Medtech Facts & Figures Danish industry statistics 2007

Transcription

1 Medtech Facts & Figures Danish industry statistics 27 Published by the industry organisation Medicoindustrien, April 28

2 Contents Foreword.. 3 1) Medtech industry in Denmark Companies Sales... 5 Industry overlap... 5 Medtech product categories.. 6 Employment and company size. 7 2) Exports and imports Export countries 1 Exports and imports in the EU Exports and imports by the largest markets.. 12 Exports and imports by product category.. 13 Market share in the EU and per capita exports/imports in the EU ) The Danish market for medtech products Market size Market growth.. 16 Price trend. 17 4) Education for the medtech industry Targeted medtech degree programmes ) Venture investments in the medtech industry Venture investments by industry Trademarks and collective marks for the medtech industry ) Medtech industry and other large industrial sectors Exports compared to total manufacturing industry Total sales compared to other industries ) Medtech industry in Europe Expenditure on medtech products in European health services The European medtech market 22 Companies in the European medtech industry Employment in the European medtech industry ) Definitions and data for the statistics. 24 9) Medicoindustrien as an industry organisation 25 Medtech Facts & Figures, Danish industry statistics 27, page 2/26

3 Medtech industry in sustained growth The medtech industry continued the progress and growth of prior years in 26. Revenue levels, employment, number of companies and export figures set new records in 26. And the trend is expected to be maintained for 27 and 28 as well. It is not only in Denmark that the industry flourishes, however the same trend is visible in our European neighbouring countries and in the USA. The growth trend is underpinned by skilful and visionary companies in a continuous process of designing new products and solutions for therapy and care. But at the same time the demographic trend in the western world towards an ageing population and capacity pressure on healthcare services is forcing new investments into equipment and appliances that will ensure faster, better and less expensive therapy and care. By a European yardstick, Denmark has a substantial and influential medtech sector. The industry s per capita exports are only surpassed by Sweden and Ireland. More than 9 per cent of all revenues are generated abroad, and most large Danish companies employ more people abroad than at home. However, medtech companies must still get better at documenting how medtech products are an investment, not an item of expenditure for the healthcare sector. And companies must continue to demonstrate how short-term savings on the purchasing of medical devices are not necessarily a long-term, sustainable solution in a health service in constant need of new solutions and innovative products. The medtech industry is a significant contributor to the development of our health service, welfare and the Danish healthcare and life science industry. The industry s products and solutions ensure life quality and patient safety, and the industry s overall focus is a sustainable healthcare economy and a strong national economy ensuring that health provides wealth and wealth provides health. The following industry statistics present the industry in the year 26. The statistics comprise the largest dedicated medtech companies in Denmark a total of approx. 225 companies. In aggregate, however, there are more than 1, companies in the country that deal with medtech products to a greater or lesser extent. In total, more than 5, products may be classified as medtech products. Jens Kr. Gøtrik Director General, Medicoindustrien Medtech Facts & Figures, Danish industry statistics 27, page 3/26

4 1) Medtech industry in Denmark Companies Companies in the medtech industry span a broad field, comprising products from syringes, implants and operating instruments through scanners and x-ray equipment to hearing aids and contact lenses. In addition medtech products include hospital furniture, assistive technology and equipment for the dental care sector. Several research, consulting and service companies are also so closely associated with the industry that they may be classified as medtech companies too. In aggregate in Denmark, more than 1, companies deal with medtech products to a greater or lesser extent. These companies vary greatly in size, sales levels and activity. A considerable portion of them earn only a small proportion of their revenue from medtech products, while other companies are very small. The Danish medtech industry is known abroad particularly for the large, global companies manufacturing medical disposables, appliances, instruments and hearing aids. In addition, the medtech industry comprises a host of small and mediumsized manufacturers, several of them being innovative companies, as well as distributors and sub-suppliers. To display a fair picture of the medtech industry, the data used to compile these industry statistics comprise a few more than 225 companies that may be classified as dedicated medtech companies in Denmark. A dedicated company is a company that: 1) is or has previously been a member of Medicoindustrien 2) makes, sells or services products or provides services in the medtech area exclusively 3) is a large company with substantial activity in the medtech area without this being the company s core business. Sales 5 Total sales, Danish medical technology industry DKK billion Source: Business database NNErhverv, company financial statements, Medicoindustrien Medtech Facts & Figures, Danish industry statistics 27, page 4/26

