The healthcare market is one of the most dynamic in France and it has significantly evolved over the last ten years.
Industrial partnerships are booming, investment in research and development is massively increasing, and so are the number of services, products and solutions that are being developed.
With an annual turnover of an estimated €31.2 billion in 2019, the medical device market in France is set to see expediential growth within the coming decade. This is due to the prospects that can be identified in newly developing sectors such as non-invasive surgery, orthopaedics and disposable medical equipment.
The market turnover for medical devices exported directly from France is estimated at €8.9 billion, which is 26% of the total market. This makes France the second largest market for medical devices in Europe, just behind current leaders Germany, who are in fact one of their main trade partners alongside the United States, and the Netherlands.
What The Future Holds and How to Capitalise:
Professionals in France are highly optimistic about the success of new medical technologies that are being constructed domestically. One example of such technology is telemedicine. It is expected to be a major instrument in the growth of medical care institutions in the coming years, particularly benefitting American medical equipment manufacturers who produce highly innovative devices, as well as those who offer products and services focused on reducing healthcare cost.
In total, there are over 1,300 medical device companies in France alone, accounting for 85,000 employees. Although one third of these firms are of a foreign origin, foreign enterprises accumulate for two thirds of total turnover annually. As the market is set to see an annual growth of about 2% in the next few years, it would be wise for companies within the sector to establish themselves within France by either having an agent/distributor or set up a subsidiary to export medical devices to France. Alternatively, for smaller and medium-sized companies, a more prudent approach is necessary by first selecting and agent/distributor to gain a better comprehension of the market share that can be obtained in France
Penetrating such an innovative and niche sector has found to be difficult for even the largest life science and pharmaceutical companies worldwide; finding the right talent internationally has deemed a challenge for such companies. Thankfully, Mantell Associates are a specialised life science and pharmaceutical headhunting organisation, who for the last couple of years have built a great network across Europe – specifically in France.