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Global Medtech Industry Holds Steady Amidst Recession
Date:10/13/2009

WASHINGTON, Oct. 13 /PRNewswire/ -- Revenues for the US and European medical technology industry grew 11% in 2008 despite the global recession. Revenue growth flattened out in the first half of 2009 and the industry will face significant challenges as it seeks to maintain long-term momentum, including a stubborn funding drought for early-stage companies and a changing global regulatory and reimbursement environment. These and other findings are highlighted in Pulse of the industry: medical technology report 2009, Ernst & Young's annual report on the industry's performance, released today from AdvaMed 2009, the medtech conference.

"While the medtech industry has not been immune to the effects of the global economic crisis, it has fared better than most industries and the fundamental drivers for long-term growth in the sector remain intact," said Scott Sarazen, Markets Leader, Ernst & Young's Global Life Sciences Center. "We expect that the industry's long-term prospects will be bolstered by fundamental trends, including an aging global population, an expanded pool of patients in both emerging markets and traditional geographic strongholds, and new product innovations."

Key industry findings described in the report include:

  • Financial performance. Revenues for publicly traded medtech companies in the US and Europe grew 11% in 2008 to US$289 billion, driven by a combination of organic growth, acquisitions and favorable exchange-rate related gains of US companies. Revenues through the first half of 2009 have remained flat compared to the same period in 2008. Net income decreased by 11% in 2008 to US$11.4 billion, primarily because of special charges associated with major acquisitions and asset impairments at a few large companies. Absent these expenses, global net income would have increased instead of falling.
  • Financing. Capital raised by US and European companies in 2008 totale
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SOURCE Ernst & Young
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