Medical Devices - Iceland | Statista Market Forecast

The projected revenue in Iceland's Medical Devices market market is expected to reach US$130.30m in 2024.
Among the various markets, Cardiology_Devices is projected to be the largest with a market volume of US$17.51m in the same year.
Looking ahead, the market is anticipated to grow at an annual growth rate of 7.37% (CAGR 2024-2029), resulting in a market volume of US$185.90m by 2029.
When compared globally, the United States is forecasted to generate the highest revenue of US$181.00bn in 2024.
Iceland is at the forefront of medical device innovation, with a strong focus on developing cutting-edge technology for remote healthcare and telemedicine.

Definition:
The Medical Devices market includes instruments and machines helping for the prevention, diagnosis, and treatment of diseases. This market is further broken down into 6 submarkets according to medical specialties or types of application. Medical devices that treat the heart, such as pacemakers, can be found in the Cardiology Devices market. The Diagnostic Imaging market covers machines and instruments for diagnosis of many different kinds of conditions. Devices for orthopedic applications, such as joint implants, are included in the Orthopedic Devices market. Ophthalmic Devices are devices used for conditions related to the eye. The General & Plastic Surgery Devices covers many different products required for surgeries. The Other Medical Devices market provides information on additional areas that are not covered by the main markets.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Medtronic, Johnson & Johnson, Siemens Healthineers.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Active medical devices (i.e., operating with electrical energy)

Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Products for laboratory testing (IVD)

The Medical Devices market in Iceland is experiencing steady growth due to various factors such as increasing healthcare expenditure, technological advancements, and a growing elderly population.

Customer preferences: In Iceland, customers have a strong preference for high-quality medical devices that are reliable and efficient. They value devices that are easy to use and provide accurate results. Additionally, customers in Iceland are increasingly seeking out innovative medical devices that offer advanced features and improved patient outcomes.

Trends in the market: One of the key trends in the Medical Devices market in Iceland is the adoption of digital health technologies. This includes the use of telemedicine, wearable devices, and remote monitoring systems. These technologies allow for better management of chronic diseases and enable patients to receive care from the comfort of their own homes. The COVID-19 pandemic has further accelerated the adoption of telehealth services in Iceland, as it provides a safe and convenient way for patients to consult with healthcare professionals. Another trend in the market is the increasing demand for minimally invasive medical devices. These devices offer several benefits such as shorter recovery times, reduced risk of complications, and lower healthcare costs. As a result, there is a growing demand for surgical instruments, endoscopes, and other minimally invasive devices in Iceland.

Local special circumstances: Iceland has a unique healthcare system that is funded by the government through taxes. This means that healthcare services, including medical devices, are provided to all citizens free of charge. This universal healthcare system ensures that everyone in Iceland has access to the medical devices they need, regardless of their financial situation. This has contributed to the high demand for medical devices in the country.

Underlying macroeconomic factors: The growing elderly population in Iceland is a key driver of the Medical Devices market. As the population ages, the demand for medical devices such as mobility aids, hearing aids, and cardiac devices increases. This trend is expected to continue in the coming years, as the proportion of elderly people in Iceland's population continues to rise. Additionally, Iceland has been experiencing steady economic growth in recent years, which has led to an increase in healthcare expenditure. This has allowed the government to invest in improving healthcare infrastructure and purchasing advanced medical devices. The strong economy and government support have created a favorable environment for the growth of the Medical Devices market in Iceland. In conclusion, the Medical Devices market in Iceland is witnessing growth due to customer preferences for high-quality and innovative devices, the adoption of digital health technologies, and the increasing demand for minimally invasive devices. The country's unique healthcare system and the growing elderly population are also contributing factors. The strong economy and government support for healthcare expenditure further support the growth of the market.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.