Medical Technology

In 2024, the projected revenue in the Medical Technology market market in Lithuania is expected to reach US$382.40m.
Among the different markets within the market, the largest one is Medical Devices, which is projected to have a market volume of US$325.20m in the same year.
Looking ahead, the market is anticipated to grow at an annual growth rate of 5.29% (CAGR 2024-2029), resulting in a market volume of US$494.90m by 2029.
When compared globally, it is worth noting that the United States is expected to generate the highest revenue, with an estimated amount of US$211.10bn in 2024.
Lithuania is emerging as a hub for medical technology innovation, attracting global investors and fostering a thriving ecosystem of startups in the field.

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 Lithuania is experiencing steady growth due to customer preferences for advanced healthcare solutions, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Lithuania are shifting towards advanced healthcare solutions, including medical technology. Customers are increasingly seeking innovative and technologically advanced medical devices and equipment that can provide accurate and efficient healthcare services. This preference is driven by the growing awareness of the benefits of medical technology in improving healthcare outcomes and the desire for better quality healthcare services. Trends in the Medical Technology market in Lithuania include the adoption of telemedicine and remote patient monitoring solutions. These technologies allow healthcare providers to remotely monitor patients' health conditions and provide consultations and diagnoses through digital platforms. The COVID-19 pandemic has further accelerated the adoption of telemedicine, as it provides a safe and convenient way for patients to receive healthcare services without physical contact. Another trend in the market is the increasing use of artificial intelligence (AI) and machine learning (ML) in medical technology. AI and ML algorithms are being used to analyze large amounts of medical data and provide insights for diagnosis, treatment planning, and personalized medicine. This trend is driven by the need for more accurate and efficient healthcare solutions, as well as the availability of big data and advancements in computing power. Local special circumstances in Lithuania also contribute to the development of the Medical Technology market. The country has a well-developed healthcare system with a high level of digitalization, which creates a favorable environment for the adoption of medical technology. Additionally, Lithuania has a strong focus on research and development in the healthcare sector, with several universities and research institutions conducting cutting-edge research in medical technology. Underlying macroeconomic factors, such as government initiatives and investments, also play a significant role in the development of the Medical Technology market in Lithuania. The government has implemented policies to promote the adoption of digital healthcare solutions and support the growth of the medical technology sector. Furthermore, investments in healthcare infrastructure and the development of healthcare clusters have created opportunities for the expansion of the Medical Technology market. In conclusion, the Medical Technology market in Lithuania is experiencing growth due to customer preferences for advanced healthcare solutions, emerging trends such as telemedicine and AI, local special circumstances including a well-developed healthcare system and research focus, and underlying macroeconomic factors including government initiatives and investments. These factors contribute to the development of a vibrant and innovative medical technology market in Lithuania.

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.