BMI View: The Swiss medical device market will grow moderately over the 2016-2021 forecast period, butwill register low single-digit growth in US dollar terms due to local currency depreciation. The market willbenefit from the relatively sluggish economic recovery gathering steam over the coming quarters. Thecountry's favourable tax rates, high demand for sophisticated products and continued investment inmedtech start-ups, will boost growth in the medical technology sector.
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We maintain our forecast and project that the market will expand by a 2016-2021 CAGR of 4.6% in localcurrency terms, which will take expenditure to CHF4.5bn by 2021. Market growth in US dollar termswill be lower at a 2016-2021 CAGR of 0.6%, which should see the market increase to USD3.7bn by2021.
With Switzerland's relatively sluggish economic recovery set to gather steam over the coming quarters,we believe that import growth will pick up in 2017 and 2018. The depreciation of the Swiss franc willtemper growth rates in US dollar terms, however. In the 12 months to June 2017, imports decreased by0.6% to USD4.5bn.