Mar 1 2005
The European medical device industry is highly competitive, where new and smaller participants find it extremely challenging to make a significant impact. It is also a dynamic industry with continued scope for expansion, given the ageing population and consequent rise in the number of people suffering from cardiovascular diseases, cancers, musculoskeletal disorders and diabetes.
The global market for medical devices is currently estimated at EUR 184 billion, of which EUR 55.2 billion is attributed to the European market. This is around 30 per cent of the global total making it the second largest market following the United States. Germany, France, Italy and United Kingdom account for over 72 per cent of the European medical device market.
"A key driver of the medical devices market is the rate at which companies introduce new technologies," says Research Analyst Claire Staniforth from Frost & Sullivan. "Companies must invest in research & development (R&D) to develop new technologies to ensure cutting-edge products while maintaining or restraining costs."
However, there are challenges for smaller participants to break into the market where they have to compete with the more established global companies.
This Frost & Sullivan research service profiles 50 key participants that have made an indelible mark in the European medical device market due to their innovative technologies and unique marketing strategies. In addition to offering market segment and revenue analyses, the study highlights the product range, global locations and also, various aspects relating to manufacturing, distribution and original equipment manufacture (OEM) services within each company.
The research service also includes a section that throws light on recent company news regarding plans for product diversification, new product introduction and/or global expansion.
Emerging companies that have new and unique technologies or services but insufficient capital or presence within the market can use this research service to assess potential partnership opportunities with these larger, more established companies. This will provide them with the finances as well as technical and marketing expertise to survive in a competitive medical device market.
"The companies highlighted in this study have proven to be a major influence over the cardiovascular, single-use products and surgical disposables, wound care and orthopaedics sectors," explains Ms. Staniforth. "It is for this reason that they have been chosen as the key players within the European medical device industry."