2007 MEDTECH SNAPSHOT
Medical technology is one of the most dynamic sectors in Europe, contributing to a significant increase in life expectancy and improvements in quality of life. Eucomed, a European association representing 4500 companies, estimates that total medical technology sales in Europe reached €63.6 billion ($78.8 billion) in 2005, roughly one-third of the global industry market.
However, experts from the market have concerns about Europe’s ability to sustain medical device innovation. EU members spend between 3% and 6% (roughly €3.8 billion ($5.5 billion)) annually of its sales on R&D, compared with the United States, which spends about 13% on R&D.
In August 2007, the association recommended a ramp-up of funding for the establishment and management of coordinated National Medical Technology Innovation Centers across Europe. These centers would provide funding, expertise, and development support to innovators within the sector, similar to incubator sites. Technology will primarily focus on biotech and genetics, but also on miniaturization of medical devices and on transmission of health data.
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