In today’s adverse economy there are very few thriving sectors that still stand out in terms of growth. Among the sectors that are still seeing growth, pharmaceuticals and medical technology are in the lead. While this is great news for sectors such as imaging there is a bit of news that might seem a little discouraging at first glance. The pharmaceuticals sector is currently cornering over 30% to 35% of sales, while the imaging market is currently at around 9% to 15 % by comparison.
The silver lining in the cloud is that these statistics, which were cited by Morgan Stanley, are a great reflection of how much growth potential there still is in medical technology. The emerging market as a whole is described as the world minus North America, Japan, and developed European countries. The current desirable target for medical technology is comprised of the BRIC countries (Brazil, Russia, India, and China).
The BRIC countries have an appealing demographic profile and they currently enjoy strong drivers for healthcare reform. The technology sector is seeing a boom already, however. According to further analysis the device market is looking a 4% growth increase per year. Medical technology will likely outpace pharmaceuticals by a significant percentage. According to an article on fiercemedicaldevices.com, the Neurology devices sector will experience a 6% expansion by 2018.
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The good news in terms of the Neurology device expansion is that it will include CT scanners and MRIs among other machines. In places like Central Eastern Europe there is already a great demand for refurbished equipment by private practitioners that rely on specialized imaging. With stronger research and development budgets being used by manufacturers such as GE, Siemens, and Philips, there is a good chance that these predictions will change as time goes on.
The big shift in focus is not only going to be manufacturing and providing better machines but also to provide more efficient care. A common driver in healthcare, not only in developed markets but also in emerging ones, is the effective treatment of complex conditions. The ultimate goal is effective treatment in a cost effective manner.
These indicators bode well for manufacturers as well as the sales sector given that many of these countries don’t yet have sales channels or reliable sales channels fully established. Ultimate performance will always depend on factors that are sometimes impossible to predict but the fact remains that growth is a sure thing.
If you have any questions about diagnostic imaging equipment such as CT scanners, equipment sales, or questions about procedures please feel free to contact us anytime you like. We here at Amber Diagnostics look forward to taking your call and providing you with the answers to your questions.
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