Market Insights Health Medical Technology

Medical Devices - Moldova

Moldova

The revenue in Moldova's Medical Devices market market is forecasted to reach US$77.15m in 2024.
The largest market within this industry is Cardiology_Devices, with a projected market volume of US$11.50m in the same year.
It is expected that the revenue will experience an annual growth rate of 3.24% (CAGR 2024-2029), leading to a market volume of US$90.49m by 2029.
In a global context, the United States is anticipated to generate the highest revenue, amounting to US$179.80bn in 2024.
Moldova is experiencing a surge in the demand for innovative medical devices, as the country strives to modernize its healthcare system.

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

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Analyst Opinion

The Medical Devices market in Moldova is experiencing steady growth due to various factors such as increasing customer preferences for advanced medical technologies, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In Moldova, customers are increasingly preferring medical devices that are technologically advanced and offer better accuracy and efficiency in diagnosis and treatment. There is a growing demand for devices such as MRI machines, CT scanners, and ultrasound machines that provide high-quality imaging and aid in accurate diagnosis. Additionally, there is a rising preference for minimally invasive surgical devices that reduce patient discomfort and recovery time. Customers are also seeking devices that are cost-effective and offer long-term durability.

Trends in the market: One of the key trends in the Medical Devices market in Moldova is the growing adoption of telemedicine and remote patient monitoring devices. These devices allow healthcare professionals to remotely monitor patients' vital signs and provide timely medical interventions, especially in rural areas where access to healthcare facilities is limited. The COVID-19 pandemic has further accelerated the adoption of telemedicine, as it allows for safe and efficient healthcare delivery while minimizing the risk of virus transmission. Another trend in the market is the increasing focus on home healthcare devices. With the aging population and rising healthcare costs, there is a growing demand for devices that enable patients to receive medical care in the comfort of their homes. This includes devices such as glucose monitors, blood pressure monitors, and respiratory devices. Home healthcare devices not only provide convenience to patients but also help in reducing the burden on healthcare facilities.

Local special circumstances: Moldova is a lower-middle-income country with limited healthcare infrastructure and resources. This creates a need for affordable and accessible medical devices that can cater to the healthcare needs of the population. The government of Moldova has been taking initiatives to improve healthcare services and infrastructure, which has further fueled the demand for medical devices.

Underlying macroeconomic factors: The economic growth of Moldova plays a crucial role in the development of the Medical Devices market. As the economy grows, there is an increase in healthcare expenditure, which leads to higher demand for medical devices. Additionally, favorable government policies and regulations, such as tax incentives and import duty exemptions on medical devices, attract foreign investments and encourage the growth of the market. In conclusion, the Medical Devices market in Moldova is witnessing growth due to increasing customer preferences for advanced medical technologies, emerging trends in the market such as telemedicine and home healthcare devices, local special circumstances including limited healthcare infrastructure, and underlying macroeconomic factors such as economic growth and favorable government policies.

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.