Medical Devices - Albania | Statista Market Forecast

In Albania, the projected revenue in the Medical Devices market market is expected to reach US$111.90m in the year 2024.
Among the various markets within this market, Cardiology_Devices is anticipated to hold the largest market share with a projected volume of US$16.72m in the same year.
Looking ahead, the revenue is forecasted to exhibit a Compound Annual Growth Rate (CAGR) of 6.53% during the period of 2024 to 2029, resulting in a market volume of US$153.60m by 2029.
When compared globally, it is worth noting that the United States is expected to generate the highest revenue in the Medical Devices market market, estimated to be US$181.00bn in 2024.
Albania's medical device market is witnessing a rapid growth driven by increasing government investments in healthcare infrastructure.

Definition:
The Medical Devices market includes instruments and machines helping for the prevention, diagnosis, and treatment of diseases. This market is further broken down into 6 submarkets according to medical specialties or types of application. Medical devices that treat the heart, such as pacemakers, can be found in the Cardiology Devices market. The Diagnostic Imaging market covers machines and instruments for diagnosis of many different kinds of conditions. Devices for orthopedic applications, such as joint implants, are included in the Orthopedic Devices market. Ophthalmic Devices are devices used for conditions related to the eye. The General & Plastic Surgery Devices covers many different products required for surgeries. 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, Siemens Healthineers.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Active medical devices (i.e., operating with electrical energy)

Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Products for laboratory testing (IVD)

The Medical Devices market in Albania has been experiencing steady growth in recent years. Customer preferences in the Medical Devices market in Albania are influenced by several factors. Firstly, there is a growing demand for advanced medical technologies and devices that can provide accurate and efficient diagnoses and treatments. This is driven by the increasing awareness and importance of healthcare among the population. Additionally, customers in Albania prefer medical devices that are cost-effective and provide value for money. They are also increasingly interested in devices that are portable and easy to use, as this allows for greater convenience and flexibility in healthcare delivery. Trends in the Medical Devices market in Albania reflect global and regional developments. One notable trend is the increasing adoption of digital health technologies. This includes wearable devices, remote monitoring systems, and telehealth solutions. These technologies enable healthcare providers to monitor patients remotely, provide timely interventions, and improve overall patient outcomes. Another trend is the growing focus on personalized medicine. This involves tailoring medical treatments and interventions to individual patients based on their unique characteristics, such as genetics and lifestyle. This trend is driving the demand for medical devices that can support personalized diagnostics and treatments. Local special circumstances in Albania also influence the Medical Devices market. One such circumstance is the country's healthcare infrastructure. While Albania has made significant progress in improving its healthcare system over the years, there are still challenges in terms of access to healthcare facilities, especially in rural areas. This creates opportunities for medical devices that can be used in home healthcare settings or mobile clinics. Additionally, the government has been implementing healthcare reforms aimed at improving the quality and efficiency of healthcare services. This includes the development of e-health initiatives and the promotion of digital health technologies, which further contribute to the growth of the Medical Devices market. Underlying macroeconomic factors also play a role in the development of the Medical Devices market in Albania. The country has been experiencing steady economic growth, which has led to an increase in disposable income and healthcare spending. This provides individuals and healthcare providers with greater financial means to invest in medical devices. Furthermore, Albania is a member of the European Union, which means that it has to comply with EU regulations and standards for medical devices. This creates opportunities for international medical device manufacturers to enter the Albanian market and provide innovative and high-quality products. In conclusion, the Medical Devices market in Albania is experiencing growth due to customer preferences for advanced and cost-effective devices, global trends in digital health and personalized medicine, local special circumstances such as healthcare infrastructure and government reforms, and underlying macroeconomic factors such as economic growth and EU regulations.

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.