Analysis of the Medical Device Industry in German & US: Evidence from Medtronic and Siemens

Abstract

With the increasing demand for medical care, the development and impact of the medical instrument industry receive widespread attention. This article analyzes the market, policies, and other relevant information of the medical instrument industry in the United States and Germany. In the 21st century, the United States has the world's largest medical device market and the most advanced medical device technology, and has a strict and efficient examination and approval agency led by the FDA. It is the country with the most development prospects and potential, and has given birth to several highly competitive and innovative medical device enterprises. Germany has a century-long history of producing high-quality medical devices, and is the third largest medical device market in the world, second only to the United States and Japan. Siemens is one of the few large medical device manufacturers in Germany, which plays an important role in promoting the development of medical device industry in Germany. Taking Medtronic and Siemens as examples, the development of medical instruments is of great significance for the development and stability of a country.