£810 / $1295 / €985
BMI believes that the country’s aggressive fiscal consolidation drive as part of its 78.0 billion euros (US$108.3 billion) IMF/EU bailout package will keep domestic demand under significant pressure in the coming years. The only positive contributor to economic growth will emanate from the net exports component of GDP by expenditure. BMI maintains its forecast that the Portuguese government will miss the Troika’s fiscal deficit targets in 2012 and 2013. However, it also expects that the international lenders will ease the official bailout targets.
The Portuguese medical device market is valued at US$909.6 million in 2012, with per capita spending of US$85. This is equal to 3.8% of total health expenditure and 0.4% of GDP. Expenditure on consumables and orthopaedic & prosthetic products account for nearly a third of the total. The market is predicted to expand by a moderate 2012-17 CAGR of 4.1%, taking it to US$1,110.3 million by 2017.
The Portuguese medical device market is largely supplied by imports from the EU-27, with 91.0% of total imports originating from the EU-27 in 2011. Spain, Germany, the Netherlands and France were the lead suppliers. Medical device imports totalled US$790.0 million in 2011, with consumables, orthopaedic & prosthetic and patient aids being key categories. There is some domestic production of low-tech items, but little multinational manufacturing.
Medical device imports fell by 8.7% in the 12 months to July 2012, to US$737.0 million. All sectors recorded a fall. Diagnostic products registered a fall of 18.4% in the period, followed by orthopaedic & prosthetic products (9.4%), dental products (7.7%), consumables (7.5%) and patient aids (6.6%). Medical device exports increased by 22.4% in the 12 months to July 2012, reaching US$252.3 million. All medical device exports apart from dental products saw growth. Consumables and other medical devices were the largest exports sectors for the period.
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