The medical device market represents a huge market opportunity for the engineering industry according to latest research. A recent study by the organisers of the Medical Device Technology Exhibition 2002 suggests that 72 per cent of medical device manufacturers will spend 44 per cent more over the next year on engineering.
102 leading medical device manufacturers were questioned as part of an independent study on behalf of the exhibition organisers. The global market, worth an estimated $121billion is growing 6 per cent year-on-year and the UK companies questioned are major players, keen to grab a larger slice of it. On average they have a turnover of £330million and expect sales to increase by 31 per cent during the next year.
Yet, over half of the respondents report that engineering companies don't recognise the potential that they offer. Consequently 89 per cent of the leading medical device manufacturers are looking to Europe for new suppliers and 76 per cent are turning to the US.
This move overseas for suppliers could be a major revenue loss for the engineering industry. 70 per cent of the medical device companies studied are planning product launches and 54 per cent are planning to expand into new overseas markets during the next 12 months.