increasingly to developing countries for future growth,
according to DoC.
The graph below provides a snapshot of how each sector in the U.S. device market
has grown in the last 25 years. The pie chart at right shows a relative breakdown
of the the medical device market worldwide.
Copyright ©2005 Medical Device & Diagnostic Industry
