Medical Devices - Ukraine | Statista Market Forecast

The projected revenue in the Medical Devices market market in Ukraine is expected to reach US$765.50m by 2024.
Within this market, the largest market is Cardiology_Devices, which is projected to have a market volume of US$126.50m in 2024.
The revenue in the Medical Devices market market is expected to grow at an annual growth rate of 6.15% from 2024 to 2029 (CAGR 2024-2029), resulting in a market volume of US$1.03bn by 2029.
When compared globally, the United States is projected to generate the highest revenue in the Medical Devices market market, with US$181.00bn in 2024.
Ukraine is experiencing a surge in demand for advanced medical devices, driven by the need for modern healthcare infrastructure.

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 Ukraine has been experiencing significant growth in recent years, driven by various factors such as increasing healthcare expenditure, technological advancements, and a growing elderly population. Customer preferences in the Medical Devices market in Ukraine have been shifting towards more advanced and innovative products. With the increasing availability of information and awareness about healthcare, consumers are becoming more knowledgeable and demanding when it comes to medical devices. They are seeking devices that are not only effective but also user-friendly, portable, and capable of delivering accurate results. In addition, there is a growing demand for devices that can be used for remote monitoring and telemedicine, allowing patients to receive healthcare services from the comfort of their homes. Trends in the market show a growing adoption of digital health technologies in Ukraine. This includes the use of mobile apps, wearable devices, and remote monitoring systems to track and manage various health conditions. The COVID-19 pandemic has further accelerated the adoption of telemedicine and remote monitoring, as healthcare providers and patients seek alternatives to in-person consultations. As a result, there has been an increased demand for devices such as digital thermometers, pulse oximeters, and telehealth platforms. Local special circumstances in Ukraine also contribute to the development of the Medical Devices market. The country has a rapidly aging population, which creates a significant demand for medical devices that cater to the needs of elderly individuals. This includes devices for monitoring chronic conditions, mobility aids, and assistive devices. Furthermore, the government has been actively promoting the development of the healthcare sector, including the medical devices industry. This has led to the establishment of various incentives and support programs for medical device manufacturers and suppliers. Underlying macroeconomic factors also play a role in the growth of the Medical Devices market in Ukraine. The country has been experiencing steady economic growth, which has resulted in an increase in disposable income and healthcare spending. Additionally, the government has been investing in the modernization of healthcare infrastructure and the improvement of healthcare services, which has created a favorable environment for the development and adoption of medical devices. In conclusion, the Medical Devices market in Ukraine is experiencing growth due to increasing healthcare expenditure, technological advancements, and a growing elderly population. Customer preferences are shifting towards more advanced and innovative products, while trends in the market show a growing adoption of digital health technologies. Local special circumstances, such as the aging population and government support, further contribute to the development of the market. Underlying macroeconomic factors, including economic growth and government investments, also play a role in the market's growth.

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.