Exports move all around the world. Countless goods and commodities, ranging from technology to food– from hundreds of countries travel the world on a daily basis and supply different markets. In the same way, the medical technology sector is also an important part of this export cycle. The demand for medical products keeps increasing and encourages smaller to mid-size manufacturers to offer their medical products in international markets. This not only increases their profits and market, but also boosts the economy.
Medical Technology and the U.S
There is a steady increase in the percentage of older people throughout the world. People over the age of 65 are generally susceptible to lifestyle disease, including cancer or heart disease. This has increased the demand for exporting medical technology products and many small to mid-sized medical device manufacturers are trying to meet this demand by expanding to international markets either in Asia, Europe, or South America.
The United States of America is the biggest medical technology exporter worldwide with market volume of $ 120.7 billion as of 2011 which roughly translates to 35% of global market share that is worth more than $330 billion. This world-wide market is expected to grow ~6% per year over the next 4 years.
Benefits for Exporting Medical Products
Most of the small to mid-sized businesses start with a domestic market first before tapping into international markets. By achieving domestic success, these businesses attain the background knowledge and expertise required to successfully break into international markets. Here are some immediate, midterm and long term benefits of exporting medical products to foreign countries.
- Exporting medical devices have always been profitable for small to mid-sized businesses. On average, exporting companies have more sales, their employees earn more in salary, sales grow faster and more jobs are created.
- Throughout the world, the United States of America is known for high quality, sound business practices, customer services and advancement in the field of medical technology. Exporting medical devices will immediately increase the market share of the company as well as provide competitive advantages.
- Most of the companies that export medical devices will more likely stay in business longer as they have an easier time riding out fluctuations in the U.S. economy.
- With the increase of medical supplies needed for wider target markets, there is a significant decrease in the cost of production per unit of product.
Long-Term Benefits: In the long-run, companies and manufacturers of medical devices enjoy a number of benefits, such as
- Long product life cycle
- Tax advantages
- Gaining global market share
- Potential gain of knowledge, which can be used for developing better medical devices and more effective sales techniques
With all these benefits that come with exporting, the owners of small to mid-sized businesses should consider tapping the global market.
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