Market Insights Health Medical Technology

Medical Devices - CIS

The projected revenue in the Medical Devices market market in the Commonwealth of Independent States (in Commonwealth of Independent States (CIS)) is estimated to reach US$5.64bn in 2024.
Within this market, the largest market is Cardiology_Devices, which is projected to have a market volume of US$0.81bn in 2024.
It is anticipated that the revenue in this market will experience an annual growth rate (CAGR 2024-2029) of 5.41%, resulting in a market volume of US$7.34bn by 2029.
When compared globally, the United States is expected to generate the highest revenue, reaching US$181.00bn in 2024.
In the CIS market for Medical Devices, there is a growing demand for innovative technologies that can cater to the unique healthcare needs of the region.

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

Market

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Region comparison

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Analyst Opinion

The Medical Devices market in CIS is witnessing significant growth and development due to various factors. Customer preferences in the CIS region are shifting towards advanced medical devices that offer improved accuracy, efficiency, and patient comfort. With the increasing awareness about healthcare and the growing demand for quality medical services, customers are seeking technologically advanced devices that can provide accurate diagnosis and treatment. Additionally, the aging population in the region is also driving the demand for medical devices, as the elderly population requires more medical care and assistance. Trends in the Medical Devices market in CIS include the adoption of digital health technologies and the increasing use of wearable devices. Digital health technologies, such as telemedicine and remote patient monitoring, are gaining popularity in the region as they enable healthcare providers to remotely monitor patients and provide timely interventions. Wearable devices, such as fitness trackers and smartwatches, are also becoming more prevalent as they allow individuals to monitor their health and fitness levels on a daily basis. Local special circumstances in the CIS region, such as the presence of a large rural population and limited access to healthcare facilities, are driving the demand for medical devices. In many rural areas, healthcare facilities are scarce, and people have to travel long distances to access medical services. As a result, there is a growing need for portable and easy-to-use medical devices that can be used in remote areas. Additionally, the lack of trained healthcare professionals in some regions also necessitates the use of medical devices that can be operated by non-specialists. Underlying macroeconomic factors, such as the increasing healthcare expenditure and government initiatives to improve healthcare infrastructure, are contributing to the growth of the Medical Devices market in CIS. Governments in the region are investing in the development of healthcare infrastructure and are implementing policies to promote the use of advanced medical devices. The growing healthcare expenditure is also enabling individuals to afford expensive medical devices, further driving the market growth. In conclusion, the Medical Devices market in CIS is experiencing significant growth and development due to changing customer preferences, adoption of digital health technologies, local special circumstances, and underlying macroeconomic factors. The demand for advanced medical devices is expected to continue to rise in the coming years as the region focuses on improving healthcare services and infrastructure.

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.