Medical Technology - CIS

The projected revenue in the Medical Technology market market in the Commonwealth of Independent States (in Commonwealth of Independent States (CIS)) is expected to reach US$7.31bn by 2024.
Among the various markets, Medical Devices is anticipated to be the largest market with a projected market volume of US$5.64bn in 2024.
The revenue is expected to exhibit an annual growth rate (CAGR 2024-2029) of 4.71%, leading to a market volume of US$9.20bn by 2029.
In comparison to other countries, the United States is projected to generate the highest revenue, amounting to US$211.10bn in 2024.
In the CIS region, the medical technology market is witnessing a surge in demand for advanced imaging systems and telemedicine solutions, as healthcare providers strive to enhance access to quality healthcare in remote areas.

Key regions: United States, Germany, China, Japan, France

Market

Region

Region comparison

Currency

Analyst Opinion

The Medical Technology market in CIS is experiencing significant growth and development due to various factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the positive trajectory of the industry. Customer preferences in the CIS region are shifting towards more advanced and innovative medical technologies. Patients and healthcare providers are increasingly seeking state-of-the-art equipment and devices that can improve diagnosis, treatment, and patient outcomes. This growing demand for advanced medical technology is driving the market forward. Trends in the market also play a crucial role in the development of the Medical Technology sector in CIS. One major trend is the increasing adoption of digital health solutions. Telemedicine, remote patient monitoring, and electronic health records are becoming more prevalent, allowing for better access to healthcare services and improved patient care. Additionally, there is a growing focus on personalized medicine and precision diagnostics, which require advanced medical technology solutions. Local special circumstances in the CIS region further contribute to the growth of the Medical Technology market. The region has a large population and a significant burden of chronic diseases, such as cardiovascular diseases and diabetes. This creates a strong demand for medical technology solutions that can effectively diagnose and treat these conditions. Furthermore, the region has a rapidly aging population, which increases the need for medical devices and technologies that cater to the specific needs of older adults. Underlying macroeconomic factors also play a role in the development of the Medical Technology market in CIS. The region has been experiencing economic growth, which has led to increased healthcare spending and investment in medical technology infrastructure. Government initiatives and policies aimed at improving healthcare access and quality also contribute to the market's growth. In conclusion, the Medical Technology market in CIS is experiencing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for advanced medical technology solutions, the adoption of digital health solutions, the burden of chronic diseases, the aging population, economic growth, and government initiatives all contribute to the positive trajectory of the industry.

Methodology

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.