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.
Notes: Data shown is using current exchange rates and reflects market impacts of the Russia-Ukraine war.
Most recent update: Aug 2024
Source: Statista Market Insights
Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.
Most recent update: Mar 2024
Most recent update: Mar 2024
Source: Statista Market Insights
The Medical Technology market in Baltics is experiencing significant growth and development in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this positive trend. Customer preferences in the Medical Technology market in Baltics are shifting towards more advanced and innovative products. Customers are increasingly seeking medical devices and technologies that are user-friendly, efficient, and provide accurate results. They are also looking for devices that can be easily integrated into their existing healthcare systems. This preference for advanced and innovative products is driving the demand for medical technology in the region. Trends in the Medical Technology market in Baltics are also playing a crucial role in its development. One of the key trends is the increasing adoption of telemedicine and remote patient monitoring technologies. These technologies allow healthcare professionals to remotely monitor patients' health conditions and provide timely interventions. The convenience and cost-effectiveness of telemedicine and remote patient monitoring are driving their adoption in the region. Another trend in the market is the growing focus on personalized medicine. With advancements in genetic testing and molecular diagnostics, healthcare providers in the Baltics are increasingly able to tailor medical treatments to individual patients. This personalized approach to medicine is improving patient outcomes and driving the demand for medical technology that supports this approach. Local special circumstances in the Baltics are also contributing to the growth of the Medical Technology market. The region has a well-developed healthcare infrastructure and a high level of healthcare expenditure. This provides a favorable environment for the adoption of medical technology. Additionally, the Baltics have a strong focus on research and development in the healthcare sector, leading to the development of innovative medical technologies. Underlying macroeconomic factors are also playing a role in the development of the Medical Technology market in the Baltics. The region has a stable and growing economy, which is driving investment in healthcare infrastructure and technology. The governments in the Baltics are also supportive of the healthcare sector, providing incentives and funding for the adoption of medical technology. In conclusion, the Medical Technology market in the Baltics is experiencing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards advanced and innovative products, the adoption of telemedicine and remote patient monitoring technologies, the focus on personalized medicine, the favorable local circumstances, and the stable economy are all contributing to the positive trend in the market.
Most recent update: Aug 2024
Source: Statista Market Insights
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights