Market Insights Health Medical Technology

Medical Devices - Eastern Europe

Eastern Europe

In 2024, the projected revenue in the Medical Devices market market in Eastern Europe is expected to reach US$7.61bn.
Among the different markets, Cardiology_Devices is the largest, with a projected market volume of US$1.12bn in 2024.
Looking ahead, the market is expected to grow at an annual growth rate of 5.04% (CAGR 2024-2029), resulting in a market volume of US$9.73bn by 2029.
It is worth noting that, in global comparison, the United States is expected to generate the highest revenue, with US$181.00bn in 2024.
In Eastern Europe, the demand for medical devices is growing rapidly, driven by an aging population and an increasing focus on healthcare infrastructure development.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Medical Devices market in Eastern Europe has been experiencing steady growth in recent years, driven by various factors such as increasing healthcare expenditure, technological advancements, and rising demand for healthcare services. Customer preferences in the Medical Devices market in Eastern Europe are primarily focused on quality and affordability. Consumers in this region are becoming more aware of the importance of healthcare and are willing to invest in medical devices that can provide accurate and reliable results. They also seek products that are cost-effective and offer value for money. Trends in the market indicate a shift towards digitalization and automation. Medical devices that can streamline processes, improve efficiency, and enhance patient care are in high demand. The adoption of telemedicine and remote patient monitoring solutions has also increased, especially in rural and remote areas where access to healthcare facilities is limited. Additionally, there is a growing emphasis on preventive healthcare, leading to an increased demand for devices that can monitor and track individuals' health parameters. Local special circumstances in Eastern Europe play a significant role in shaping the Medical Devices market. The region consists of several countries with varying levels of economic development and healthcare infrastructure. While some countries have well-established healthcare systems, others are still in the process of modernizing their healthcare facilities. This creates opportunities for both local and international medical device manufacturers to cater to the specific needs of each country. Underlying macroeconomic factors such as increasing healthcare expenditure and government initiatives to improve healthcare infrastructure are driving the growth of the Medical Devices market in Eastern Europe. Governments in the region are investing in healthcare reforms and infrastructure development to meet the growing healthcare needs of their populations. This, in turn, creates a favorable environment for the market players to introduce innovative medical devices and expand their presence in the region. In conclusion, the Medical Devices market in Eastern Europe is witnessing steady growth due to increasing healthcare expenditure, technological advancements, and rising demand for healthcare services. Customer preferences are focused on quality and affordability, while trends in the market indicate a shift towards digitalization and automation. Local special circumstances and underlying macroeconomic factors also contribute to the growth of the market in this region.

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.