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Medical Equipment Market Report 2009
Key Note Publications Ltd, April 2009, Pages: 92
The UK market for medical equipment and consumables was worth an estimated £3.83bn in 2008, having increased by 7.6% over the course of the year. Medical equipment is the largest of the two sectors by value and, therefore, accounts for more than half of the market's total value.
The overall market enjoyed strong growth over the review period (2004 to 2008), which was driven by robust increases in spending on the NHS, the increasing sophistication — and, hence, cost — of equipment, and the buoyancy of the economy, which supported spending on private healthcare.
Rapid technological progress has been one of the key features of the medical-equipment market. The need to control the rising cost of healthcare associated with the ageing populations that are the norm in many advanced economies (and some developing countries, e.g the People's Republic of China) is helping to drive technological change. Across the industry, companies are investing heavily in developing new products that integrate the latest information technology in order to reduce the costs of operating the devices, improve accuracy and quicken the pace at which information is processed.
Both sectors of the market have undergone considerable consolidation over the past 10 years. Nevertheless, the range of companies remains broad, ranging from multinational giants such as GE Healthcare (which is owned by the General Electric Company of the US) to small, specialist, innovative firms. Very large consumer-healthcare companies, such as Smith & Nephew and Johnson & Johnson, have an increasingly strong grip on the consumables sector, which is characterised by comparatively low-cost, high-turnover products such as dressings. Here, customers are focused on obtaining the lowest possible price, and giant firms have a huge advantage in terms of their buying power.
We expect the annual growth rate to decline over the forecast period (2009 to 2013), with the medical-devices sector coming off worst, as a result of the slowdown in NHS spending, which will become more pronounced after 2010. Since most medical consumables are low-value, essential products, that sector is likely to fare better. Nevertheless, many new medical devices coming onto the market promise operational cost savings, which could be a major promotional advantage, given the pressures on NHS managers to contain costs.
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