Medical Technology - Israel

Israel

In Israel, the Medical Technology market market is anticipated to witness a significant increase in revenue, with projections estimating it to reach US$3.19bn in 2024.
Among the various markets within this market, Medical Devices hold the largest share, with a projected market volume of US$2.72bn in the same year.
Looking ahead, the industry is expected to exhibit a steady annual growth rate of 5.76% (CAGR 2024-2029), resulting in a market volume of US$4.22bn by 2029.
It is worth noting that, in a global context, the United States is poised to generate the highest revenue, amounting to approximately US$211.10bn in 2024.
Israel's medical technology market is thriving, with a strong focus on innovation and cutting-edge research.

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

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Analyst Opinion

The Medical Technology market in Israel is experiencing significant growth and development, driven by customer preferences, market trends, and local special circumstances.

Customer preferences: Customers in the Medical Technology market in Israel are increasingly seeking innovative and advanced medical devices and technologies. They prioritize products that offer improved patient outcomes, enhanced efficiency, and cost-effectiveness. Additionally, there is a growing demand for personalized healthcare solutions and remote monitoring devices, as customers look for ways to manage their health outside of traditional healthcare settings.

Trends in the market: One of the key trends in the Medical Technology market in Israel is the focus on digital health solutions. The country has a strong technology ecosystem and is known for its expertise in software development and data analytics. This has led to the emergence of numerous startups and companies that are developing digital health platforms, telemedicine solutions, and wearable devices. These technologies not only improve patient care but also enable healthcare providers to gather valuable data for research and analysis. Another trend in the market is the increasing collaboration between medical technology companies and healthcare providers. This partnership allows for the co-development of innovative solutions that address specific healthcare challenges. By working closely with healthcare professionals, medical technology companies can gain insights into the needs and preferences of the end-users, resulting in the development of more effective and user-friendly products.

Local special circumstances: Israel has a unique healthcare system that contributes to the development of the Medical Technology market. The country has a strong emphasis on research and development, with a high number of patents filed in the medical technology field. This culture of innovation, combined with government support and investment in the healthcare sector, creates a conducive environment for the growth of the Medical Technology market in Israel. Furthermore, Israel has a highly skilled workforce, including engineers, scientists, and medical professionals, who contribute to the development and commercialization of medical technologies. The presence of leading academic institutions and research centers also fosters collaboration between academia and industry, leading to the development of cutting-edge medical technologies.

Underlying macroeconomic factors: The Medical Technology market in Israel is also influenced by underlying macroeconomic factors. The country has a strong economy with a high level of disposable income, allowing individuals to invest in advanced medical technologies. Additionally, Israel has a rapidly aging population, which increases the demand for healthcare services and medical devices. The government's focus on healthcare innovation and investment in healthcare infrastructure further drives the growth of the Medical Technology market. In conclusion, the Medical Technology market in Israel is experiencing growth and development due to customer preferences for innovative and advanced medical devices, the trend towards digital health solutions, the collaboration between medical technology companies and healthcare providers, the unique local circumstances that foster innovation, and the underlying macroeconomic factors. This market is expected to continue expanding as technology continues to advance and the demand for healthcare solutions increases.

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.