5 DADIF The medtech industry continues to generate sales growth, reaching total sales of DKK 4.75 bn in 26. The total sales figure includes 227 companies and comprises Danish companies activities in Denmark, Danish companies activities abroad and foreign companies activities in Denmark. See Section 8 for definitions, data selection and basis of computation. Industry overlap As an industry organisation, Medicoindustrien basically covers companies that sell CE marked medical devices exclusively. In addition, Medicoindustrien has a number of extraordinary members interested in medical devices in other ways. Dedicated companies in the medtech industry are not exclusively companies that work with CE marked medical devices in a narrow sense. For example, several of the companies included in the industry statistics operate primarily in the area of dental care products, assistive technology or diagnostic devices. Several of these companies are of a significance, however, or they have a sideline medtech activity, that makes it natural to include them in these industry statistics. Industry organisations whose members have relations to the area comprise: Medicoindustrien with 15 members Danish Dental Industry Association with approx. 35 members Danish Rehab Group with approx. 85 members DADIF with approx. 7 members The following chart shows the overlap between the indicated industry organisations for companies that deal with Medtech products in a broad sense. DKK bn Sales of medical devices by dedicated medtech companies shown by industry organisation 26 There is overlap between the various industry organisations. Not all members of DADIF, the Dental Industry Association and Danish Rehab Group are included Medical device industry Danish Rehab Group Dental Industry Association No association Source: NN Erhverv, Medtech Facts & Figures, Danish industry statistics 27, page 5/26

6 The presentation does not give a complete picture of the sales by members of Dadif, the Dental Industry Association and the Danish Rehab Group. Only the companies that overlap Medicoindustrien or have considerable activity in the medtech area are included. Companies engaged in activity in the field of hearing aids are not represented in any of the industry associations. However, they account for close on one third of total sales in the industry. Medtech product categories Sales by dedicated medtech companies are concentrated on: - Medical disposables at an estimated 44 per cent of industry sales - Hearing aids at 28 per cent of industry sales Medical disposables include products such as: syringes, needles, wound care products, single-use devices, etc. Appliances and instruments are products such as: scanners, dialysis equipment, pacemakers, x-ray equipment, etc. - Appliances and instruments at 16 per cent of industry sales Finally, companies in industry-specific research and development, consulting services or other industry activities account for 7 per cent of total sales. Sales by product category Dental care equipment 1% Furniture 1% Orthopaedics 1% Assistive technology Consulting, R&D and other 7% Appliances and instruments 16% Hearing aids 28% Medical disposables 44% Source: Business database NNErhverv, company financial statements, Medicoindustrien The breakdown into product categories is based on a classification of the companies primary area of operation. Companies operating in several product categories are included in the category in which they have most activities. Medtech Facts & Figures, Danish industry statistics 27, page 6/26

7 Employment and company size Dedicated medtech companies employ about 18, people in Denmark. In addition, the Danish-based companies in the industry employ a further 2, people abroad. It is primarily the big manufacturers of medical disposables and hearing aids that have manufacturing activity and a large number of employees abroad. Employees in the medtech industry by product category Assistive technology 5% Dental care equipment Orthopaedics Furniture Other products 16% Medical disposables 36% Hearing aids 16% Appliances and instruments 21% Source: Business database NNErhverv, company financial statements, Medicoindustrien As in respect of sales, the industry is also dominated in respect of employment by the activities in the categories: medical disposables, appliances, hearing aids and other activities including consulting services and targeted research and development. Size of dedicated medical technology companies percent employees 11-5 employees 51-1 employees number of employees 11-1 employees above 1 employees Source: Business database NNErhverv, company financial statements, Medicoindustrien Medtech Facts & Figures, Danish industry statistics 27, page 7/26

8 The industry is characterised by a large majority of small and medium-sized companies. Two thirds of the companies in the industry have fewer than 5 employees. The industry is also characterised by an overweight of small and medium-sized companies in other European countries. Total sales by size of companies defined as number of employees 1-1 employees 1% 11-5 employees 6% 51-1 employees 3% 11-1 employees 13% above 1 employees 77% Source: Business database NNErhverv, company financial statements, Medicoindustrien The large companies with more than 1, people employed account for more than 75 percent of total sales in the industry. Similarly, the industry s 2 largest companies in terms of sales represent 75 per cent of total sales in the industry. Employment growth in the medical technology industry = Source: ATP-statistics Source: Statistics Denmark, ATP Statistics, Medtech Facts & Figures, Danish industry statistics 27, page 8/26

