Why Expand Into the European Medical Device Market?
According to the European Commission, the EU remains the largest economy in the world with a GDP per head of €25,000 for 500 million European consumers. In nominal terms, the European Union’s economy is the third-largest economy in the world, next to the US and China.
Ranking first in inbound and outbound investments internationally, the EU is also the top trading partner for 80 countries, as opposed to the US, which is the top trading partner for over 20 countries.
Here’s a further peek into the highest spenders on healthcare within the European Union for 2018 – and how their governments have ramped up healthcare funding across the last couple decades – signifying increases of billions of euros each year:
How Much Does the Region Rely On Importation of Medical Devices From Non-EU Countries?
The numbers look good for non-EU medical device manufacturers looking into Europe market access. As shown above, studies illustrate that the EU region continues to be heavily reliant on medical device importing from non-EU providers, thereby continuing to drive global medical device sales.
In 2019 alone, the total amount from medical device importing reached €128 billion or 6.6 % of EU merchandise imports. Meanwhile, total EU trade (imports and exports) for medical products accounted for a considerable 9.3% of total EU trade.
The biggest European markets for medical devices are the following:
● Germany: 32.5 billion Euro (27.1%)
● France: 17.5 billion Euro (14.6%)
● United Kingdom: 13.2 billion Euro (11%)
● Italy: 12.1 billion Euro (10.1%)
● Spain: 7.5 billion Euro (6.3%)
Across Europe, the market has grown at a steady 4.2% per annum, with rates expected to increase as Covid-19 statistic reports come in. In comparison, smaller European countries are also catching up quite rapidly. The coronavirus pandemic has highlighted that the EU is largely dependent on non-EU sources of medical equipment.
A report from the European Parliament states that personal protection equipment, artificial respiratory equipment, and other medical devices needed for the fight against coronavirus were among the region’s top imports in the category of medical devices.
In 2020, it was estimated to be worth €140 billion and is projected to continue growing at a steady rate of 2% yearly.
What Does The Future Hold?
Like any tech market, Europe’s future prospects through the 2020s depend on innovation – another zone which the region has dominated for several years.
According to MedTech Europe, nearly 40% of all medical tech patents filed with the European Patent Office have come from within the continent.
In totality, spread across medical tech, pharmaceuticals, and biotechnology, this amounts to a massive 148,331 patents filed in 2019 alone, making Europe the center of global medtech’s future prospects.
In summary, all of this signifies a healthy future for the European medtech market – focusing on saving lives while inventing novel solutions to medical problems, better than anywhere else in the world.
Planning to expand your medical device sales in Europe?
At GrowthMedics we have assisted various medical device manufacturers validate, imiport and expand their sales presence in Europe and the Middle East, North African healthcare markets. With our infrastructure and expertise worldwide medical device manufacturers can benefit from an increased speed to market time while minimizing risk and cost.
Book a meeting with our experts to learn more about your possibilities.