The ever-growing industry is said to reach just under $400 billion in the years to come. Global companies are stepping up their game to provide the best medical devices available. Global demand for innovative and advanced medical devices is on the rise. In recent decades and with the advent of technology, medical equipment manufacturers from around the world – especially those in the private sector – strive to lead the way.
It is nothing short of amazing that we now not only have a better chance of getting proper medical care for ourselves and for our loved ones, but we have the ability to bring the care home. Back in the day, essential devices like pacemakers and defibrillators were hard to procure. Nowadays, we enjoy the privilege of being able to buy defibrillators online which, seeing as how 2020 has unfolded so far – seems like the right thing for the right time. Scroll through to find out about the list of the countries that have so far led the industry.
Anything medical-related is often of a sensitive nature because of the risk involved. This is hardly surprising given the fact that in the US alone, 32 million people have at least one medical device implanted! Therefore, a competitive market brings out the best in the companies that are at the forefront.
As expected, with a market size of nearly $200 billion, the US is at the forefront of the competition. Their medical device companies are highly regarded internationally for their innovative and robust products. According to the research done by investment specialists, the medical device industry invests a higher percentage of annual revenues into product innovation. This is at worst – commendable – as it directly reflects the competitive nature of the industry.
Positioned at the heart of Europe, Germany is, by and large, the front runner compared to the other European countries. Current research indicates that the country comes third after the US and China, taking up more than 14% of global medical tech production. This doesn’t come as a shock, knowing that health expenditure accounts for almost 12% of Germany’s gross domestic product. With this strong health-care infrastructure, the country is all too capable of providing necessary pathways for enabling its citizens to reach the products.
In general, products developed in Germany have always had the edge over its competitors, so much so that, whenever we buy a German product, we know that the money was well spent. A case in point is the fact that more than 70% of Germany’s medical technology products are being exported.
Prior to the COVID-19 outbreak, China’s medical technology market was growing at twice the pace of the market itself. Second only to the US, China is expected to have more than a 25% share of the global medical device industry by the year 2030. However, when it comes to the quality of their medical devices – the jury is still out. Research indicates that hospitals and health providers prefer imported devices, especially when purchasing high-end devices.
Evidently, Japan has been an economic powerhouse in recent decades. Their medical device industry is expected to reach over $70 billion by 2025. Because of their rapidly aging population, the Japanese government has taken new initiatives to further streamline the regulatory approval process by way of making the process easily accessible for those tech companies that are at the forefront of domestic competition.
The UK medical device market is said to be the sixth-largest in the world. The numbers of medical manufacturers in the UK are on the rise, and domestic devices are mostly being exported as the general consensus is that the products manufactured in the UK are of great quality. With consistent demand for imported products, the UK makes no secret of their receptiveness to new and innovative medical devices.
Contrary to popular belief, countries with the best healthcare don’t necessarily produce the best medical equipment. Prior to globalization, medical tourism mostly meant people coming in from less-developed countries to developed ones in order to obtain good quality healthcare.
Now, however, the tables have turned and with the advent of innovative technology, many of the countries that didn’t make it to the list are now emerging from the woodwork to further contribute to the already saturated market. This is indeed great news as the more the competition grows, the easier it would be for the average Joe to get their hands on high-quality medical equipment.