Market Insights Health Medical Technology

Medical Devices - Baltics

Baltics

The Medical Devices market market in the Baltics is expected to generate a revenue of US$783.10m by the year 2024.
Among the various markets within this market, Cardiology_Devices is projected to be the largest, with a market volume of US$109.80m in 2024.
Looking ahead, the market is anticipated to grow at an annual growth rate of 5.72% (CAGR 2024-2029), resulting in a market volume of US$1,034.00m by the year 2029.
It is worth noting that in a global context, the United States is expected to generate the highest revenue, reaching US$179.80bn in 2024.
Despite being small in size, the Baltics have emerged as a hub for medical device innovation, with a focus on digital health solutions and telemedicine.

Key regions: Germany, Spain, Japan, United Kingdom, United States

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Analyst Opinion

The Medical Devices market in Baltics is experiencing significant growth and development. Customer preferences in the region are shifting towards more advanced and innovative medical devices, driving the market forward. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the positive trends in the market. Customer preferences in the Baltics are increasingly focused on medical devices that offer advanced technology and improved patient outcomes. Patients are seeking devices that are more accurate, efficient, and user-friendly. This shift in preferences can be attributed to the growing awareness and demand for high-quality healthcare services in the region. As a result, medical device manufacturers are investing in research and development to meet these evolving customer needs. Trends in the Medical Devices market in the Baltics include the adoption of digital health technologies and the rise of telemedicine. Digital health technologies, such as wearable devices and mobile health applications, are gaining popularity among both healthcare providers and patients. These technologies enable remote monitoring, personalized healthcare, and improved patient engagement. Telemedicine, on the other hand, allows patients to consult with healthcare professionals remotely, reducing the need for in-person visits and improving access to healthcare services, especially in rural areas. Local special circumstances in the Baltics, such as an aging population and the prevalence of chronic diseases, are driving the demand for medical devices. The region has a rapidly aging population, leading to an increased need for healthcare services and medical devices that cater to the elderly. Additionally, the high prevalence of chronic diseases, such as cardiovascular diseases and diabetes, further contributes to the demand for medical devices that can effectively manage and monitor these conditions. Underlying macroeconomic factors, such as increasing healthcare expenditure and government initiatives, are supporting the growth of the Medical Devices market in the Baltics. Governments in the region are investing in healthcare infrastructure and implementing policies to improve healthcare services. This includes initiatives to promote the adoption of digital health technologies and the development of healthcare innovation hubs. Furthermore, the rising healthcare expenditure in the region is driving the demand for advanced medical devices and technologies. In conclusion, the Medical Devices market in the Baltics is witnessing significant growth and development. Customer preferences are shifting towards more advanced and innovative medical devices, driven by the demand for high-quality healthcare services. The adoption of digital health technologies and the rise of telemedicine are key trends in the market. Local special circumstances, such as an aging population and the prevalence of chronic diseases, further contribute to the demand for medical devices. Underlying macroeconomic factors, including increasing healthcare expenditure and government initiatives, support the growth of the market.

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.