Medical Technology

In 2024, the projected revenue in the Medical Technology market market in Iceland is estimated to reach US$152.50m.
The largest market within this industry is Medical Devices, which is projected to have a market volume of US$130.30m in the same year.
Looking ahead, the revenue is expected to experience an annual growth rate of 7.04% from 2024 to 2029, resulting in a market volume of US$214.40m by the end of 2029.
When compared globally, it is worth noting that the United States is expected to generate the highest revenue in the Medical Technology market market, with a projected amount of US$211.10bn in 2024.
Iceland's medical technology market is thriving, with a focus on innovative solutions for remote healthcare delivery in its vast and geographically challenging landscape.

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 Iceland is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this positive trend. Customer preferences in the Medical Technology market in Iceland are playing a key role in its development. Icelandic consumers are increasingly seeking out advanced healthcare solutions and medical devices that can improve their quality of life. They are willing to invest in innovative technologies that can provide accurate diagnoses, effective treatments, and efficient healthcare services. This demand for state-of-the-art medical technology is driving the growth of the market in Iceland. Trends in the market are also shaping its development. One notable trend is the increasing adoption of telemedicine and remote patient monitoring solutions. These technologies allow healthcare providers to remotely monitor patients, provide consultations, and deliver care without the need for in-person visits. This trend has gained momentum in Iceland due to its geographical challenges and the need to provide healthcare services to remote areas. The convenience and efficiency of telemedicine and remote patient monitoring have made them popular choices among both healthcare providers and patients in Iceland. Another trend in the Medical Technology market in Iceland is the growing focus on personalized medicine. Advances in genetic testing and molecular diagnostics have enabled healthcare providers to tailor treatments to individual patients based on their genetic makeup and specific health conditions. This personalized approach to medicine is gaining traction in Iceland as it allows for more targeted and effective treatments, leading to improved patient outcomes. The demand for personalized medicine is driving the development of new medical technologies in the country. Local special circumstances also contribute to the development of the Medical Technology market in Iceland. The country has a well-established healthcare system that prioritizes access to high-quality care for all its citizens. The government invests in healthcare infrastructure and supports the adoption of innovative medical technologies to improve patient outcomes and enhance the efficiency of healthcare services. This supportive environment creates opportunities for medical technology companies to introduce their products and services in the Icelandic market. Underlying macroeconomic factors further bolster the growth of the Medical Technology market in Iceland. The country has a strong economy with a high standard of living, enabling individuals and healthcare organizations to invest in advanced medical technologies. Additionally, Iceland has a well-educated workforce and a culture of innovation, which attracts both domestic and international companies to develop and introduce cutting-edge medical technologies in the market. In conclusion, the Medical Technology market in Iceland is developing rapidly due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for advanced healthcare solutions, the adoption of telemedicine and personalized medicine, the supportive healthcare system, and the strong economy all contribute to the positive growth and development of the market in Iceland.

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.