Market Insights Health Medical Technology

Medical Devices - Latvia

Latvia

In 2024, it is projected that the Medical Devices market market in Latvia will reach a revenue of US$235.80m.
Among the different markets, the largest one is Cardiology_Devices, which is expected to have a market volume of US$35.03m in 2024.
Looking ahead, the market is anticipated to experience a steady annual growth rate of 6.23% between 2024 and 2029 (CAGR 2024-2029), resulting in a market volume of US$319.00m by 2029.
When compared globally, the United States is forecasted to generate the highest revenue, amounting to US$181.00bn in 2024.
Latvia is emerging as a hub for medical device innovation, with a growing number of startups and a supportive regulatory environment.

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

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Analyst Opinion

The Medical Devices market in Latvia is experiencing steady growth due to various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Medical Devices market in Latvia are influenced by global trends and advancements in technology. Customers are increasingly seeking medical devices that are innovative, efficient, and user-friendly. They prefer devices that offer accurate and reliable results, while also being portable and easy to use. Additionally, customers in Latvia are becoming more conscious of their health and are willing to invest in medical devices that help them monitor and manage their well-being. Trends in the market indicate a growing demand for medical devices in Latvia. The country has a well-developed healthcare system that provides quality medical services to its population. As a result, there is a need for advanced medical devices to support healthcare professionals in diagnosing and treating various conditions. Additionally, the aging population in Latvia is driving the demand for medical devices such as mobility aids, home healthcare devices, and assistive technologies. Local special circumstances in Latvia also contribute to the development of the Medical Devices market. The country has a small population compared to other European countries, which creates a niche market for medical device manufacturers. This allows companies to focus on developing specialized devices that cater to the specific needs of the Latvian population. Furthermore, Latvia is a member of the European Union, which provides opportunities for medical device manufacturers to access a larger market and comply with EU regulations. Underlying macroeconomic factors play a significant role in the growth of the Medical Devices market in Latvia. The country has a stable economy with a growing middle class that has higher disposable income. This allows individuals to afford medical devices and invest in their health. Additionally, the government of Latvia has been investing in healthcare infrastructure and technology, which further supports the growth of the Medical Devices market. In conclusion, the Medical Devices market in Latvia is developing due to customer preferences for innovative and user-friendly devices, trends in the market driven by the healthcare system and aging population, local special circumstances that create a niche market, and underlying macroeconomic factors such as a stable economy and government investments in healthcare.

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.