CLEVELAND–(BUSINESS WIRE)–The global medical device and diagnostics (MD&D) industry generated nearly $286 billion in revenues in 2007, with continued gains in 2008 reflecting both organic growth and currency fluctuations. However, as of late 2008, sales have declined in selected markets due to cutbacks in hospital budgets and reductions in hospital admissions and elective surgeries. This situation is being exacerbated by the global financial crisis, which is placing severe cost constraints on health care systems as economic growth stagnates. Although demographics and the growing prevalence of age-related diseases would appear to support continued, even substantial market gains, MD&D suppliers are understandably concerned about the timing and magnitude of market recovery as competition intensifies for increasingly scarce health care funds.
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