Medical Technology

In Czechia, the projected revenue in the Medical Technology market market for 2024 is estimated to reach US$2.12bn.
The largest market within this market is Medical Devices, which is expected to have a projected market volume of US$1.77bn in 2024.
Looking ahead, the revenue is predicted to demonstrate an annual growth rate (CAGR 2024-2029) of 4.69%, leading to a market volume of US$2.66bn by 2029.
When compared globally, the United States is expected to generate the highest revenue in 2024, amounting to US$211.10bn.
Czechia's medical technology market is rapidly expanding, with a focus on innovative solutions for precision medicine and telehealth.

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 Czechia is experiencing significant growth and development due to several key factors. Customer preferences for advanced healthcare solutions, increasing demand for medical devices, and local special circumstances are driving this trend. Additionally, underlying macroeconomic factors are contributing to the growth of the Medical Technology market in Czechia. Customer preferences in Czechia are shifting towards advanced healthcare solutions and medical devices. Patients are increasingly seeking innovative and technologically advanced medical equipment and treatments. This preference is driven by the desire for more accurate diagnoses, less invasive procedures, and improved patient outcomes. As a result, there is a growing demand for medical technology products and services in the country. Trends in the market reflect the increasing demand for medical devices and healthcare solutions in Czechia. The market is witnessing a rise in the adoption of digital health technologies, such as telemedicine and remote patient monitoring. These technologies enable healthcare professionals to provide medical care and monitor patients remotely, improving access to healthcare services and reducing the burden on hospitals and clinics. Additionally, there is a growing focus on personalized medicine, with advancements in genetic testing and precision medicine driving the development of targeted therapies. Local special circumstances in Czechia are also contributing to the growth of the Medical Technology market. The country has a well-developed healthcare system with a high standard of care, which creates a favorable environment for the adoption of medical technology. Furthermore, Czechia has a strong manufacturing sector, including medical device manufacturing, which supports the local production and export of medical technology products. Underlying macroeconomic factors are playing a significant role in the development of the Medical Technology market in Czechia. The country has a stable economy with a strong focus on innovation and technology. This provides a conducive environment for the growth of the medical technology sector, attracting investment and fostering research and development. Additionally, the government's support for healthcare modernization and the implementation of digital health initiatives further drive the growth of the market. In conclusion, the Medical Technology market in Czechia is experiencing growth and development due to customer preferences for advanced healthcare solutions, increasing demand for medical devices, local special circumstances, and underlying macroeconomic factors. The market is witnessing a rise in the adoption of digital health technologies and personalized medicine, driven by the desire for improved patient outcomes and access to healthcare services. The country's well-developed healthcare system, strong manufacturing sector, stable economy, and government support for healthcare modernization contribute to the growth 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.