Albany, NY (PRWEB) July 04, 2013
Global Medical Devices Survey 2013–2014: Market Trends, Buyer Spend and Procurement Strategies in the Global Medical Devices Industry” is a new report by ICD Research that analyzes how medical devices industry companies’ procurement expenditures, business strategies, and practices are set to change in 2013–2014. Additionally, this report presents a comparative analysis between two years of survey results (wherever applicable). This report gives you access to the category-level spending outlooks, budgets, supplier selection criteria, business challenges, and investment opportunities of leading purchase decision makers.
It also identifies the future growth of buyers and suppliers, M&A, capital expenditure, staff hiring, and e-procurement. This report not only grants access to the opinions and strategies of business decision makers and competitors, but also examines their actions surrounding business priorities, as well as access to information categorized by region, company type, and size.
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Introduction and Landscape
Why was the report written?
This report is the result of an extensive survey drawn from ICD Research’s exclusive panel of leading global medical device industry executives; it provides data and analysis on buyer expenditure, procurement, and developments within the global medical device industry. It includes key topics such as global medical devices industry buyer expenditure and procurement behaviors and strategies, and identifies the threats and opportunities within the global medical device industry, economic outlook trends, and business confidence within global medical device industry executives. Most secondary research reports are based on general industry drivers and do not understand the industry executives’ attitude and changing behaviors, creating a gap in presenting the business outlook of the industry; in an effort to bridge this gap, ICD Research created this primary research-based report by gathering the opinions of multiple stakeholders in the value-chain of the global medical device industry.
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What is the current market landscape and what is changing?
Executives from the global medical device industry anticipate an increase in levels of consolidation, with 55% of respondents projecting an increase in merger and acquisition (M&A) activities in 2013.
What are the key drivers behind recent market changes?
M&A is driven by the need for favorable product development and commercial product performance, a surge in demand for more sophisticated medical equipment, high patient expectations, stringent legislation, and rising living standards.
What makes this report unique and essential to read?
This report is the result of an extensive survey drawn from ICD Research’s exclusive panel of leading global medical device industry executives; it provides data and analysis on buyer expenditure, procurement, and developments within the global medical device industry. The report includes key topics such as global medical devices industry buyer expenditure and procurement behaviors and strategies, and identifies the threats and opportunities within the global medical device industry, economic outlook trends, and business confidence within global medical device industry executives. Additionally, this report presents comparative analysis between four years of survey results (wherever applicable).
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Key Features and Benefits
Project industry trends and revenue growth expectations in 2013, and understand business confidence to make informed business decisions.
Drive revenues by understanding future product investment areas and key growth regions.
Uncover key challenges and opportunities, and identify the key actions required to maintain and win buyer business.
Formulate effective sales and marketing strategies by identifying how buyer budgets are changing and the direction of spending in the future. To better promote your business by aligning your capabilities and business practices with your customer’s changing needs.
Secure stronger customer relationships by understanding the behavior and changing strategies of industry buyers.
Key Market Issues
According to medical device industry respondents, China, India, Brazil, Russia, and Eastern Europe are expected to offer the most growth opportunities for industry growth in 2013.
Overall, for 2013, the average size of the annual procurement budget for global medical devices industry buyer respondents is projected at US$137. 5 million, against US$55. 5 million in 2012.
‘Price’, ‘existing relationship with supplier’, and ‘level of service’ are considered the most important factors for supplier selection in the global medical device industry, while ‘brand reputation’, ‘environmental records and CSR’, and ‘proximity of supplier operations’ are considered the least important.
While 12% of buyer respondents from the global medical device industry are willing to implement e-procurement in 2013 or beyond, 29% are already in different stages of implementation (‘partially implemented’ and ‘evaluation or pilot use’.)
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An analysis of revenue growth expectations of senior level respondents reveals that 48% are ‘more optimistic’ about their company’s revenue growth in 2013.
An analysis of responses by global medical device manufacturers reveals that ‘new product development’ and ‘employee training’ will record significant increases in capital expenditure in 2013.
The top three key priorities in 2013 for medical device manufacturers include the introduction of ‘new products and services’, business ‘expansion in current market’, and ‘expand geographical reach’.
A total of 43% of respondents from medical device manufacturing companies, 49% of respondents from medical device supplier companies anticipate an increase of their current workforce in 2013.
Survey results indicate that the top five developed countries expected to generate the most demand for the medical device industry in 2013 are Singapore, Taiwan and Hong Kong, the US, the UK, Germany, and South Korea.
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