A new market research report related to the Medical Devices industry in the USA is now available.
Espicom’s in-depth medical device market reports are ideal for executives wanting to understand the key drivers in medical markets and have access to a wealth of statistical data. Each report opens with an outlook section that provides analysis of the market, 5-year market forecasts, national data projections, market outlook and key developments such as regulation, health facilities and government policy. The report also provides extensive background information, population trends, health status, health expenditure, organisation & administration, hospital services, medical personnel, healthcare development, market access information, trade data and essential industry contacts. Included with the report are 3 free quarterly updated outlook reports, enabling you to keep up to date with market developments for a year. 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$91.3 billion in 2009, the US medical device market is the world’s largest, accounting for 41% of the global total. Per capita expenditure, at US$298, is the highest in the world. While growth has slowed in recent years, the market is still one of the best-performing in the world, and looks set to break the US$100 billion barrier by 2012.
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. Reform of the US healthcare system could be realised with both the House of Representatives and the Senate approving their versions of the bill in late 2009; both versions need to be reconciled before it can be signed into law by the President. The passing of the bill is now in doubt with the Democrats losing a crucial seat in the Senate in January 2010. If the law is passed, the medical device industry could be taxed an estimated US$20 billion over 10 years.
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 34% 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.