Cardiovascular ailments along with respiratory system and Central Nerve System (CNS) are three most dangerous disorders that have spread like fire in Britain and other parts of Europe. Countless people irrespective of their backgrounds, age-groups and origins are falling prey to these deadly diseases and many such life threatening maladies. On the path of curing these ailments or to better prevent them, there have been constant efforts made by medical professionals involving in depth research works with enormous inflow of money. This is increasing the medical value all around the globe and the European regions especially UK is one of the specialized countries in the industry.
As per the market research, the medical device industry in the UK is likely to touch $17.5 billion (Bn) by 2020. In the recent years, the generic medicine industry has increased in its operation thus affecting the revenue levels of the branded drugs in the UK region. The UK healthcare sector is one of the few sectors which is in the radar of interest. Thus, resources from around the globe are ready to invest into the industry. As a result, even during the regression period this industry was on an upswing, the industry was valued at $24 Bn by the end of 2012, whereas it is forecasted to reach the $31.7 Bn mark by the year 2020. UK’s population by the end of 2012 was recorded to be 63.7 million and this has grown in number due to the decreased death rates and a notable increase in the net migration rate. The medical device market was valued at about $12 Bn in 2012 which is estimated to grow to $17.5 Bn by the end of 2020; this is a CAGR growth of 4.8%. Accordingly, the Pharmaceutical market in UK which was estimated at about $24.1 Bn, by 2012 is expected to increase with a CAGR of 3.5% to a value of $31.7 Bn by the close of 2020.
In connection to the medical industry, the medical device segment is ought to grow and about to witness a sizeable increase in its business. Section wise segregation of the medical device market is as follows, orthopedic and ophthalmic devices were worth $1.4 Bn, cardiovascular and wound care management devices were worth $1.1 Bn and drug delivery devices were worth $1 Bn.
According to the market experts, growing awareness about disorders, early identification, advance inventions in medical technologies and compensation facility available in the medical industry allows the development of the sector. Further positives are brought in by proper structural reforms by the government, effortless payment recovery processes, sufficient infrastructure and easy access to the healthcare facilities.
Going by the trends; the sector in the UK and European regions are only developing to get better as further investment plans are expected by both the public and private resources. Therefore, the UK healthcare industry as a whole is about improved life-saving facilities and correlated services. Key drug manufacturers in the UK Pharma industry are GlaxoSmithKline, AstraZeneca, Sanoff and Pfizer. The medical device sector front line companies include Coloplast, Medtronic, Siemens Healthcare and Essilor International.