Lewes, DE -- (SBWIRE) -- 03/10/2014 -- Despite an increasingly challenging operating environment, Germany remains one of the most attractive medical device markets in Western Europe, testament to the underlying strength of the Germany economy and a commitment to maintain a high quality healthcare service. Whilst austerity measures in the health sector have hit the pharmaceutical industry harder than the medical device industry, measures to restrict the growth in spending on hospital and ambulatory services are inevitably increasing pressure on prices, particularly as many public hospitals are continuing to operate at a loss. However, the announcement in April 2013 of additional financial support from the federal government for hospitals of EUR1.1bn during 2013 and 2014 is a positive development as is the support for medical technology and innovation in general expressed in the coalition agreement of the new federal government.
>> Germany has the third largest medical device market ranking behind the USA and Japan. In 2013, the medical device market is estimated at US$25.6bn, equal to US$313 per capita. The market is forecast to grow at a US dollar 2013-2018 CAGR of 4.7%, which is above average for the region.
>> Medical device imports supply around 71% of the market. Between 2007 and 2012, medical device imports grew at a CAGR of 7.6% in euros and 6.0% in US dollars. The running annual import total reached US$17.3bn in the 12 months to October 2013, representing y-o-y dollar growth of 6.4%.
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