Medical Technology

Belgium's Medical Technology market market is estimated to achieve a revenue of US$4.09bn by 2024.
Within this market, the largest market is Medical Devices, which is projected to reach a market volume of US$3.45bn in the same year.
Anticipated to demonstrate a compound annual growth rate (CAGR) of 3.71% from 2024 to 2029, the revenue is expected to amount to US$4.91bn by 2029.
In terms of global comparison, the United States is predicted to generate the highest revenue, totaling US$211.10bn in 2024.
Belgium is at the forefront of medical technology innovation, with a strong focus on developing advanced imaging and diagnostic solutions.

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 Belgium is experiencing steady growth due to increasing customer preferences for advanced healthcare solutions, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Belgium are driving the demand for innovative medical technology solutions. Patients are increasingly seeking personalized and efficient healthcare services, leading to a growing demand for medical devices and equipment that can provide accurate diagnoses, improve treatment outcomes, and enhance patient comfort. Additionally, healthcare providers are adopting digital health technologies to streamline processes, improve patient care, and reduce costs. This includes the use of telemedicine, remote monitoring devices, and electronic health records. Trends in the market are also contributing to the growth of the Medical Technology industry in Belgium. One significant trend is the increasing focus on preventive healthcare and early detection of diseases. This has led to a rise in the adoption of diagnostic devices and screening tests, such as genetic testing and cancer screenings. Another trend is the integration of artificial intelligence (AI) and machine learning in medical devices and software. AI-powered technologies are being used to analyze large amounts of medical data, assist in diagnosis, and support personalized treatment plans. Local special circumstances in Belgium, such as the country's well-established healthcare system and strong government support, are also driving the growth of the Medical Technology market. Belgium has a high-quality healthcare infrastructure, with a large number of hospitals, clinics, and research institutions. The government provides financial incentives and grants for healthcare innovation, encouraging the development and adoption of new medical technologies. Additionally, Belgium has a highly skilled workforce in the healthcare sector, including medical professionals, researchers, and engineers, who contribute to the advancement of medical technology. Underlying macroeconomic factors, such as the aging population and increasing healthcare expenditure, are further fueling the growth of the Medical Technology market in Belgium. The country has a rapidly aging population, leading to a higher prevalence of chronic diseases and a greater need for medical devices and treatments. Furthermore, the government's commitment to healthcare investment and the overall growth of the healthcare sector are driving increased healthcare spending, creating opportunities for medical technology companies. In conclusion, the Medical Technology market in Belgium is experiencing growth due to customer preferences for advanced healthcare solutions, emerging market trends, local special circumstances, and underlying macroeconomic factors. The demand for innovative medical devices and technologies, along with the integration of AI and machine learning, is driving the market forward. Belgium's well-established healthcare system, government support, and aging population are also contributing to the growth of the Medical Technology industry.

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.