LONDON, April 27, 2015 /PRNewswire/ -- Includes 3 FREE quarterly updates
BMI Industry View: The US medical market is forecast to see steady growth over the next five years, despite a projected slowdown in health spending, the impact of the newly introduced Medical Device Excise Tax and uncertainties within the healthcare system in the wake of the Patient Protection and Affordable Care Act. Imports have been growing in line with the market, which remains by far the world's largest. Exports are continuing to rise as US manufacturers seek out opportunities in emerging global markets.
Headline Industry Forecasts
- At an estimated USD125.4bn in 2013, the US medical device market is the world's largest. Per capita expenditure, at USD392, is the second highest in the world, behind only Switzerland. The market is projected to grow at a CAGR of 6.1% over the 2013-2018 period, as it settles down into a more consistent pattern after the volatile 2008-2013 period.
- Medical device imports increased by 4.6% to reach a record high of USD37,751mn in 2013. Over the last ten years, the only year not to show an increase was 2009 when the impact of the global economic crisis led to a 5.9% fall in imports. Imports increased at a CAGR of 4.3% over the 2008-2013 period. The running annual total reached USD39.4bn in the 12 months to November 2014, representing y-o-y growth of 4.9%.
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