(25.09.2024) The medical technology industry is thriving. The sector saw an annual revenue growth of 6% between 2021 and 2023, a rate that is twice as fast as Switzerland's gross domestic product (GDP), according to a report by the Swiss Medtech Association.
With 95% of the industry made up of small and medium-sized enterprises (SMEs), the medtech sector generated 23.4 billion francs in revenue in 2023 (up from 20.8 billion in 2021, a +12.5% increase). Its trade surplus reached 5.8 billion francs. Additionally, medtech companies reinvested over 12% of their revenue into research and development.
Based on 470 companies (about one-third of the 1,400 active in the sector), the Swiss Medtech study shows that the industry has created 20,000 jobs over the past decade, with 4,200 of those added in the last two years. The medical technology sector now employs 71,700 people across Switzerland.
The European Union remains Switzerland's main trading partner, with the single market accounting for roughly half of all trade, both in exports and imports.
However, the Swiss Medtech report highlights that the European Medical Device Regulation ("MDR") has significantly increased the industry's workload, particularly on the administrative side. Four out of five companies have had to hire additional staff to ensure compliance with this regulation, which came into effect in May 2021.
In the coming years, the medtech sector will face several challenges. Digitalization, for example, is seen as a crucial factor for boosting competitiveness, but it requires considerable investment in cybersecurity and data management. Moreover, sustainability has now become a key criterion for market access: three-quarters (74%) of companies are currently implementing sustainability measures, up from 68% two years ago.
Last modification 25.09.2024
