Market Insights Health Medical Technology

Medical Devices - Greece

Greece

In 2024, the projected revenue in the Medical Devices market market in Greece is expected to reach US$1,591.00m.
The largest market within this market is Cardiology_Devices, with a projected market volume of US$236.70m in the same year.
Looking ahead, the revenue is anticipated to exhibit an annual growth rate of 3.38% between 2024 and 2029, resulting in a market volume of US$1,879.00m by 2029.
It is worth noting that in a global comparison, the United States is expected to generate the highest revenue of US$181.00bn in 2024.
Despite economic challenges, Greece has witnessed a growing demand for innovative medical devices to improve healthcare outcomes.

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

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Analyst Opinion

The Medical Devices market in Greece is experiencing significant growth and development in recent years.

Customer preferences: Customers in Greece are increasingly demanding advanced and innovative medical devices that offer improved accuracy, efficiency, and patient comfort. They are also seeking devices that are easy to use and maintain, as well as those that are cost-effective. Additionally, there is a growing preference for medical devices that are compatible with digital and telemedicine technologies, allowing for remote monitoring and consultation.

Trends in the market: One of the key trends in the Medical Devices market in Greece is the increasing adoption of digital health technologies. This includes wearable devices, remote monitoring systems, and mobile applications that allow patients to track their health conditions and communicate with healthcare professionals. The COVID-19 pandemic has further accelerated the adoption of telemedicine and remote monitoring solutions, as they provide a safer and more convenient way for patients to receive healthcare services. Another trend in the market is the focus on personalized medicine. There is a growing demand for medical devices that can be tailored to individual patients' needs and conditions. This includes devices that can deliver personalized treatments, such as implantable drug delivery systems or customized prosthetics. Advances in technology, such as 3D printing, have made it possible to create highly customized medical devices, leading to improved patient outcomes.

Local special circumstances: Greece has a well-established healthcare system that provides universal coverage to its citizens. However, the country has been facing economic challenges in recent years, which has put pressure on healthcare budgets. As a result, there is a growing emphasis on cost-effective medical devices that offer value for money. This has led to increased competition among medical device manufacturers, as they strive to offer affordable yet high-quality products.

Underlying macroeconomic factors: The Greek economy has been recovering from a prolonged financial crisis, which has had an impact on the healthcare sector. Government initiatives to improve the healthcare system and increase access to healthcare services have contributed to the growth of the Medical Devices market. Additionally, Greece has a rapidly aging population, which is driving the demand for medical devices that cater to the needs of elderly patients. The government's focus on healthcare infrastructure development and the promotion of medical tourism are also supporting the growth of the market. In conclusion, the Medical Devices market in Greece is experiencing growth and development driven by customer preferences for advanced and innovative devices, the adoption of digital health technologies, and the focus on personalized medicine. The local special circumstances, such as the emphasis on cost-effective solutions, and the underlying macroeconomic factors, including government initiatives and an aging population, are contributing to the market's growth.

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.