German medical technology sector increases revenues to €21.4bn
31 August 2012
BVMed, the German medical technology association, has reported that the total revenue of medical technology companies in Germany increased by 6.9% to €21.4 bn in 2011. This compared to an increase in the previous year of 9.4%.
Exports in 2011 rose by 10.6% to €14.2 billion. Domestic revenue, however, stagnated at €7.2 billion, only slightly above the previous year‘s result (plus 0.4%).
Germany is the third largest market for medical technology, with annual expenditure of €25bn (including services), around twice the French market and three times the British and Italian markets.
The medical technology manufacturing sector in Germany employs around 175,000 people in 11,000 companies. A survey conducted by BVMed in 2010 found that 96% of companies had vacancies, mainly for engineers, and employment was rising, compared to a fall in the pharmaceutical industry. The country, however, is facing a shortage of engineers as around 370,000 of the 650,000 engineers will retire in the next 15 years, with only around 150,000 being trained to replace them.