Medical Devices - Lithuania | Statista Market Forecast

In 2024, the projected revenue in the Medical Devices market market in Lithuania is expected to reach US$325.20m.
Among the various markets in this market, Cardiology_Devices is the largest, with a projected market volume of US$44.62m in the same year.
Looking ahead, the revenue in this market is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 5.60%, which would result in a market volume of US$427.00m by 2029.
When comparing in Lithuania to the global market, it is worth noting that the United States is expected to generate the highest revenue, with US$181.00bn in 2024.
Lithuania's medical device market is experiencing a surge in demand for advanced diagnostic equipment to improve healthcare outcomes.

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 Lithuania is experiencing steady growth and development.

Customer preferences: Customers in Lithuania are increasingly seeking out medical devices that are technologically advanced and offer innovative features. They are also looking for devices that are user-friendly and easy to operate. Additionally, there is a growing demand for medical devices that are portable and can be used at home, as more patients are opting for home healthcare options.

Trends in the market: One of the key trends in the Medical Devices market in Lithuania is the increasing adoption of digital health technologies. This includes the use of wearable devices, remote monitoring systems, and telemedicine solutions. These technologies enable healthcare providers to remotely monitor patients' health conditions and provide timely interventions. The use of digital health technologies is driven by the need to improve healthcare outcomes, increase efficiency, and reduce healthcare costs. Another trend in the market is the growing focus on personalized medicine. This involves tailoring medical treatments and devices to individual patients based on their genetic makeup, lifestyle, and other factors. Personalized medicine allows for more targeted and effective treatments, leading to better patient outcomes. The adoption of personalized medicine in Lithuania is supported by advancements in genetic testing and molecular diagnostics.

Local special circumstances: Lithuania has a well-developed healthcare system with a strong emphasis on preventive care. The government has implemented various initiatives to promote healthy living and disease prevention. This has created a favorable environment for the Medical Devices market, as there is a high demand for devices that can help individuals monitor their health and prevent the onset of diseases.

Underlying macroeconomic factors: Lithuania has a stable and growing economy, which is contributing to the growth of the Medical Devices market. The country has seen an increase in healthcare spending, driven by factors such as an aging population and the rising prevalence of chronic diseases. This has led to an increased demand for medical devices that can help in the diagnosis, treatment, and management of these conditions. In conclusion, the Medical Devices market in Lithuania is witnessing growth and development due to customer preferences for technologically advanced and user-friendly devices, the adoption of digital health technologies, the focus on personalized medicine, the emphasis on preventive care, and the underlying macroeconomic factors such as a stable economy and increased healthcare spending.

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.