The Medical Device Market: USA

Abstract

Some of the highest standards of medical care anywhere in the world can be found in the US, encompassing the utilisation of leading edge technology and the development and adoption of the latest innovative methods of treatment. This report is ideal for executives wanting to understand the key drivers in the medical market and have access to a wealth of statistical data, including five-year market projections. Included with the report are 3 free quarterly updated outlook reports, enabling you to keep up to date with market developments for a year.

Includes 3 quarterly updated outlook reports!

The main barrier to entry in the US market is satisfying the regulatory requirements of the Food and Drug Administration. Once this hurdle has been cleared, companies are faced with a huge decentralised market which demands that manufacturers new to the market, seek the services of professional distribution agencies, or form an alliance with a US manufacturer with an established sales and distribution network.

The US healthcare market is the world' s largest in terms of total expenditure. In 2005, US health expenditure reached US$1,987.7 billion, equal to US$6,697 per capita. The importance of the health sector to the US economy is immense, being one of the largest individual industry sectors, providing employment to over ten million people and equal to 16.0% of GDP.

Some of the highest standards of medical care anywhere in the world can be found in the US, encompassing the utilisation of leading edge technology and the development and adoption of the latest innovative methods of treatment. And yet, while many US patients can expect the very highest standards of treatment, this does not extend to the entire population, although more recently, this problem has been given more serious consideration by the government. The US is the only major industrial nation which does not guarantee health coverage to all its citizens and, as a result, around 41 million Americans find themselves uninsured and unlikely to receive the full benefit of the nation' s excellent medical facilities. As a consequence, wealth and development of the US is belied by data showing overcrowding in many public healthcare facilities, and relatively poor performance with regard to demographic indicators such as infant mortality.

Political reform of the healthcare sector, to guarantee a basic level of healthcare provision for the entire population, has been a topic of political debate for many years. Certain reforms, such as extending pharmaceutical coverage for the elderly have led to new legislation being passed, such as the Medicare prescription drug benefit bill. Original Congressional Budget Office (CBO) estimates put the cost of the new legislation at US$400 billion over the period 2004-2013. CBO estimates rose swiftly to US$771 billion (February 2005), and the final cost is likely to be far higher. The new drug coverage came into effect in January 2007.

At US$82.6 billion in 2007, the US medical device market represents a huge and attractive market for manufacturers. The USA is home to many of the world' s leading medical device manufacturers, such as Johnson & Johnson, General Electric, Baxter, Tyco and Medtronic. Seven out of the world' s top ten device manufacturers are US companies. Whilst the regulatory system is complex, it is a hurdle well worth tackling. The strength of the US manufacturing sector ensures that prospective exporters to the US market will find the competition intense. 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.

Highly detailed report content

MARKET OUTLOOK

• Current market size
• Unique 5-year market projections
• Market outlook
• Market structure
  • Including statistical data on imports and exports
• Market developments
  • Covering recent and impending developments with respect to key issues such as regulation, health facilities and government policy
• Key national data projections

BACKGROUND DATA

• Population data, including growth trends and age structure
• Demographic indicators detailing principal causes of death and morbidity

HEALTHCARE SYSTEM

• Health expenditure
  • Expenditure by source of funding and type
• Hospital services
  • Hospital data such as beds by type, region, specialty, patient admissions, occupancy and surgical procedures
• Outpatient care
• Medical personnel
  • Data on healthcare professionals covering such areas as doctors by specialty, nursing staff and dentists

ACCESSING THE MEDICAL MARKET

• Regulatory environment
• Distribution guide and trade fair information
• Domestic production

CONTACT DETAILS

• For healthcare organisations and trade associations.

Compelling reasons to buy this Espicom market report

Espicom is a leading provider of market and company information for business. In addition to this analysis, Espicom provides detailed management reports on over 70 established and emerging medical markets around the world.

• Includes - FREE - three quarterly updated outlook reports on the US medical device market
• Unique and original market forecasts
• Insightful interpretation of market trends and developments
• Over 25 years continuous medical device and equipment market experience
• A team of full-time researchers and analysts
• Unbeatable access to primary sources
• Independent and impartial
• Formats to suit every distribution need and budget