France is among the top 3 biggest spenders when it comes to healthcare expenditures in all of the EU. In 2018, the total healthcare expenditure in France was recorded at EUR 270 billion. At GrowthMedics, we have assisted various worldwide medical devices manufacturers to enter and expand their presence in the French Market. France is an appealing for entering and selling medical devices.In this blog, we will give you a brief overview of the attractiveness of the French market.
How Is The French Medical Device Market Growing?
The French medical device market is the fifth largest in the world. It comprises over 1300 companies that manufacture and supply anything from syringes to full-scale MRI machines.
Employing over 85,000 locals, the market is currently valued at around EUR 28 billion.
France relies heavily on foreign investments since over 50% of its MED workforce is employed under foreign manufacturers and projects.
The CAGR for the French healthcare sector isn’t as impressive as others at only 1.8% in 2019.
What Is The French Healthcare Expenditure Like Compared To The Rest Of The EU And The World?
Compared to the EU and global average of almost 10%, France allocates 11.5% of its GDP to fund the healthcare sector.
Of this, 78% goes towards funding public hospitals while the remaining 22% is funneled into the private sector. Recently, France spent around 330 billion USD in healthcare, which amounts to just about $4959 per capita/resident.
Let’s take a look at France’s healthcare industry in terms of medical professionals and facilities.
Number of hospitals – Over 3,042
- Public – around 2,890
- Private – 1012
Number of Medical Universities – around 30
Number of hospital beds – 6.4 per thousand people
Number of physicians – over 226,470
Number of dentists – more than 40,000
Number of vets – over 18,000
Number of dentists – over 40,000
Growth rate – around 2%
Total medical device imports in 2019 – approximately 14 billion USD
Total medical device exports in 2019 – around 10.4 billion USD
What To Consider When Doing Business In France
The medical market in France is sophisticated and domestic manufacturers prove major competitors in the market. Beyond getting through the stringent selection criteria in place, creative marketing strategies and knowledge of French are essential.
- Despite being receptive to new information, the French are not usually fond of anything out of the norm or high risk. You should always present strong arguments.
- People tend to prefer discussing things in detail with top bosses rather than employees, which is why decision making in French business etiquette is slow.
- Aggressive selling techniques are not welcome. Instead, focus on discussion, patience, and exchanging important information.
- It is common to be interrupted mid-speech to ask a question—take it as a sign of interest and do the same.
Medical Equipment Tradeshows And Events In France
Several tradeshows and events happen every year in France. The dates for some of the prestigious shows for the upcoming year are listed below.
Congrès SF2H -31 May – 2 June 2023
SANTEXPO (Formerly Paris Healthcare Week) – May 23- 25, 2023
With billions of dollars worth of medical expenditure and demand for diagnostic and surgical equipment, disposable medical products and hygiene supplies, it only makes sense for non-local companies to sow their seeds on French territory.
If you are looking to expand your presence in the French market, reach out to us at Growth Medics for the possibilities and for your import and export needs, check out Growth Imports.