Medical Technology

The Medical Technology market market in Albania is expected to see a significant increase in revenue, reaching US$130.80m in 2024.
Among the various markets in this market, Medical Devices are projected to be the largest, with a market volume of US$111.90m in the same year.
Looking ahead, the industry is anticipated to experience a steady annual growth rate of 6.11% (CAGR 2024-2029), resulting in a market volume of US$176.00m by 2029.
When compared globally, it is worth noting that the United States is expected to generate the highest revenue in this sector, with a projected amount of US$211.10bn in 2024.
Due to limited resources and infrastructure, the medical technology market in Albania is lagging behind compared to other European countries.

Definition:
The Medical Technology market covers devices and products used for prevention, diagnosis, and treatment of diseases. Next to pharmaceuticals, they form the most important category of medical products. The most well known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants.

Structure:
The Medical Technology market consists of two markets, In Vitro Diagnostics (IVD) and Medical Devices. The IVD market covers products used for medical laboratory testing of specimens derived from the human body. The Medical Devices market covers a broad range of products which are further marketed into medical specialties or types of application: Cardiology Devices, Diagnostic Imaging Devices, Orthopedic Devices, Ophthalmic Devices, and General & Plastic Surgery Devices. The Other Medical Devices market provides information on additional areas that are not covered by the main markets.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Medtronic, Johnson & Johnson, Abbott Laboratories, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Products for laboratoy testing (IVD)
Active medical devices (i.e., operating with electrical energy)

Pharmaceuticals
Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Blood and transplants derived from the human body

The Medical Technology market in Albania is experiencing significant growth and development. Customer preferences in the Medical Technology market in Albania are shifting towards more advanced and innovative products. Customers are increasingly seeking state-of-the-art medical devices and equipment that offer higher accuracy, efficiency, and patient comfort. This preference for advanced technology is driven by the desire for improved healthcare outcomes and the need to keep up with global standards in medical treatment. Trends in the market indicate a growing demand for diagnostic imaging systems, such as MRI and CT scanners, as well as surgical equipment and devices. The increasing prevalence of chronic diseases and the aging population are contributing to the rising demand for medical technology in Albania. Additionally, the government's focus on improving healthcare infrastructure and services is also driving the market growth. Local special circumstances in Albania, such as limited healthcare resources and infrastructure, are driving the need for advanced medical technology. The country's healthcare system is still developing, and there is a growing demand for modern medical devices and equipment to enhance the quality of healthcare services. Additionally, the lack of skilled healthcare professionals in certain areas further emphasizes the importance of advanced medical technology to compensate for the shortage. Underlying macroeconomic factors, such as increasing disposable income and government initiatives to improve healthcare services, are also contributing to the growth of the Medical Technology market in Albania. As the economy continues to grow, individuals have more financial resources to invest in their health and well-being, including the adoption of advanced medical technology. Furthermore, government investments in healthcare infrastructure and the implementation of healthcare reforms are creating a favorable environment for the market. Overall, the Medical Technology market in Albania is experiencing growth and development due to customer preferences for advanced technology, increasing demand for healthcare services, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, it is expected that there will be further advancements in medical technology and an expansion of the product offerings available in Albania.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.