German medical technology industry reports continued growth
German Federal Statistical Office figures show the medical technology sector had EUR 36.4 billion in turnovers in 2021. When compared to the preceding year, this indicates growth of 6.3 percent.
An association that the represents sector interests, SPECTARIS, has analyzed the government figures, saying that the growth is driven primarily by exports. The association supported this by citing foreign revenues of EUR 24.2 billion, for an increase of 7.4 percent on 2020. Meanwhile, the share of goods exported, at around 66 percent, remained stable and consistent with its allotment for a number of years.
SPECTARIS noted that weak growth of 2.8 percent in Asia caused by lockdowns and travel restrictions was made up for by a marked jump in exports due to increased demand from the European Union (EU) and North America. This, wrote the association, drove export figures for these regions up 12 percent.
Domestically, the sector had EUR 12.2 billion in turnovers – 4.2 percent more than the preceding year. At the same time, the number of people employed in the medical technology industry rose by 1.7 percent to around 155 thousand.
SPECTARIS reported that these results indicate that the industry is continuing on a path of growth, which persisted through the first and second years of the pandemic, 2020 and 2021 respectively. The association noted that in 2020, the sector had EUR 34.25 billion in revenue, three percent higher than in 2019. It attributed this to the “continued growth, even during the times of the pandemic, driven not least by an increase in global demand for medical technology and medical products during the pandemic that overcompensated for a drop in demand in other areas of the medical technology industry.
According to SPECTARIS, growth in the first quarter of 2022 slowed somewhat, with only a 3.4 percent increase in revenue. This slowdown, said SPECTARIS, is likely to be mitigated by demand driven by an aging global population, technological progress and digitization, as well as continuing health system investments in emerging markets and the rising emphasis on good health everywhere.
The Federal Statistical Office figures for last year show that German medical technology is proving resilient to the challenges raised by the pandemic and regulatory changes. HEALTH MADE IN GERMANY, the export initiative for the German healthcare industry, is where to learn more about doing business with German medtech, at home or abroad. The initiative has published a profile of and a video about the sector as well.