Research and Markets: The Medical Device Market: UK has one of the Largest Medical Device Markets in the World, Valued at US$8.1 Billion in 2008

Research and Markets (http://www.researchandmarkets.com/research/53da6b/the_medical_device) has announced the addition of the "The Medical Device Market: UK" report to their offering.

The UK has one of the largest medical device markets in the world, valued at US$8.1 billion in 2008. The domestic market is the third largest in Europe behind Germany and France. Per capita expenditure is not much lower in comparison to France and Germany and is equal to US$132.

There was a period of huge growth in health spending under the Labour government, which saw the NHS budget almost triple. However, as a result of the economic downturn, in 2009/10 the NHS will only be able to spend £400 million of its £1.7 billion surplus from the previous year, and it is likely that funding will grow by just 1.5 to 2 per cent, compared with 6.7 per cent promised in the 2007 Comprehensive Spending Review. The NHS is well equipped to deal with the financial shortage, as it has seen marked improvements in recent years.

In an effort to reduce waiting lists, the government is contracting private organisations to operate and manage independent treatment centres. In addition, as part of the Patient Choice scheme, NHS patients can now choose to have a minor operation in a private hospital and over 3,500 patients a month opt to be treated in the private sector.

The growth of the UK medical device market is predominantly import-led as many domestic manufacturers are not able to rapidly adjust to changes in demand. This led to a trade deficit for the sixth year in succession in 2007.

Payment by Results represents a dramatic change in how the NHS is financed and is key to the government's healthcare modernisation plans. The Payment by Results scheme, combined with Patient Choice, effectively means that hospitals are competing for patients, and while this offers the opportunity to drive up standards of healthcare, it also creates an unprecedented level of financial risk for Primary Care Trusts and NHS hospitals.

These in-depth medical device market reports are ideal for executives wanting to understand the key drivers in medical markets and have access to a wealth of statistical data. Each report opens with an outlook section that provides analysis of the market, 5-year market forecasts, national data projections, market outlook and key developments such as regulation, health facilities and government policy. The report also provides extensive background information, population trends, health status, health expenditure, organisation & administration, hospital services, medical personnel, healthcare development, market access information, trade data and essential industry contacts. Included with the report are 3 free quarterly updated outlook reports, enabling you to keep up to date with market developments for a year.

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For more information visit http://www.researchandmarkets.com/research/53da6b/the_medical_device

Source: Espicom Business Intelligence Ltd