Electronics Production | January 14, 2008
European Medical Market to Grow 9%
European Medical Device Market Expected to Grow by 9% in 2008, Reflecting Aging Populations and Increased Spending on Healthcare Technologies.
Europe’s medical device manufacturing market, the second-largest market for medical devices globally, is expected to continue its expansion and grow by 9% in 2008, according to an October 2007 forecast by the International Trade Administration (US Department of Commerce), as a result of aging populations and increased spending on healthcare technologies. Canon Communications, the leading publisher, trade show producer, and digital media company for the world's US $3 trillion advanced, technology-based manufacturing industry, operates 12 trade shows in Europe for the medical device and allied advanced manufacturing technology sectors. “Outpacing automotive and other leading advanced manufacturing industries in Europe, the market for medical device manufacturing has continued to sustain impressive growth in 2007,” said Kevin O’Keefe, Senior Vice-President for Canon’s Events Division. “Annual medical devices output in 2007 was €71 billion. Looking ahead to 2008,” he added, “the factors of an increasingly affluent and aging population together with the recent accession of more fast-developing, former East European states into the EU, ensures that medical device production will continue to demonstrate strong growth.” Mark Temple-Smith, Canon’s Event Director for Europe and Asia, noted that one strong indication of the continued vitality of the European medical device manufacturing market can be seen in the company’s MEDTEC shows in the UK, Ireland, and Germany, which saw exhibitor participation and visitor attendance increase by 25% and 12% respectively in 2007. O’Keefe added, “We are seeing similar very positive growth in our North American and Asian MEDTEC shows, including the newly introduced MEDTEC Japan debuting in 2009, reflecting global demand for sophisticated medical devices. At the same time, our strategy of locating our medical technology events in the centre of key regional manufacturing hubs within Europe and of co-locating them alongside other allied but otherwise non-medical events means that we can offer exhibitors a far greater return on their investment and visitors a much more fulfilling visitor experience. It’s a unique position to be in.”