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The Czech Republic is the second richest country in Central & Eastern Europe in per capita terms, with a figure of US$18,458 in 2013. Total GDP is the third highest in the region, at US$195.5bn. The Czech Republic is currently experiencing a recession which is expected to last throughout much of 2013, but GDP is projected to increase by an average 2.4% per annum between 2014 and 2018, reaching US $266.8bn, or US$24,535 per capita.

GlobalData's new report, "United States Computed Tomography Systems Market Outlook to 2020", provides key market data on the United States Computed Tomography Systems market. The report provides value, in millions of US dollars, and volume (in units) and average price data (in US dollars), within market categories - High Slice Computed Tomography Systems, Low Slice Computed Tomography Systems and Mid Slice Computed Tomography Systems.

Ruled by China since 1997, Hong Kong acts as a hub for trade throughout the region, and especially as a conduit for trade in and out of the People's Republic of China, although this role has arguably lost some of its importance due to rapid business development on the mainland.

The size of the Norwegian medical device market is estimated to be US$1.6bn in 2013, equal to US$321 per capita. The market is expected to grow by 2.5% per annum to reach US$1.8bn by 2018, equal to US $351 per capita The population of Norway is estimated to be 5.0mn in 2013, with 16.0% of the total aged 65 years and over. Norway has a stable, affluent economy but was nevertheless affected by the global economic downturn. Real GDP fell by 1.7% in 2009, according to figures from BMI, but it returned to growth between 2010 and 2012 and is due to grow at an average 2.4% per annum between 2013 and 2018.

The economic crisis has had a direct effect on the public healthcare sector in terms of some quite severe spending cuts, as well as rising co-payments. Prior to the 2008 crisis, regional governments approved the construction of a number of public hospitals, without serious planning in some cases. Unsurprisingly, some of these projects have collapsed since then, as the budget allocated by the government to public healthcare has been reduced by EUR6.7bn (US$8.9bn) since 2010. The increase in the number of public hospitals has not been homogenous in all the regions, but has been mainly concentrated on four regions: Andalucia, Castilla La Mancha, Comunidad Valenciana and Madrid.

Portugal remains one of the least developed countries within Western Europe. Additionally, an income gap remains between Portugal and richer OECD countries. BMI forecasts real GDP contraction in 2013, following contractions in 2012 and 2011. BMI believes that the country's aggressive fiscal consolidation drive as part of its EUR78.0bn (US$108.3bn) IMF/EU bailout package will keep domestic demand under significant pressure in the coming years. Weaker-than-expected growth will undermine the government's revenue-raising ability. Although the government is likely to implement further spending cuts, BMI continues to expect Portugal to restructure its debt in the coming years.

GlobalData's new report, "United Kingdom Orthopedic Procedures Outlook to 2020", provides key procedures data on the United Kingdom Orthopedic Procedures. The report provides procedure volumes within market categories - Hip Replacement Procedures, Knee Replacement Procedures, Shoulder Replacement Procedures, Small Joints Procedures, Arthroscopy Procedures, Cranio Maxillofacial Fixation (CMF) Procedures, Spinal Surgery Procedures, Trauma Fixation Procedures, Orthopedic Prosthetics (Amputation Procedures) and Orthobiologics Procedures (Bone Graft Procedures).

Espicom Industry View

As a percentage of GDP, healthcare expenditure is low, but in per capita terms, spending is among the top 30 in the world. Overall health expenditure is estimated to stand at US$16.3bn in 2013, equal to 4.1% of GDP. Per capita spending is US$1,984.

Highlights from the Region

Why invest in Western Europe?

GlobalData's new report, "Japan Spinal Surgery Market Outlook to 2020", provides key market data on the Japan Spinal Surgery market. The report provides value, in millions of US dollars, and volume (in units) and average price data (in US dollars), within market categories - Spinal Fusion and Vertebral Compression Fracture Repair Devices.

Mexico has the second largest medical device market in the Latin American region, valued at US$4.0 billion in 2013. The market is dominated by medical device imports, principally from the USA. US manufacturers benefit from geographic proximity and preferential terms under NAFTA. Some of these imports, however, are used to produce goods which are eventually sent back to the USA. Mexico is the third largest medical device importer in the Americas region, behind the USA and Canada; Brazil is not a big importer in comparison, as it relies on local production.

Australia is one of the richest healthcare markets in the Asia-Pacific region. The market ranks amongst the top 20 largest in the world, while per capita spending is on a par with European markets such as the Netherlands or Finland.

