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The Medical Device Market: Israel
Espicom Business Intelligence Ltd, Oct 2011, Pages: 58
Israel borders Lebanon, Syria, Jordan, Egypt and the Mediterranean Sea. Lying within its borders are areas that the Palestinians claim as their own; the threat of terrorism dominates the political landscape.
Israel has the largest medical device market in the Middle East region. Much of the market, at just under 80%, is supplied by imports, and a significant portion of these in value terms are dominated by “high-end” products falling under the diagnostic imaging apparatus category.
In terms of expenditure, Israel spends around 7.6% of total GDP on healthcare, and per capita spending rates are considered high by regional and world standards. Much of spending is in the public sector and the government has made allowances in recent years to expand the number of services and treatment offered by public health insurance programmes. The country also has a rapidly growing elderly demographic that is contributing to rising healthcare costs.
As well as being a political ally, the US is one of the leading suppliers of imports, along with Germany; the two countries shipped a combined total of US$263.9 million, equal to 42.7% of total imports in 2009. The EU and the US are vital trade partners for Israel, as the country is isolated from its Arab neighbours and conducts virtually no trade with them.
Thanks to a substantial domestic production capacity, Israel exported US$1.4 billion worth of goods in 2009, primarily diagnostic imaging equipment, which accounted for 58% of exports.
The analyst estimates the medical device market in Israel to be worth US$913 million in 2011, equal to US$118 per capita. The market is expected to expand at a CAGR of 3.7%, during the forecast period, which should see it reach US$1,097 million, or US$131 per capita, by 2016.
Includes 3 quarterly updated outlook reports!
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