Medical Technology - EAEU

EAEU

The Medical Technology market market in the Eurasian Economic Union (in Eurasian Economic Union (EAEU)) is anticipated to witness a substantial growth in revenue, with projections indicating a figure of US$6.60bn by the year 2024.
Among the various markets within this market, the Medical Devices sector is expected to emerge as the largest, with a projected market volume of US$5.05bn in the same year.
Furthermore, the revenue is expected to exhibit a steady annual growth rate, denoted by a CAGR of 4.26% during the period from 2024 to 2029.
As a result, the market volume is estimated to rise to US$8.13bn by 2029.
In terms of global comparison, the United States is predicted to generate the highest revenue, with an estimated amount of US$211.10bn in 2024.
The EAEU is experiencing an increasing demand for advanced medical technology, with a focus on innovative solutions for healthcare delivery.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Medical Technology market in EAEU has been experiencing significant growth in recent years.

Customer preferences: Customers in the EAEU region have shown a strong preference for advanced medical technology products. They are increasingly seeking innovative solutions that can improve patient outcomes and enhance the efficiency of healthcare delivery. This has led to a growing demand for medical devices and equipment that are technologically advanced, user-friendly, and cost-effective. Customers in the region also value products that comply with international quality and safety standards.

Trends in the market: One of the key trends in the Medical Technology market in EAEU is the increasing adoption of digital health solutions. This includes telemedicine, remote patient monitoring, electronic health records, and mobile health applications. These technologies have the potential to revolutionize healthcare delivery by improving access to care, reducing costs, and enabling better patient engagement. The EAEU region has been investing in the development and implementation of digital health infrastructure, which has further fueled the adoption of these technologies. Another trend in the market is the growing demand for minimally invasive medical devices and procedures. Minimally invasive techniques offer several advantages over traditional surgical methods, including shorter recovery times, reduced pain and scarring, and lower healthcare costs. As a result, there has been a significant increase in the use of minimally invasive devices in the EAEU region. This trend is expected to continue as healthcare providers and patients recognize the benefits of these technologies.

Local special circumstances: The EAEU region is characterized by a diverse healthcare landscape, with different countries having varying levels of healthcare infrastructure and resources. This has created unique challenges and opportunities for the Medical Technology market. While some countries in the region have well-developed healthcare systems and high healthcare expenditures, others are still in the process of modernizing their healthcare infrastructure. This has created a demand for both basic medical devices and advanced technologies in the region.

Underlying macroeconomic factors: The growth of the Medical Technology market in EAEU is also influenced by several macroeconomic factors. Economic growth, increasing healthcare spending, and favorable government policies are driving the demand for medical technology products in the region. The EAEU countries are investing in the development of their healthcare systems, which includes the procurement of medical devices and equipment. Additionally, the aging population and the increasing prevalence of chronic diseases are also contributing to the growth of the market, as there is a greater need for medical technology solutions to manage these conditions. In conclusion, the Medical Technology market in EAEU is experiencing significant growth due to customer preferences for advanced medical technology products, the adoption of digital health solutions, the demand for minimally invasive devices, local special circumstances, and underlying macroeconomic factors. This trend is expected to continue as the region continues to invest in healthcare infrastructure and the population continues to age.

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.