Medical technology and life sciences are among the most important economic sectors of the 21st century. Demographic developments, medical progress and the challenge of integrating constant innovation are boosting demand for new solutions in the healthcare and medical technology sectors, and digitalization in particular has been playing a significant role for some years now.
Those who can adapt their ranges of goods and/or services appropriately in such dynamic conditions will be able to succeed in any market, and the expertise of Austria’s service providers has ensured that they are among the top players internationally. The country has experienced growth and established itself as a hub for the life sciences industry over the past decade, and its innovative companies enjoy the benefit of both a dense network of excellent academic institutions and the presence of companies that are global leaders in the field.
The turnover for all 554 firms in the sector was recently recorded as EUR 8.44 billion. The medical technology industry has a broad base, with multinational companies also siting their headquarters or production facilities in Austria in order to exploit the country’s geographical location at the heart of Europe. A further factor behind this success lies in the close cooperation between manufacturers, suppliers and service providers. From blood sugar tests to wheelchairs, from CT scanners through hypodermic syringes to smart technology; medtech firms from Austria have earned an excellent reputation.
Austria is a country with one of the highest healthcare costs to GDP ratio, and operates one of the best healthcare systems, so the constantly rising global demand for Austrian medical services should come as no surprise, whether it be for operations, convalescent services, preventative medicine or even the wellness sector.
More information about the top players, along with suggestions for working with Austrian companies, is to be found in the current edition of our publication FRESH VIEW.