FLAME 2020
Emerging Markets for Advanced Medical Technologies
Report Highlights
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Emerging markets for the advanced medical technologies covered in this report was valued at $12.5 billion in 2008 and $13.5 billion in 2009. Growing at a compound annual growth rate (CAGR) of 12.7%, this market is expected to be valued at nearly $24.6 billion by 2014.
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Surgical technologies represent the fastest growing market, increasing at a 21.5% compound annual growth rate, from $240 million in 2008 to $636 million in 2014.
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Imaging and visualization technologies account for the largest percentage of sales, $5.9 billion (47.5% of the total) in 2008, approaching $9.4 billion (39% of the market) in 2014, a compound annual growth rate (CAGR) of 8.8%.
INTRODUCTION
STUDY BACKGROUND
The emerging markets, including China and India and many other middle-and low-income countries, currently account for less than 10% of the global market for medical devices. However, emerging markets’ share of the global market is expected to increase rapidly in the years ahead.
On the one hand, many developed markets are becoming saturated as their populations level off or even shrink and economic difficulties limit the funds available to pay for advanced medical treatments and the equipment needed to provide them. On the other hand, the emerging markets have a burgeoning middle class that is growing older and increasingly demanding improved health care, along with it advanced medical technologies.
Most medical device manufacturers recognize emerging markets such as China and India as growth markets. One recent survey found that nearly two-thirds of medical device manufacturers surveyed plan to enter at least one export market in 2010. Countries that led the list of target markets include Brazil, China, India, and Mexico.
GOALS AND OBJECTIVES
The overall goal of this study is to provide the reader with an understanding of the demographic, economic, policy, and regulatory forces that will influence the future size and structure of the market for advanced medical devices in the largest emerging markets. Specific objectives include:
- Identifying the medical device technologies and applications with the greatest commercial potential in the emerging markets over the near to mid-term (2008 to 2014).
- Analyzing the factors that will shape the emerging country market for advanced medical devices over the next 5 years.
- Estimating the current and future demand for specific types of medical device, by country.
- Identifying companies that are well-positioned to meet this demand, with an emphasis on companies that manufacture advanced medical equipment in the emerging markets.
INTENDED AUDIENCE
The report is intended especially for vendors of advanced medical equipment seeking to understand the potential market for their products in selected emerging markets, as well as governmental and international agencies seeking to understand the commercial and medical potential of these technologies. Although the report focuses on specific technologies, it is largely nontechnical in nature. That is, it is concerned less with theory and jargon than with what works and how much of it the market is likely to purchase.
As such, the report’s main audience is executive management, marketing, and financial analysts. It is not written specifically for scientists and technologists, although its findings concerning the market for their work, and by extension the availability of government and corporate research funding for different technologies and applications, should interest them as well.
SCOPE OF REPORT
The report addresses the market for advanced medical devices and systems in the so-called big emerging markets (BEMs). The BEMs (Argentina, the ASEAN nations, Brazil, China, India, Mexico, Russia, South Africa, South Korea, and Turkey) have large populations and comparatively high gross domestic products (GDPs), which make them promising markets for these technologies. Most of them are also regional economic drivers whose growth will engender further expansion in neighboring markets.
Types of medical technology covered in this report include:
- Imaging and visualization
- Patient monitoring
- Surgical devices
- Cardiovascular devices
- Orthopedic implants
- Renal devices
- Biochips
- Other advanced technologies (neurostimulators, implantable drug pumps, etc.).
The format of the study includes the following elements:
- Summary
- The big emerging markets (BEMs): Demographics, economics, health care systems, medical equipment imports, and markets
- Types of advanced medical technologies and their applications
- Detailed market estimates and projections, by type of technology and country for the period 2008 to 2014
- Supplier profiles, with an emphasis on domestic manufacturers in the BEMs with the capability to compete with imports.
INFORMATION SOURCES AND METHODOLOGY
The findings and conclusions of this report are based on information gathered from developers, vendors, integrators, and users of advanced medical equipment. Interview data were combined with information gathered through an extensive review of secondary sources such as trade publications, trade associations, company literature, and online databases to produce the baseline market estimates contained in this report.
The base year for analysis and projection is 2008. With 2008 as a baseline, market projections were developed for 2009 to 2014. The projections are based on a combination of a consensus among the primary contacts combined with BCC’s understanding of the key market drivers and their impact from a historical and analytical perspective.
The specific assumptions and approach BCC used to develop the projections (both near/mid-term and long term) for each application are documented in detail under the various segments addressed. This way, readers can see how the market estimates were developed and, if they so desire, test the impact on the final numbers of changing assumptions regarding such matters as date of regulatory approval.
All dollar projections presented in this report are in 2008 constant dollars.
ANALYST CREDENTIALS
The author of this report is Andrew McWilliams. Mr. McWilliams, a partner in the Boston-based international technology and marketing consulting firm of 43rd Parallel LLC, is the author of several other BCC Research studies of the health care and related industries, including: HLC016C Microelectronic Medical Implants: Products, Technologies & Opportunities; HLC036C Medical Robotics and Computer-Assisted Surgery; HLC042A Radiation-Based Therapy and Therapeutic Imaging; HLC051D Trends in the Noninvasive and Minimally Invasive Medical Device Market; HLC038B Patient Monitoring; HLC054A The Home Medical Equipment Market; HLC048B Health Care Information Technology; HLC066A Medical Automation Technologies, Products, and Markets; HLC070A Preventive Health Care Technologies, Products, and Markets; and HLC072A Medical Lasers: Technologies and Global Markets.
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DISCLAIMER
The information developed in this report, is intended to be as reliable as possible at the time of publication and of a professional nature. This information does not constitute managerial, legal, or accounting advice; nor should it serve as a corporate policy guide, laboratory manual, or an endorsement of any product, as much of the information is speculative in nature. The author assumes no responsibility for any loss or damage that might result from reliance on the reported information or from its use.