9 Employment in the industry has been rising steadily over the past 1 years. The growth rate in 24 was exceptionally high and does not necessarily reflect the real trend. It may be due to an administrative reclassification of companies or subcategories in the industry carried through by Statistics Denmark. The ATP Statistics shown above do not include all companies in the industry, only companies within the following industry codes: 3311 Manufacture of needles, syringes, catheters and infusion kits 3312 Manufacture of hearing aids and parts for hearing aids 3313 Manufacture of electro-diagnostic equipment 3314 Manufacture of furniture for medical and dental care purposes 3319 Manufacture of x-ray, dental care and respiration equipment, orthopaedic products, prostheses, etc Manufacture of vehicles for disabled persons Wholesale selling of medical and hospital devices and equipment These industry classifications cover a substantial part of the medtech industry but not the complete industry. It is assumed, however, that the growth trend in these industry categories is representative of the aggregate employment trend in the industry. Medtech Facts & Figures, Danish industry statistics 27, page 9/26

10 2) Exports and imports The medtech industry is an export bonanza for Denmark. Danish manufacturers sell more than 9 per cent of their output on export markets and contribute a significant export surplus for medtech products in general. Exsport countries 26 Switzerland 1% Australia 3% Norway 3% Canada Japan 3% Rest of the world 1% USA 16% EU countries 6 Source: Statistics Denmark Denmark s largest export markets are in the big European countries and the USA. The largest single-country export market is the USA accounting for 16 per cent. It is followed by Germany at 14 per cent in all, Great Britain at a total share of 11 per cent and France at 9 per cent. Exports to BRIC countries (Brazil, Russia, India and China) are less than 4 per cent in aggregate, with India as the smallest export country of the four. The global market for medtech products amounted to approx. DKK 1,5 bn in 26. The largest markets worldwide are: - USA at 4 per cent - EU at 3 per cent - Japan at 15 per cent - The rest of the world at 15 per cent Medtech Facts & Figures, Danish industry statistics 27, page 1/26

11 Exports, EU-27 Export 26 New EU Countries 7% EU-27 countries Luxembourg % Sweden 9% Austria Belgium 4% Finland France and Monaco 14% Greece Ireland 1% Germany 2 Italy 7% Great Britain 17% Nederlands 6% Portugal 1% Spain 6% In the EU, the largest export markets are in Germany, Great Britain, France and Sweden. The new EU countries have a combined export share of 7 per cent. Imports, EU-27 Import 26 EU-27 countries Sweden 18% New EU countries 5% Luxembourg % Belgium 1% Finland France and Monaco 6% Greece % Austria 1% Ireland 1% Italy 1% Nederlands 16% Germany 28% Great Britain 9% Portugal 1% Spain Sources of export and import figures in the EU: Statistics Denmark, KN8A+KN8Y. In addition, Denmark has substantial imports of medtech products. Again, the near markets in the large EU countries and also the USA are those from which we import most products. However, Denmark has considerably larger imports than exports from Sweden, the Netherlands and Belgium, while imports from Great Britain and France are lower than exports. Medtech Facts & Figures, Danish industry statistics 27, page 11/26

12 Export and import 26 broken down by largest markets import export export import EU Rest of the world Russia India 49 6 China Brazil Japan USA DKK million Source: Statistics Denmark Denmark s total exports are about twice the volume of imports. Both imports and exports are dominated by the EU markets but with the USA as the second largest market. Viewed in isolation, the USA is the largest export market accounting for 16 per cent, followed by Germany at 14 per cent. Medtech Facts & Figures, Danish industry statistics 27, page 12/26

13 Exports 26 by product category Orthopaedics and prostheses 1% Appliances and instruments 14% Dental care equipment Assistive technology Medical disposables 49% Hospital furniture, first-aid equipment 3% Hearing aids 29% Source: Statistics Denmark Medical disposables are Denmark s largest medtech export product category at close on 5 per cent of total exports. Hearing aids account for almost one third of total exports and appliances and instruments at 14 per cent make up the third largest export product category. Imports 26 by product category Medical disposables 41% Orthopaedics and prostheses 5% Appliances and instruments 31% Dental care equipment 4% Hearing aids 11% Assistive technology 6% Hospital furniture, firstaid equipment Source: Statistics Denmark Denmark also has substantial imports of medtech products with the largest categories being medical disposables and appliances and instruments. Compared to our export figures, we have smaller imports of hearing aids but larger imports of assistive technology, dental care products and orthopaedic and prosthesis products. Medtech Facts & Figures, Danish industry statistics 27, page 13/26