Hydrocarbon-rich Saudi Arabia has the dominant economy of the Middle East. Oil receipts in 2012 were buoyed by a year of high barrel prices (Brent crude averaged US$112) and elevated domestic production, which grew by 5% year-on-year. BMI's Country Risk team forecasts that GDP will post a moderate 2013-2018 CAGR. The key risks to this outlook is military conflict in the region, a power struggle following the succession of King Abdullah bin Abdulaziz Al Saud and the re-emergence of Arab Springtype discontent.

The new cabinet announced in Egypt shows few signs of reconciliation with supporters of the ousted government, and will do little to end the polarised state of the country's political scene. BMI does not expect the interim government to make any major economic reforms, but they will be eager to improve social stability in order to attain legitimacy. BMI expects parliamentary elections to be held by February 2014, with presidential elections following soon after.

Key uses of Medical Devices Reports

Cuba does not publish economic data in any detail, and what is published rarely conforms to international standards. Raul Castro is more open to liberalising the economy whilst still retaining communist values. BMI values GDP at US$79.2bn in 2013, equal to US$7,044 per capita. Growth in recent years has been moderate, maintained in part by strong prices for raw material exports and subsidised oil from Venezuela. Cuba has consistently blamed the USA for its poor economic performance, citing the US trade embargo as a major cause of its continuing poverty. The US response has been that Cuba's communist economic system is to blame, and that only internal reform will improve the situation. Both sides are almost certainly correct, adding to the intractability of US-Cuban relations. Venezuela and China have become important trade partners, but the USSR was the principal trading partner prior to the late 1980s. The Soviet Union was eager to maintain a communist foothold in the area, and provided large amounts of aid to Cuba. This ended abruptly when the USSR collapsed. The Cuban economy collapsed with it, by official estimates shrinking by 34.8% during the 1990-1993 period.

North America Medical Device Reports provide the latest available data, expert analysis and our independent 5-year forecasts for key the Americas markets. Each country report covers political risk, the business environment, and macro-economic and industry prospects set against assumptions for the global economy.

Poland has the second largest economy in Central & Eastern Europe, although in per capita terms it is around average. According to BMI, GDP is estimated at US$529.0bn in 2013 and is expected to increase by an average 3.5% per annum between 2014 and 2018, reaching US$733.7bn. GDP per capita will rise from US$13,800 in 2013 to US$19,117 in 2018.

China ranks as the largest economic power of the Asia Pacific region with a projected GDP of US$9.1tn in 2013. In terms of GDP per capita, it is considerably lower at US$6,676 in 2013, owing to its large population. Moreover, the country is divided into a relatively wealthy eastern coastal belt - consisting of Tianjin, Shandong, Jiangsu, Shanghai, Zhejiang, Fujian and Guangdong provinces and much poorer, underdeveloped regions in the interior and the west. Although the government has undertaken massive development plans to address these imbalances, and new factories are gradually being built further inland, this will be a long drawn-out process in a country of China's size.

Finland is one of the northernmost countries in Europe and covers around 338,000km2, of which 10% is water. The population is estimated at 5.4 million in 2012.

The Bolivarian Republic of Venezuela is situated on the northern coast of South America and is bordered by Brazil to the south, Colombia to the west and Guyana to the east. The country is divided into 23 administrative states, one capital district* and one federal dependency**: Amazonas, Anzoategui, Apure, Aragua, Barinas, Bolivar, Carabobo, Cojedes, Delta Amacuro, Dependencias Federales**, Distrito Capital*, Falcon, Guarico, Lara, Merida, Miranda, Monagas, Nueva Esparta, Portuguesa, Sucre, Tachira, Trujillo, Vargas, Yaracuy and Zulia. The federal dependency consists of 11 federally-controlled island groups with a total of 72 individual islands. The capital is Caracas.

Blue Sky Media LLC, a brand new eCommerce home medical supply, is announcing the grand opening of its website, accessible at http://www.dmemedicalsupply.com. The new retailer, which carries a various array of home health products and supplies including rollators, incontinence products, and manual wheelchairs, is encouraging customers to take complete advantage of the opportunity and peruse medical goods in its online store during its grand opening. For additional convenience, the merchant is also offering a host of customer service deals to further invite its clientele to discover all that it has to offer.

Espicom Industry View: The Chilean medical device market is small but per capital expenditure ranks second in Latin America. Espicom forecasts a high 2013-2018 CAGR of 12.4% in US dollar terms, fuelled by planned public hospital modernisation, taking the market to US$1.3bn. Medical device imports are extremely high, as production is limited. Chile has generally avoided regional full membership in trading blocs such as MERCOSUR or CAN, preferring bilateral agreements such as its FTA with the USA, which has shaped medical device market trends.