Germany’s medical device industry has a great reputation around the world for producing high-quality medical equipment, especially in the product categories such as diagnostic imaging, dental products, and medical optician technologies. Global traders are seeking out German medical and surgical instruments manufacturers because of the strong growth in the industry. By far, Germany is the world’s third largest medical device market, closely after the USA and Japan, and the world’s second largest medical device exporter. With the growth of both domestic and international demand for German-made medical devices, it is expected that the medical device industry in Germany will surpass $40 billion in 2017, according to the BVMed (German Advanced Medical Technology Association).
German Medical Instruments Manufacturers Leading the Way
As the home of many renowned medical device manufacturers, such as Siemens, B. Braun, Biotronik and Fresenius, Germany’s medical equipment industry is well-acknowledged around the world for its advanced innovation and high tech products. Today, Germany remains as one of the top medical device suppliers in the world, thanks to its strong performance in the global trade market. In 2016, Germany exported over $13.1 billion worth of medical devices to the global market, representing about 11.6% of world’s total medical device exports in that year, making it the world’s second largest medical device exporter behind the US.
Read more: An Overview of the Medical Equipment Market in the US
The substantial performance of the Germany’s medical device industry in the global market is attributed to the country’s strong healthcare system in terms of medical infrastructure, hospital facilities, medical device R&D and highly-skilled staff. The well-established infrastructure makes the healthcare industry the largest employer in Germany with 6.2 million employees currently. Another 4 million jobs depend on the healthcare sector, of which over 190,000 are employed in the medical devices industry.
Medical Device Industry Growth Rate
The German medical system is the standard others strive for, when it comes to healthcare expenditures, Germany is in the lead as the total expenditures increased 4.2% to 328 billion Euros in 2014, representing over 11.2% of the Country’s GDP. In per capita terms, expenditures are estimated at 4,050 Euros per person, also one of the highest in the world. In Europe, Germany the largest medical device market, accounting for over 40% of the total European medical industry. The market size of Germany’s medical device industry is twice the size of the French market, and three times as large as those of Italy, the United Kingdom, and Spain.
Currently, Germany’s medical device market is highly sophisticated, advanced in tech and well-served. Apart from Siemens, B. Braun and Fresenius and a few other large German medical instruments manufacturers, 95% of the German medical device and medical technology industry consists of small and mid-sized (SME) companies or subgroups of larger companies. Almost 1,200 SME companies employ over 125,000 people, and 11,300 smaller companies employ around 75,000 people. 95% of all companies employ less than 250 employees and rarely does one company represent more than 2% of the entire sector.
Read more: Top 10 Medical Equipment Companies in the US
Identifying the best business opportunities with the Germany’s top medical device suppliers in this increasingly competitive market definitely, requires some smart moves. Thousands of Germany’s medical device companies can be in your contact list if you register to join BizVibe today. Whether you are looking for reliable suppliers, top medical device manufacturers, wholesalers, and potential customers in over 70 major countries, or finding out what your competitors are buying and which suppliers they’re using, BizVibe can help you reach out to sales prospects and decision-makers in the medical device industry across the globe.
