Market Insights Health Medical Technology

Medical Devices - EMEA

EMEA

The projected revenue in the Medical Devices market market in Europe, the Middle East, and Africa (in Europe, the Middle East, and Africa) is expected to reach US$174.00bn by 2024.
Among the various markets, Cardiology_Devices is anticipated to be the largest, with a projected market volume of US$25.46bn in the same year.
Looking ahead, it is estimated that the revenue in this market will experience an annual growth rate (CAGR 2024-2029) of 5.13%, resulting in a market volume of US$223.50bn by 2029.
In global comparison, the United States is predicted to generate the highest revenue in the Medical Devices market market, with an estimated amount of US$181.00bn in 2024.
In EMEA, Germany leads the way in medical device innovation, with a strong focus on precision engineering and cutting-edge technology.

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

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Analyst Opinion

The Medical Devices market in EMEA is experiencing significant growth and development. Customer preferences in the Medical Devices market in EMEA are driven by several factors. First, there is a growing demand for innovative and technologically advanced medical devices that can improve patient outcomes and enhance the efficiency of healthcare delivery. Customers in EMEA are increasingly seeking devices that offer advanced features such as wireless connectivity, remote monitoring, and real-time data analysis. Second, there is a rising focus on cost-effectiveness and value for money. Customers are looking for medical devices that provide high-quality performance at affordable prices. Finally, there is a growing awareness of the importance of preventive healthcare and wellness, which is driving the demand for devices that can help individuals monitor and manage their health on a regular basis. Trends in the Medical Devices market in EMEA are shaped by a combination of global and regional factors. One major trend is the increasing adoption of digital health technologies. These technologies, such as wearable devices, mobile apps, and telemedicine platforms, are revolutionizing healthcare delivery by enabling remote monitoring, personalized treatment plans, and improved patient engagement. Another trend is the growing focus on personalized medicine. Advances in genomics and molecular diagnostics are enabling healthcare providers to tailor treatments to individual patients, resulting in better outcomes and reduced healthcare costs. Additionally, there is a growing trend towards home healthcare and self-care devices. With an aging population and increasing healthcare costs, there is a shift towards providing care in the home setting, and medical devices that can be used by patients themselves are in high demand. Local special circumstances in the Medical Devices market in EMEA vary across countries and regions. In some countries, such as Germany and Switzerland, there is a strong emphasis on precision engineering and high-quality manufacturing, which has led to the development of a robust medical devices industry. These countries are known for their expertise in producing high-end medical devices and are major exporters of medical devices to other countries in EMEA and beyond. In other countries, such as the United Kingdom and France, there is a strong focus on research and development, leading to the development of innovative medical devices and technologies. Underlying macroeconomic factors also play a role in the development of the Medical Devices market in EMEA. Economic growth, increasing healthcare expenditure, and favorable government policies are driving the demand for medical devices. Additionally, the aging population and the prevalence of chronic diseases are increasing the need for medical devices that can help manage these conditions. On the other hand, cost containment measures and pricing pressures are challenges that medical device manufacturers and suppliers face in the region. Overall, the Medical Devices market in EMEA is poised for continued growth and innovation, driven by customer preferences, global trends, local special circumstances, and underlying macroeconomic factors.

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.