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The Medical Device Market: Austria
Espicom Business Intelligence Ltd, Oct 2011, Pages: 86
Although a relatively small market, Austria has a high level of per capita spending on medical devices. The market for medical equipment and supplies is valued at US$2,468 million in 2010, equal to US$292 per capita.
Austria has a stable, mature economy but has nevertheless been affected by the global economic downturn. GDP contracted by 3.7% in 2009, but recovered in 2010.
Austria has a high level of per capita health spending, which exceeds US$5,000. Public funding accounts for over three-quarters of total healthcare expenditure. Health spending as a percentage of GDP is expected to rise to 11.0% in 2011.
In common with many other western European countries, Austria has an advanced healthcare system. There is an eagerness to be at the forefront of technological development; the purchasing of new equipment reflects this.
Healthcare provision remains a high government priority in Austria, but with an ageing population, cost containment continues to be of paramount importance.
Domestic production of medical devices tends to be small scale and specialist in nature. Many large multinationals have established offices in Austria in order to take advantage of the country’s close proximity to the emerging markets of Central and Eastern Europe.
Imports account for around 77% of the market, and after several years of steady growth, fell in value by 4.4% to US$1,752.9 million in 2009. The CAGR in the period between 2005 and 2009 was 7.7%.
Includes 3 quarterly updated outlook reports!
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