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Medical Device Companies Eke Out Growth In Tough Market, Finds Latest Kalorama Report
Date:5/9/2013

New York, New York (PRWEB) May 09, 2013

The global medical device market reached 331 billion dollars in 2012, according to Kalorama Information, just 3% higher than 2011. The healthcare market research firm says reduced growth rate is the result of a challenged healthcare market in Europe and slow funding increases in the United States. The finding was lower than the firm had projected in 2012, and was made in its latest report on the industry, "The Global Market for Medical Devices, 4th Edition".

“Growth in the overall market was challenged as European and US healthcare systems reducing costs,” said Bruce Carlson, Publisher of Kalorama Information. “Those that did launched new products or acquired companies with novel products.”

In the U.S. Medicare, Medicaid, as well as state governments implemented anemic spending increases to hospitals, the key buyer of medical device products. The cuts took the form of non payment for patients for infections acquired at the hospital, or code recovery fees. In Europe, the extreme economic downturn in Spain, Ireland, Greece and Portugal led to layoffs and proposed reforms to the health care systems. Even emerging markets have grown spending less quickly than had been expected. Hospitals continued to purchase through group organizations and insist on transparent prices.

The beginning of 2013 saw the medical device industry make the first payments to the IRS for a new 2.3% excise tax on all classes of medical devices, as part of the 2009 Patient Protection and Affordable Care Act (referred to in this report as US healthcare reform). Many companies attributed layoffs to the tax in widely-publicized announcements, or said that they would not build additional U.S. facilities. Kalorama didn’t think the device tax factored into slow growth in 2012, but the report does predict long-term effects on venture capital investment and research spending in the in
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