Medical Technology

In Argentina, the revenue of the Medical Technology market market is forecasted to reach US$6.71bn in 2024.
The largest market within this market is Medical Devices, which is expected to have a market volume of US$5.55bn in the same year.
It is projected that the revenue will experience an annual growth rate of 4.26% (CAGR 2024-2029), resulting in a market volume of US$8.26bn by 2029.
When compared globally, the United States is expected to generate the highest revenue of US$211.10bn in 2024.
Argentina's medical technology market is experiencing a shift towards digital health solutions, with an increasing focus on telemedicine and remote patient monitoring.

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 Argentina is experiencing significant growth and development, driven by various factors such as changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Medical Technology market in Argentina are shifting towards more advanced and innovative healthcare solutions. Patients and healthcare professionals are increasingly demanding medical devices and technologies that provide accurate diagnoses, efficient treatments, and improved patient outcomes. This preference for advanced medical technology is driven by the desire for better healthcare services and the need to address the growing burden of chronic diseases in the country. Trends in the market are also contributing to the development of the Medical Technology sector in Argentina. One notable trend is the increasing adoption of digital health solutions. Telemedicine, remote patient monitoring, and mobile health applications are gaining popularity as they enable healthcare providers to deliver care remotely, improve access to healthcare services, and enhance patient engagement. Additionally, there is a growing focus on personalized medicine, with the development of genetic testing and precision medicine technologies that enable tailored treatment plans based on individual patient characteristics. Local special circumstances in Argentina are playing a role in the growth of the Medical Technology market. The country has a well-established healthcare system with a strong emphasis on public healthcare services. However, the public healthcare system faces challenges such as limited resources and long waiting times, creating opportunities for private healthcare providers and medical technology companies to fill the gaps in the market. Furthermore, Argentina has a high prevalence of chronic diseases, such as cardiovascular diseases and diabetes, which require continuous monitoring and management, driving the demand for medical devices and technologies. Underlying macroeconomic factors are also contributing to the development of the Medical Technology market in Argentina. The country has been experiencing economic growth and increasing healthcare expenditures, which provide a favorable environment for investment in the healthcare sector. Additionally, the government has implemented policies to promote the development and adoption of medical technology, including tax incentives and funding programs. These initiatives attract both domestic and foreign investment, stimulating the growth of the Medical Technology market. In conclusion, the Medical Technology market in Argentina is developing rapidly due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards advanced healthcare solutions, the adoption of digital health technologies, the focus on personalized medicine, the need to address the challenges in the public healthcare system, and the favorable economic environment are all contributing to the growth and development of the market.

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.