The increase in value between 2009 and 2012 in the overall imaging diagnostics market, understood as sales of equipment in six countries: Poland, Hungary, Romania, Bulgaria, the Czech Republic and Slovakia, has varied between 7% and 10% per annum. In 2013 and 2014 there will be slight higher increases in the market (of 12 and 18% respectively) in the wake of an expected improvement in the economic situation which should improve public finances. In all, the market will be worth €740m in 2014, according to the PMR report “Imaging diagnostics market in Central Europe 2012. Development forecasts for 2012-2014”.
Correlation observed between sales of diagnostic imaging equipment and levels of public spending.
Demand for imaging diagnostic equipment is correlated with public healthcare spending on imaging diagnostics. This depends mainly on macroeconomic conditions, the tightness of fiscal policy and the influx of European funds. In the Czech Republic, Slovakia and Hungary these began to play a role in 2007, whereas in Bulgaria and Romania this did not happen until 2009. As the bulk of equipment is imported by the CE countries, exchange rate fluctuations also play a part in explaining fluctuations in market size growth rates in national currencies.
“Between 2012 and 2014, the overall imaging diagnostics market in all CE countries analysed with the exception of Bulgaria and Romania will grow by more than 9% year on year in euro. In part, this will reflect the appreciation of local currencies against the euro, the influx of European funds and an expected surge in wages in 2013-2014, which should improve the condition of the public finances. At the same time, the expected end of European funding in 2014 will have an adverse effect on the market, particularly in Bulgaria, Romania and Hungary.” Monika Stefańczyk, the Head Pharmaceutical Market analyst and co-author of the report, explained.
Poland accounts for one-third of the Central European market
“The largest market share is represented by Poland, where some 33% of total sales are generated. Sales of imaging diagnostics devices in the Czech Republic generate more than one-fifth of the total market, while Bulgaria accounts for only 6%.” added Magdalena Nizinska, the senior consultant and co-author of the report.
Companies must be more active in looking for partners
Interestingly, in 2011 in local currencies the market grew more rapidly in the case of every country analysed, but the weakening of national currencies prompted less substantial increases in euro. All in all, the company interviews conducted by us suggest that in the time of the recession, firms have been consistently seeking ways to pull through. They have had to stay focused, and have worked closely with the partners and distributors around the world, looking at each deal and focusing on what they could do to support and help out to get the purchase order. Regardless of the potential and the need for development in the imaging diagnostic subgroup in Central Europe, the budgetary limitations still render each purchase of an advanced appliance such as a CT (computed tomography), PET-CT (positron emission tomography-computed tomography) or MRI (magnetic resonance imaging) scanner an important event for the local community. As the number of purchases is strictly limited, the companies need to be very active in order to obtain the best contracts.
This press release is based on information contained in the latest PMR report entitled “Imaging diagnostics market in Central Europe 2012. Development forecast for 2012-2014”.
You are welcome to contact the co-author of the report:
Monika Stefańczyk, Head Pharmaceutical Market Analyst
tel.: +48 12 618 90 57
For more information about the report please contact:
tel.: +48 12 618 90 00
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Bulgaria, computed tomography, CT, European funds, Hungary, imaging diagnostics market, macroeconomic conditions, magnetic resonance imaging, MRI, PET-CT, poland, public healthcare, public spending, recession, romania, Slovakia, the Czech Republic