Global medical device market: BRIC countries to offer high growth in coming years
Global Medical Devices Survey 2013-2014 - Market Trends, Marketing Spend and Sales Strategies in the Global Medical Devices Industry - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-29 10:18:02
Executives from the global medical device industry anticipate an increase in consolidation, with 55% of respondents projecting an increase in merger and acquisition (MandA) activities in 2013.MandA is driven by the need for favourable product development and commercial product performance, a surge in demand for more sophisticated medical equipment, high patient expectations, stringent legislation, and rising living standards.Key Market IssuesAccording to the medical device industry respondents, China, India, Brazil, Russia, and Eastern Europe are expected to offer the most industry growth opportunities in 2013.´Market uncertainty´, ´responding to pricing pressure´, and ´regulatory change´ are the leading business concerns for the global medical devices industry in 2013.The projected average size of the global annual marketing budget for supplier companies in the medical devices industry in 2012 was US$1.7 million, but this decreased to US$725,000 in 2013.´Online content sites and portals´ was highlighted as a key investment area by 37% of supplier respondents, while 35% of respondents projected strong investment growth in ´corporate and brand websites´.Overall, ´competitor and market intelligence research´, ´customer intelligence and analytics´, and ´business performance management solutions´ were identified as the marketing and sales solutions that most respondents expected to invest in during 2013.Key HighlightsAn analysis of revenue growth expectations by senior level respondents reveals that 48% are ´more optimistic´ about their company´s revenue growth in 2013.An analysis of responses by global medical devices manufacturers reveals that ´new product development´ and ´employee training´ will record a significant increase in capital expenditure in 2013.The top three key priorities in 2013 for medical device manufacturers include the introduction of ´new products and services´, business ´expansion in current market´, and ´expand geographical reach´. A total of 43% of respondents from medical device manufacturing companies and 49% of respondents from medical device supplier companies anticipate an increase in their current workforce in 2013.Survey results indicate that the top five developed countries expected to generate the most demand for the medical device industry in 2013 are Singapore, Taiwan and Hong Kong, the US, the UK, Germany, and South Korea.
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