14 Denmark's market share in the EU Slovakia Finland Czech Replublic Norway Portugal Poland Sweden Austria Ireland Spain United Kingdom Italy France Germany % 4% 6% 8% 1% 1 14% Source: Statistics Denmark and Eucomed Sweden is the EU country in which Denmark has the largest market share in relative terms. Germany is, however, when viewed in isolation, Denmark s largest export market in the EU. Thus, Denmark s total market share in Sweden is 13 per cent. Per capita exports and imports in the EU Denmark Slovakia Finland Czech Replublic Norway Portugal Poland Sweden Austria Ireland Spain United Kingdom Italy France Germany per capita exports per capita imports Ireland: exports = 1,533 euros per capita euros per capital Source: Eucomed Denmark has very large medtech exports per capita only surpassed by Sweden and Ireland. In general, Denmark, Sweden and Ireland have significant imports and exports per capita, which underscores the fact that the three countries have highly active medtech sectors. Medtech Facts & Figures, Danish industry statistics 27, page 14/26

15 3) The Danish market for medtech products Public expenditure on medical devices and technology is approx. 6 per cent of total health service costs. In 26, the total amount of health service expenditure was DKK bn. Expenditure on the classified category Medicinal products, appliances and devices accounted for DKK 6.8 bn, with medicinal products representing a small share. The data available for the real level of spending on medical devices and appliances are incomplete, however, and in reality no one has a complete overview of the precise amount of money that the public health service spends on medtech products or spending on the particular parts of the medtech area for example the break-down by disposables, instruments or appliances. The budgeted total public expenditure on the health service rose to approx. DKK 118 bn for 27 and it is approx. DKK 129 bn for 28. The budgeted expenditure on medicinal products, appliances and devices shows a steep increase in 27 and 28. The statement below does not comprise the expected purchasing of scanners for a further amount totalling DKK 85 m in 27 and Real and nominal growth in the public expenditure on medical products, appliances and devices Figures for 27 and 28 are budget figures DKK million I % Medical products, appliances and devices Real growth in med. prod., appl. and devices Source: OFF23 The public health service, i.e. the five regional authorities, is the largest purchaser of the industry s products. Other important purchasers are local authorities (for example in connection with nursing care and rehabilitation), private hospitals or private individuals. The survey below shows growth in terms of total sales in the industry the past few years broken down by manufacturers, sales companies and other firms. Thus, the largest growth rates have been recorded by sales companies while the manufacturers growth is below the average for the sector. Medtech Facts & Figures, Danish industry statistics 27, page 15/26

16 Real growth in the Danish market by manufacturers, sales companies and other firms, constant prices Deflated by the increase in the consumer price index for medicinal and medtech products (22 =1) manufacturers distributors others sum Source: Statistics Denmark, PRIS6 + NNErhverv Real growth in the Danish market by exports, imports, production and the Danish market Deflated by the increase in the consumer price index for pharmaceutical and medtech products (22 =1) 16 Exports Imports 14 Production DK marked Import deflated by import price Source: Statistics Denmark, KN8Y, KN8A, PRIS6 The graph above shows the trend in exports, imports, the Danish market and production in constant prices. It shows a trend with a relatively higher increase in imports than in exports, production or the total market. The graph has been based on the production equation: production = domestic demand + foreign demand imports Medtech Facts & Figures, Danish industry statistics 27, page 16/26

17 Trend in the consumer price index for selected segments M6 21M6 22M6 23M6 24M6 25M6 26M6 27M6 January 2 = 1 Consumer price index, total Healthcare Medicinal and medtech products Source: Statistics Denmark, PRIS6 The graph above shows the price trends for medicinal and medtech products over the past seven years. The curve shows steadily falling prices through the period ending at index 95 in 27. In comparison, the general consumer price index for the period rose to index 114. Medtech Facts & Figures, Danish industry statistics 27, page 17/26

