Market Insights Health Medical Technology Medical Devices

Other Medical Devices - Hungary

Hungary

In Hungary, the revenue in the Other Medical Devices market market is forecasted to reach US$211.30m in 2024.
It is anticipated that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 3.41%, culminating in a market volume of US$249.90m by 2029.
When compared globally, the United States is projected to generate the highest revenue, amounting to US$58,900.00m in 2024.
Hungary has seen a significant rise in demand for innovative and cost-effective medical devices, driving growth in the Other Medical Devices market.

Key regions: United Kingdom, China, Netherlands, Europe, Italy

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Analyst Opinion

The Other Medical Devices market in Hungary is experiencing steady growth due to several factors.

Customer preferences: Customers in Hungary are increasingly seeking out innovative and technologically advanced medical devices. They are looking for products that offer improved accuracy, efficiency, and convenience in diagnosing and treating various medical conditions. Additionally, there is a growing demand for devices that are compact, portable, and user-friendly, allowing patients to monitor their health at home.

Trends in the market: One of the key trends in the Other Medical Devices market in Hungary is the increasing adoption of wearable devices. These devices, such as smartwatches and fitness trackers, are not only popular among consumers for tracking their physical activity and sleep patterns but also have medical applications. Wearable devices that can monitor vital signs, such as heart rate, blood pressure, and oxygen levels, are becoming more prevalent in the market. These devices provide individuals with real-time data about their health, allowing them to take proactive measures to manage their conditions. Another trend in the market is the growing demand for telehealth solutions. Telehealth allows patients to consult with healthcare professionals remotely, eliminating the need for in-person visits. This is particularly beneficial for individuals living in rural areas or those with limited mobility. The COVID-19 pandemic has further accelerated the adoption of telehealth services in Hungary, as it provides a safe and convenient way for patients to receive medical advice and prescriptions without leaving their homes.

Local special circumstances: Hungary has a well-developed healthcare system with a strong emphasis on medical research and innovation. The country has a number of renowned medical universities and research institutions that contribute to the development of new medical devices. This local expertise and infrastructure create a conducive environment for the growth of the Other Medical Devices market in Hungary.

Underlying macroeconomic factors: The growing aging population in Hungary is a significant driver of the Other Medical Devices market. As the population ages, the demand for medical devices that can assist in the management of chronic conditions and age-related ailments increases. This includes devices such as glucose monitors for diabetes management, mobility aids for the elderly, and home monitoring systems for cardiovascular diseases. Furthermore, the government of Hungary has been investing in healthcare infrastructure and technology to improve the quality and accessibility of healthcare services. This includes initiatives to modernize hospitals, increase the availability of medical devices, and promote digital health solutions. These investments create a favorable environment for the growth of the Other Medical Devices market in Hungary. In conclusion, the Other Medical Devices market in Hungary is experiencing steady growth due to customer preferences for innovative and technologically advanced devices, the adoption of wearable devices and telehealth solutions, the local expertise and infrastructure in medical research and innovation, and the underlying macroeconomic factors such as the growing aging population 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.