Market Insights Health Medical Technology

Medical Devices - EAEU

EAEU

The projected revenue in the Medical Devices market market within the Eurasian Economic Union (in Eurasian Economic Union (EAEU)) is expected to reach US$5.05bn by the year 2024.
Among the different markets, Cardiology_Devices is anticipated to hold the largest market share with a projected volume of US$0.73bn in 2024.
Looking ahead, the market is expected to exhibit a steady annual growth rate (CAGR 2024-2029) of 4.88%, resulting in a market volume of US$6.41bn by 2029.
It is worth noting that in a global comparison, the United States is projected to generate the highest revenue, amounting to US$181.00bn in 2024.
The EAEU medical devices market is experiencing a surge in demand for advanced diagnostic equipment and surgical instruments.

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

Market

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Region comparison

Currency

Analyst Opinion

The Medical Devices market in EAEU is experiencing significant growth and development.

Customer preferences: Customers in the EAEU region are increasingly seeking innovative and technologically advanced medical devices. They are looking for devices that are efficient, accurate, and easy to use. There is a growing demand for devices that can improve patient outcomes and provide better healthcare services. Customers also prioritize devices that are cost-effective and offer good value for money.

Trends in the market: One of the key trends in the Medical Devices market in EAEU is the increasing adoption of digital health technologies. This includes the use of telemedicine, wearable devices, and remote monitoring systems. These technologies enable healthcare providers to deliver care to patients in remote areas and improve access to healthcare services. The demand for digital health technologies is driven by the need for more efficient and personalized healthcare solutions. Another trend in the market is the growing focus on preventive healthcare. There is a shift towards early diagnosis and treatment of diseases, which has led to an increased demand for diagnostic devices. Customers are increasingly investing in devices that can detect diseases at an early stage and monitor their health on a regular basis. This trend is driven by the desire to reduce healthcare costs and improve patient outcomes.

Local special circumstances: The EAEU region consists of five member states - Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. Each country has its own specific healthcare needs and challenges. For example, Russia has the largest population in the region and a high burden of non-communicable diseases. This creates a significant demand for medical devices that can help in the diagnosis and management of these diseases. On the other hand, countries like Kyrgyzstan and Kazakhstan have a smaller population and different healthcare priorities. This diversity in healthcare needs and challenges creates opportunities for medical device manufacturers to cater to the specific requirements of each country.

Underlying macroeconomic factors: The growth and development of the Medical Devices market in EAEU are influenced by several macroeconomic factors. These include the overall economic growth of the region, government healthcare policies, and healthcare infrastructure development. As the economies in the EAEU region continue to grow, there is an increase in healthcare spending, which drives the demand for medical devices. Government initiatives to improve healthcare services and infrastructure also contribute to the growth of the market. Additionally, the aging population in the region is a key driver of the medical devices market, as there is a higher demand for devices that can help in the management of chronic diseases and age-related conditions. Overall, the Medical Devices market in EAEU is experiencing growth and development due to customer preferences for innovative and technologically advanced devices, the adoption of digital health technologies, the focus on preventive healthcare, local special circumstances, and underlying macroeconomic factors. This presents opportunities for medical device manufacturers to expand their presence in the region and cater to the specific needs of each country.

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.