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The Medical Device Market: USA
Espicom Business Intelligence Ltd, Oct 2011, Pages: 82
With a population over 300 million, the USA is the third largest country in the world, behind China and India. The largest state is California, with a population of 37 million.
At an estimated US$105.8 billion in 2011, the US medical device market is the world’s largest. Per capita expenditure, at US$339, is the third highest in the world.
Much of the market is in private hands; there is no single health system. Public healthcare systems, known as Medicaid, for those on low incomes, are operated by each State. Since 1960, the Medicare system has provided hospital care for the elderly; this has also provided prescription drug coverage since 2006.
President Obama succeeded in signing his healthcare reform bill into law on 23nd March 2010. The bill, formally called the Patient Protection and Affordable Care Act HR 3590, will eventually extend health insurance cover to an estimated 32 million Americans who don’t have any form of health insurance.
The USA is home to many of the world’s leading medical device manufacturers, such as Johnson & Johnson, General Electric, Baxter, Covidien and Medtronic. Seven out of the world’s top ten device manufacturers are US companies.
Imports are forming an increasingly significant part of the market, and now account for around 32% of the total. This growth is partly explained by US manufacturers using cheap locations abroad, such as Ireland or Mexico, in order to re-export to the US market.
The market is highly regulated, and can be an expensive one in which to operate. It is, however, transparent and ‘rules-based’. The US is a major site for R&D and clinical trials.
Includes 3 quarterly updated outlook reports!
Please note: Report sections are periodically updated and some sections may have been updated more recently than the publication date given for the full report.
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