Other Medical Devices - Iceland | Statista Market Forecast

In Iceland, the revenue in the market of Other Medical Devices market is projected to reach US$36.25m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 5.48%, leading to a market volume of US$47.33m by 2029.
When compared globally, the United States is forecasted to generate the most revenue in this market, amounting to US$58.90bn in 2024.
Iceland's market for other medical devices in the medical technology sector is witnessing a surge in demand for innovative and sustainable solutions to enhance healthcare outcomes.

Definition:
The market Other Medical Devices covers revenues for areas that are not specifically mentioned in the other submarkets, such as endoscopy, drug delivery, dental medicine, wound management, diabetes care, nephrology, neurology, and ENT.

Drug delivery
Wound management

Medical devices covered in other markets
Pharmaceuticals
Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Blood and transplants derived from the human body

The Other Medical Devices market in Iceland is experiencing steady growth and development due to several factors.

Customer preferences: Customers in Iceland have shown a growing preference for advanced medical devices that offer improved accuracy, efficiency, and convenience. They are increasingly seeking innovative solutions that can enhance patient care and provide better outcomes. This preference for advanced technology is driving the demand for Other Medical Devices in the market.

Trends in the market: One of the key trends in the Other Medical Devices market in Iceland is the increasing adoption of wearable devices. These devices are gaining popularity among both healthcare professionals and patients as they offer real-time monitoring and tracking of various health parameters. The demand for wearable devices such as activity trackers, smartwatches, and fitness bands is on the rise, contributing to the growth of the market. Another trend in the market is the focus on home healthcare devices. With the growing aging population and the preference for aging in place, there is a rising demand for medical devices that can be used at home. This includes devices such as blood glucose monitors, nebulizers, and home diagnostic kits. The convenience and cost-effectiveness of using these devices at home are driving their adoption in the market.

Local special circumstances: Iceland has a well-developed healthcare system that provides universal access to healthcare services. The government plays a significant role in the provision of healthcare and invests in the latest medical technologies. This favorable healthcare infrastructure creates a conducive environment for the growth of the Other Medical Devices market in Iceland.

Underlying macroeconomic factors: Iceland has a stable economy with a high standard of living. The country has a strong healthcare system and invests in research and development to promote innovation in the medical field. The government's focus on healthcare and the availability of funding for medical research and development contribute to the growth of the Other Medical Devices market. In conclusion, the Other Medical Devices market in Iceland is experiencing growth and development due to customer preferences for advanced technology, trends such as the adoption of wearable devices and home healthcare devices, the favorable healthcare infrastructure, and the underlying macroeconomic factors. The market is expected to continue to expand as the demand for innovative medical devices increases in Iceland.

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.