New Medical Devices research report from Espicom Business Intelligence is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 09/17/2013 -- OVERVIEW OF THE MEDICAL MARKET IN AUSTRIA
Although a relatively small market, Austria has a high level of per capita spending on medical devices. The market for medical equipment and supplies is valued at US$2,527mn in 2013, equal to US$299 per capita.
Austria is a federal republic, comprising nine constituent federal states: Burgenland, Carinthia, Lower Austria, Salzburg, Styria, Tyrol, Upper Austria, Vienna and Vorarlberg. The supreme federal executive organs are the Federal President and the members of the Federal Government, headed by the Federal Chancellor. The Chancellor is Werner Faymann, the leader of the centre-left Social Democratic Party (SPO) which governs in a coalition with the conservative Austrian People's Party (OVP). The current President is Heinz Fischer, a former deputy of the SPO. The next general elections are scheduled for Autumn 2013 with the SPO and the OVP expected to form another coalition government.
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The political situation in Austria remains fairly positive, thanks to the country having survived the global financial crisis and recession in relatively good shape. Indeed, Austria has one of the lowest unemployment rates in Europe, and is not burdened with the gaping fiscal deficit and sluggish growth outlook of many other eurozone states. However, rising support for eurosceptic and far-right political parties remains an omnipresent risk.
Austria has a stable, mature economy which is now emerging from the effects of the global economic downturn. GDP is forecast to increase by 0.9% to US$427.2mn in 2013. At US$50,603 in 2013, Austria's GDP per capita rate is one of the highest in the world.
Austria has a high level of per capita health spending, which exceeds US$5,000. Public funding accounts for over three-quarters of total healthcare expenditure. After peaking at 11.1% in 2009, health spending has been falling as a percentage of GDP year on year, reaching 10.7% in 2013.
In common with many other western European countries, Austria has an advanced healthcare system. There is an eagerness to be at the forefront of technological development; the purchasing of new equipment reflects this.
Healthcare provision remains a high government priority in Austria, but with an ageing population, cost containment continues to be of paramount importance.
Domestic production of medical devices tends to be small scale and specialist in nature. Many large multinationals have established offices in Austria in order to take advantage of the country's close proximity to the emerging markets of Central and Eastern Europe.
The medical market is heavily dependent on imports, which totalled US$1.9bn in 2012.
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