18 4) Education for the medtech industry The past few years have seen the introduction of several degree programmes targeted at jobs in the medtech industry. They combine the medical programme s insight into anatomy and pathology with engineering knowledge of technology and function. Targeted medtech degree programmes are now offered by: The Technical University of Denmark and the University of Copenhagen: Medicine and Technology Aarhus University: Biomedical Technology Aalborg University: Health Technology Students on new specialised degree programmes: Medtech-specific programmes 27 AAU AAU AAUDTU/KU DTU AU AU AU Engineering Students, total Biomedical Technology (master's) Biomedical Technology (master's) Bachelors Masters Engineering students, total Medicine and Technology Engineering students, total Medicine with Industrial Specialisation Health technology Number of students Source: University of Copenhagen, Technical University of Denmark, Århus University, Aalborg University The figures above present a general overview of the number of students on targeted medtech degree programmes in 27. The figures are not directly comparable in all cases because of differences in programme structure. Medtech companies in Denmark offer jobs in a wide range of fields, including research, clinical trial, product development, analysis, sales, design, marketing, law and regulation, HR and training. Medtech Facts & Figures, Danish industry statistics 27, page 18/26

19 5) Venture investment in the medtech industry 35 Investments by the Industrial Growth Fund (Vækstfonden) in the Danish life science sector Investments in DKK million Medicin: Pharmaceutical Medtech Total venture investments Biotechnology Source: Industrial Growth Fund The Industrial Growth Fund is an active investor in the Danish life science sector. The Fund has invested on an ongoing basis in the medtech industry though not to the same extent as in the pharmaceutical industry. While pharma-related investments peaked significantly in 21, medtech investments recorded more even increases the past seven years with a slight drop in 24. A breakdown by industry shows that the medtech industry received about 11 per cent of the venture investments made by the Growth Fund in 26. The pharmaceutical industry was the largest single investment target, receiving 26 per cent of total investments. Investments from the Industrial Growth Fund in 26 by industry Other Computer-related 11% communication 1% Medtech 11% Other electronics 8% Pharmaceuticals 26% Biotechnology 15% Source: Industrial Growth Fund Medtech Facts & Figures, Danish industry statistics 27, page 19/26

20 25 Pending and registered trademarks and collective marks for the medtech industry All pending trademarks and collective marks Registered trademarks and collective marks 2 Number of marks Source: Danish Patent and Trademark Authority. The number of pending and registered trademarks and collective marks for the medtech industry has been relatively constant between approx. 15, 2 and 125 in the period 21 to 26, however with a slight drop in 26. Medtech Facts & Figures, Danish industry statistics 27, page 2/26

21 6) Medtech industry in Denmark and other large industrial sectors In recent years, the medtech industry in Denmark has recorded export growth rates above those of manufacturing industry in general. 14 Developement in medtech exports compared to total manufacturing industry (Year 22 = 1) Medical device industry Total manufacturing industry Source: Medicoindustrien, Statistics Denmark Developement in total sales of the medtech industry, the biotech industry, the pharmaceutical industry, agriculture and other manufacturing industry (Index 24 = 1) Pharmaceutical industry Total manufacturing Agriculture Biotech Medtech Source: NN Erhverv, Medicoindustrien, Lif, Agricultural Council Report 26, Biotech Industry, Statistics Denmark Compared to other sectors, the medtech industry has recorded relatively higher topline growth since 2. Medtech Facts & Figures, Danish industry statistics 27, page 21/26

22 7) Medtech industry in Europe Expenditure on medtech products in European health services There are large variations in the EU countries expenditure on medtech products measured as a share of their total healthcare expenses. In Denmark, medtech products account for about 6 per cent of total public health service expenditure, which is slightly below the European average of 6.3 per cent. Expenditure levels vary greatly, however, from less than 3 per cent to above 14 per cent. Expenditure on medical technology pr. total health care expenditure Per cent United Kingdom Switzerland Sweden Spain Slovenia Slovakia Romania Portugal Poland Norway netherlands Malta Luxembourg Lithuania Latvia Italy Ireland Hungary Greece Germanny France Finland Estonia Denmark Czech Republic Cyprus Bulgaria Belgium Austria The European medtech market A report on Competitiveness and Innovativeness of the European Medical Technology Industry, published by the European industry association Eucomed in May 27 estimates that the total European market for medtech products was approx. DKK 475 billion (EUR 63.6 billion) in 25 with an annual growth rate of about 5 6 per cent. European market for medtech products New EU countries 5% Other EU countries 16% Switzerland Spain 9% Germany 3% Great Britain 11% Italy 11% France 16% Medtech Facts & Figures, Danish industry statistics 27, page 22/26

