Medical Technology - Hungary

Hungary

Hungary's Medical Technology market market is expected to witness a substantial growth, with projected revenue reaching US$848.60m in 2024.
Among the various markets, Medical Devices holds the largest share, with a projected market volume of US$718.40m in the same year.
This sector is anticipated to grow steadily, with an annual growth rate (CAGR 2024-2029) of 4.63%, resulting in a market volume of US$1,064.00m by 2029.
In comparison to other countries, the United States is poised to generate the highest revenue in the Medical Technology market market, with an estimated amount of US$210.00bn in 2024.
This showcases the dominant position of the United States in this global industry.
Hungary is emerging as a leading hub for medical technology innovation, attracting international investments and fostering local startups.

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

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Currency

Analyst Opinion

The Medical Technology market in Hungary has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in the Medical Technology market in Hungary have been shifting towards more advanced and innovative healthcare solutions. Patients and healthcare professionals are increasingly seeking out medical technologies that can improve the accuracy, efficiency, and effectiveness of diagnosis and treatment. This has led to a growing demand for medical devices such as imaging equipment, surgical instruments, and diagnostic tools. Trends in the market have also played a role in the development of the Medical Technology market in Hungary. One key trend is the increasing adoption of digital health technologies. The use of telemedicine, electronic health records, and mobile health applications has been on the rise, enabling remote patient monitoring, improving healthcare accessibility, and enhancing overall patient care. Additionally, there has been a growing focus on personalized medicine, with advancements in genomics and molecular diagnostics driving the demand for medical technologies that can tailor treatments to individual patients. Local special circumstances have further contributed to the growth of the Medical Technology market in Hungary. The country has a well-developed healthcare system and a strong emphasis on research and innovation. Hungary has a number of renowned medical universities and research institutions, which have fostered a culture of scientific excellence and technological advancement. This has attracted both domestic and international companies to invest in the development and production of medical technologies in Hungary. Underlying macroeconomic factors have also played a role in the development of the Medical Technology market in Hungary. The country has experienced steady economic growth in recent years, which has resulted in increased healthcare spending. The government has been investing in the modernization and expansion of healthcare infrastructure, including the procurement of advanced medical technologies. Additionally, Hungary's membership in the European Union has facilitated trade and investment in the Medical Technology sector, further driving market growth. In conclusion, the Medical Technology market in Hungary is experiencing significant growth due to customer preferences for advanced healthcare solutions, trends in the market such as the adoption of digital health technologies and personalized medicine, local special circumstances including a strong healthcare system and focus on research and innovation, and underlying macroeconomic factors such as economic growth and EU membership.

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.