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The Medical Device Market: Hungary
Espicom Business Intelligence Ltd, Oct 2011, Pages: 68
Hungary is a landlocked country in Central Europe. It is one of the ten countries that joined the EU in May 2004. Hungary managed to reduce its budget deficit from 10.1% of GDP in 2006 to around 5% of GDP in 2008. Pressure from the IMF to keep public finances in check aimed to keep the budget deficit at around 3% of GDP in 2009.
In 2007, the government implemented reforms that were aimed at drawing money into the health system and improving the quality of services. However, the new fees for visits to doctors and hospital stays were abolished in March 2008, following a referendum which saw over 80% of voters oppose the fees. The referendum results led to the sacking of the Liberal Health Minister and the withdrawal of the SZDSZ from the coalition government. A general election in April 2010 returned the centre-right Fidesz party to government with a strong majority.
The National Health Insurance Fund Administration (NHIFA) runs the only health insurance fund in the country. It has branches at county level, to administer contracting and payments to local healthcare providers, but budgets are tightly controlled by central government. In February 2008, a bill on health insurance was signed into law, which enabled private companies to buy shares in 22new health funds. However, the legislation was repealed in May 2008 and the health funds are to be phased out.
In 2011, the Hungarian market for medical equipment and supplies is estimated at US$573 million, or US$58 per capita. The market value has stalled since 2008, but it is expected that it will bounce back to expand at a CAGR of 4.5% per annum in the 2011-16 period, reaching US$715 million by 2016, equal to US$73 per capita.
Around 84% of the medical device market is supplied by imports. Most are sourced from the European Union, principally Germany. There is a sizeable domestic production sector, with X-ray apparatus as a particular historic specialty, but this is largely geared towards export markets.
Includes 3 quarterly updated outlook reports!
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