23 Companies in the European medtech industry More than 11, companies in Europe have activities that comprise medical technology and devices. There are most companies, i.e. 2 per cent, in Great Britain and second-most, i.e. 14 per cent, in Germany. Number of medical device companies in Europe Rest of EU 15% Great Britain Aus tria 5% Switzerland 5% Italy 5% Germany 14% Poland 5% Holland 5% Sweden 7% France 9% Spain 1% Employment in the European medtech industry The European medtech industry employs about 435, people, an increase by 15 per cent since 23. The highest number of employees is in Germany, followed by Great Britain, France and Switzerland. Employees in the medical device industry in Europe Rest of EU 14% New EU countries 1% Germany 25% Spain 6% Ireland 6% Great Britain 14% Italy 7% Schweiz 9% France 9% The source of data in this section is: Eucomed, Competitiveness and Innovativeness of the European Medical Technology Industry, May 27 Medtech Facts & Figures, Danish industry statistics 27, page 23/26

24 8) Definitions and data for the statistics Definitions and use of data in the industry statistics It is difficult to present a clear and unambiguous definition of a medtech company and the 227 companies included in the revenue and employment statistics in this report were selected on the basis of several criteria. There are considerable overlaps between related industries, and the companies in the industry are registered under many different industry classifications. The classifications that cover the area best are the codes under 33.1 and The industry statistics comprise all companies that fall under these industry codes and, in addition, a number of companies that have been included on the basis of the following criteria: 1) membership of Medicoindustrien now or previously, 2) the company works exclusively in the medtech area, 3) the company has substantial medtech activity without having it as its primary operating area (in the case of these companies, their revenue and employment figures have been estimated on the basis of their share of medtech activity compared to total activity.) The statement may contain inaccuracies in connection with outsourcing and activity abroad. As a starting point, the revenue earned by Danish companies abroad has been included as well as the revenue earned by foreign companies in Denmark has been included. For a number of the companies in accounting class B (revenue of 5-4 million) it is possible to obtain their revenue figures. As far as member companies are concerned we have estimated their revenue on the basis of the membership fee they pay to Medicoindustrien. For non-member companies we have estimated their revenue on the basis of their published financial ratios such as gross profit, headcount and depreciation. Between 25 and 26 the definition of a medtech company was changed as to the companies included in the statistics as dedicated medtech companies. Revenue movements from 25 to 26 are therefore not necessarily completely accurate. Medtech Facts & Figures, Danish industry statistics 27, page 24/26

25 9) Medicoindustrien as an industry organisation Medicoindustrien is the industry organisation for companies in Denmark which develop, manufacture, sell or otherwise take an interest in CE-marked medical devices. Medicoindustrien was founded in 21 by a merger of the two associations DMDA and Kirumed. At the end of 27, Medicoindustrien had 15 members and it works to promote the commercial and political interests of the member companies. In Denmark, Medicoindustrien is a consultation partner to the authorities in questions and issues related to the medical device industry. Medicoindustrien participates actively in councils and on committees that influence operating conditions for the industry. Internationally, Medicoindustrien is an active member of the joint European industry organisation Eucomed, and is cooperating with European and American sister organisations. Medicoindustrien s work, at a high ethical and professional level, is aimed to ensure positive and balanced safeguarding of the interests of patients, health professionals, society and the industry. Value chains in the healthcare system - Health leads to wealth and wealth leads to health Companies in the medtech industry play an active part in the value chains that ensure innovation and development in the healthcare system, as well as health and prosperity in society. The medtech actors in the value chain include: Manufacturers Service providers and distributors Research and development institutions There are obvious interactions and synergies between the various links in the chain that continuously feed and influence each other: The manufacturing companies innovate, develop, produce, market and sell medtech products in Denmark and abroad The production generates the basis for the service providers and distributors that distribute products, provide service and training and create added value for both suppliers and purchasers of medical devices Together with manufacturers, research and development institutions at universities, hospitals and in private companies generate new knowledge used to create new healthcare technologies. As a whole, the medtech industry contributes to sustaining and developing the healthcare system one of the main prerequisites for our modern welfare society. Medtech Facts & Figures, Danish industry statistics 27, page 25/26

26 Medicoindustrien Nivaagaard Gl.Strandvej 16 DK-299 Nivaa Tel Medtech Facts & Figures, Danish industry statistics 27, page 26/26