As domestic manufacturers experienced lower profit margins, a more stringent regulatory environment, and increased pricing pressure, their focus shifted towards growth in emerging market sales. Europe is the top destination, driving 48% of shipments compared to Asia’s 24%.
The top growing markets that show good potential for further expansion include BRIC countries China and Brazil. China is increasingly a target market for U.S. exporters of high-technology medical devices in light of China’s large population and strong economic growth.
The global market for medical devices has become increasingly complex and competitive over the last years. U.S. firms face increasing competition globally, especially from those foreign firms that can successfully compete on the basis of price. The U.S. medical device industry has many groundbreaking and transformational products on the market and under development today and will continue to grow in the global medical device market.