Medical Devices - Portugal | Statista Market Forecast

The projected revenue for the Medical Devices market market in Portugal is expected to reach US$2.23bn in 2024.
Amongst the various markets within the market, Cardiology_Devices is anticipated to be the largest, with a projected market volume of US$336.20m in 2024.
The revenue is projected to exhibit an annual growth rate of 5.44%, resulting in a market volume of US$2.90bn by 2029.
In comparison to other countries, the United States is expected to generate the highest revenue, amounting to US$181.00bn in 2024.
Portugal is experiencing a growing demand for advanced medical devices, driven by the country's aging population and increasing healthcare investments.

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 Portugal is experiencing steady growth and development, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Portugal are playing a significant role in shaping the Medical Devices market. Portuguese consumers are increasingly seeking advanced and innovative medical devices that offer superior quality and reliability. They are also placing a strong emphasis on devices that are easy to use and provide accurate results. As a result, there is a growing demand for technologically advanced medical devices that can improve diagnosis, treatment, and patient outcomes. Trends in the market are also contributing to the growth of the Medical Devices market in Portugal. One of the key trends is the increasing adoption of digital health technologies. The integration of digital health solutions with medical devices is revolutionizing healthcare delivery in Portugal. From wearable devices that monitor vital signs to telemedicine platforms that enable remote consultations, these technologies are enhancing the efficiency and accessibility of healthcare services. Additionally, there is a growing focus on personalized medicine, with medical devices being developed to cater to individual patient needs. Local special circumstances are also influencing the Medical Devices market in Portugal. The country has a well-developed healthcare system and a strong commitment to providing high-quality healthcare services to its population. This is driving the demand for advanced medical devices that can support the delivery of quality healthcare. Furthermore, Portugal has a rapidly aging population, which is increasing the prevalence of chronic diseases and creating a greater need for medical devices that can assist in disease management and monitoring. Underlying macroeconomic factors are also contributing to the growth of the Medical Devices market in Portugal. The country has a stable economy and a favorable business environment, which is attracting investments from both domestic and international medical device manufacturers. Additionally, the government has implemented policies to support the development and adoption of medical devices, including incentives for research and development and favorable reimbursement schemes. These factors are creating a conducive environment for the growth of the Medical Devices market in Portugal. In conclusion, the Medical Devices market in Portugal is experiencing steady growth and development. Customer preferences for advanced and innovative medical devices, trends in the market such as the adoption of digital health technologies, local special circumstances such as a well-developed healthcare system and an aging population, and underlying macroeconomic factors such as a stable economy and supportive government policies are driving the growth of the market.

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.