Report: Technology is Key in European Medical Devices Jul 8, 2009

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A new report by Frost & Sullivan says that while the medical device industry is one of the most vital and dynamic sectors of the European economy, it is constantly driven by R&D.

"Innovative and cost-effective products are likely to constitute the key elements of success in the future," the report said. "The extent to which European producers continue to compete depends on their willingness to engage in product differentiation, increased R&D expenditure and a coordinated research and development policy with governing authorities."

The report found that the major competitors to European medical device manufacturers are traditionally from the United States and Japan. However, European manufacturers have a strong position in Europe, where approximately 78% of the products sold are manufactured within the EU.

The report also noted that most medical device companies reported positive domestic and international sales growth and continued optimism about prospects for the industry in 2009. Manufacturers are also capable of quickly adapting to market trends and able to achieve greater profit margins. Emerging markets in Asia, Eastern Europe and Latin America constituted areas of potential growth.

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