Medical Devices - Belgium | Statista Market Forecast

The projected revenue in the Medical Devices market market in Belgium is expected to reach US$3.45bn by 2024.
The largest market within this market is Cardiology_Devices, with a projected market volume of US$493.00m by 2024.
The market is anticipated to experience an annual growth rate of 4.01% (CAGR 2024-2029), resulting in a market volume of US$4.20bn by 2029.
When compared globally, the United States is forecasted to generate the highest revenue, amounting to US$181.00bn in 2024.
Belgium's medical device market is thriving, with a strong focus on innovative technologies and a commitment to quality healthcare.

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 Belgium is experiencing steady growth due to several factors. Customer preferences for advanced medical technology, increasing healthcare expenditure, and a growing aging population are driving the demand for medical devices in the country. Customer preferences in Belgium lean towards advanced medical technology and innovative devices. Patients and healthcare professionals are increasingly seeking out devices that offer better accuracy, efficiency, and ease of use. This preference for advanced technology is driving the demand for medical devices that incorporate features such as wireless connectivity, remote monitoring, and artificial intelligence. Trends in the market indicate a shift towards home healthcare and remote monitoring solutions. With an aging population and rising healthcare costs, there is a growing need for medical devices that can be used outside of traditional healthcare settings. Home healthcare devices, such as glucose monitors, blood pressure monitors, and wearable fitness trackers, are becoming increasingly popular among patients who prefer to manage their health conditions from the comfort of their own homes. Additionally, remote monitoring solutions are being adopted to enable healthcare providers to monitor patients remotely, reducing the need for frequent hospital visits. Local special circumstances in Belgium also contribute to the development of the Medical Devices market. Belgium has a well-established healthcare system with a high level of healthcare infrastructure and expertise. This enables the country to attract medical device manufacturers and encourages innovation in the sector. Additionally, Belgium is home to several renowned research institutions and universities, which further support the development of new medical devices. Underlying macroeconomic factors, such as increasing healthcare expenditure and a growing aging population, are driving the growth of the Medical Devices market in Belgium. The Belgian government has been increasing its healthcare expenditure in recent years, which has led to increased investment in medical devices. Furthermore, the country has a rapidly aging population, which is increasing the demand for medical devices that cater to the specific needs of elderly patients. In conclusion, the Medical Devices market in Belgium is experiencing steady growth due to customer preferences for advanced technology, a shift towards home healthcare and remote monitoring solutions, local special circumstances that support innovation, and underlying macroeconomic factors such as increasing healthcare expenditure and an aging population. These factors are driving the demand for medical devices in Belgium and creating opportunities for manufacturers and suppliers in the market.

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.