Market Insights Health Medical Technology Medical Devices

Other Medical Devices - Turkey

Turkey

The projected revenue in the Other Medical Devices market market in Turkey is expected to reach US$1.69bn in 2024.
This represents a significant growth potential for the market in the country.
Looking ahead, the market is anticipated to show an annual growth rate (CAGR 2024-2029) of 4.24%, which will result in a market volume of US$2.08bn by 2029.
This indicates a positive trajectory for the industry in Turkey over the coming years.
In global comparison, it is worth noting that the United States is expected to generate the highest revenue in the Other Medical Devices market market.
In 2024, the revenue the United States is projected to reach US$58,900.00m.
This highlights the dominance of the United States in this market.
Turkey has seen a rise in demand for innovative medical devices, signaling a growing market for Other Medical Devices in the Medical Technology sector.

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

Market

Region

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Currency

Analyst Opinion

The Other Medical Devices market in Turkey is experiencing significant growth and development due to various factors.

Customer preferences: Customers in the Other Medical Devices market in Turkey are increasingly seeking innovative and technologically advanced products. They are looking for devices that offer improved accuracy, efficiency, and ease of use. Additionally, customers are placing a strong emphasis on the quality and reliability of the devices, as well as their affordability. They are also showing a growing interest in devices that are compatible with digital health technologies, such as telemedicine and remote patient monitoring.

Trends in the market: One of the key trends in the Other Medical Devices market in Turkey is the increasing adoption of home healthcare devices. This trend is driven by the growing aging population and the rising prevalence of chronic diseases. Home healthcare devices allow patients to monitor their health conditions and receive medical care in the comfort of their own homes, reducing the need for hospital visits and improving patient outcomes. In addition, there is a growing demand for wearable medical devices, such as fitness trackers and smartwatches, which can monitor vital signs and provide real-time health information. Another trend in the market is the shift towards minimally invasive medical procedures. This is driven by the desire to reduce patient discomfort, shorten recovery times, and lower healthcare costs. As a result, there is a growing demand for minimally invasive surgical devices and diagnostic tools. These devices offer greater precision and accuracy, resulting in improved patient outcomes.

Local special circumstances: The Turkish government has been taking initiatives to promote the development and adoption of medical devices in the country. This includes providing subsidies and tax incentives to local manufacturers, as well as implementing regulations to ensure the safety and quality of medical devices. These initiatives have created a favorable business environment for both domestic and international companies operating in the Other Medical Devices market in Turkey.

Underlying macroeconomic factors: The growth of the Other Medical Devices market in Turkey is also driven by favorable macroeconomic factors. Turkey has a large and growing population, which provides a significant customer base for medical devices. Additionally, the country has been experiencing economic growth and rising disposable incomes, which have increased the affordability of medical devices. Furthermore, the Turkish healthcare system is undergoing reforms to improve access to healthcare services, which is expected to drive the demand for medical devices. In conclusion, the Other Medical Devices market in Turkey is witnessing growth and development due to customer preferences for innovative and technologically advanced products, the adoption of home healthcare devices, the shift towards minimally invasive procedures, government initiatives, and favorable macroeconomic factors. These factors are expected to continue driving the growth of the market in the coming years.

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.