Boston, MA -- (SBWIRE) -- 04/03/2014 -- 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.
The medical device market is projected to expand by a low 2013-2018 CAGR of 2.2% in US dollar terms. The market is valued at US$943.7mn in 2013, ranking as the fourth smallest market in Western Europe. The market is largely supplied by imports from the EU-27. Other medical devices and consumables account for just over half of the market, the remainder being accountable to orthopaedic & prosthetic products, patient aids, diagnostic imaging and dental products. Per capita expenditure is estimated at US$88.2 in 2013, ranking as the second lowest per capita expenditure in the region, behind Greece.
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In US dollar terms, medical device imports fell by 3.3% to US$744.8mn in the 12-months to April 2013. Except orthopaedic & prosthetic products and other medical devices, all the product areas recorded falls.
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