Definition:
The Medical Technology market covers devices and products used for prevention, diagnosis, and treatment of diseases. Next to pharmaceuticals, they form the most important category of medical products. The most well known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants.
Structure:
The Medical Technology market consists of two markets, In Vitro Diagnostics (IVD) and Medical Devices. The IVD market covers products used for medical laboratory testing of specimens derived from the human body. The Medical Devices market covers a broad range of products which are further marketed into medical specialties or types of application: Cardiology Devices, Diagnostic Imaging Devices, Orthopedic Devices, Ophthalmic Devices, and General & Plastic Surgery Devices. 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, Abbott Laboratories, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.
Notes: Data shown is using current exchange rates and reflects market impacts of the Russia-Ukraine war.
Most recent update: Aug 2024
Source: Statista Market Insights
Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.
Most recent update: Mar 2024
Most recent update: Mar 2024
Source: Statista Market Insights
The Medical Technology market in Portugal is experiencing significant growth and development in recent years.
Customer preferences: Portuguese customers in the Medical Technology market show a strong preference for innovative and advanced medical devices and equipment. They value products that are reliable, efficient, and provide accurate results. Additionally, customers in Portugal prioritize cost-effectiveness and affordability when choosing medical technology solutions.
Trends in the market: One major trend in the Portuguese Medical Technology market is the increasing adoption of digital health solutions. This includes telemedicine, remote patient monitoring, and health apps. The COVID-19 pandemic has accelerated the demand for these technologies, as they allow for remote consultations and monitoring, reducing the need for in-person visits. Another trend in the market is the growing focus on personalized medicine. Advances in genetic testing and molecular diagnostics have enabled healthcare providers in Portugal to tailor treatments to individual patients, improving outcomes and reducing healthcare costs. Additionally, there is a rising demand for minimally invasive surgical procedures and robotic-assisted surgeries, as they offer faster recovery times and reduced risk of complications.
Local special circumstances: Portugal has a well-developed healthcare system that provides universal coverage to its citizens. The government has been making efforts to modernize the healthcare sector and improve access to quality healthcare services. This has created a favorable environment for the growth of the Medical Technology market. Additionally, the aging population in Portugal is driving the demand for medical technology solutions. As the elderly population increases, there is a greater need for medical devices and equipment to support their healthcare needs.
Underlying macroeconomic factors: The Portuguese economy has been steadily recovering from the global financial crisis, leading to increased healthcare spending. The government has been investing in healthcare infrastructure and technology to improve the quality of healthcare services. Furthermore, Portugal is part of the European Union, which provides funding opportunities for research and development in the medical technology sector. This has encouraged innovation and the development of new medical devices and equipment in the country. The favorable regulatory environment and access to EU markets also attract international medical technology companies to invest in Portugal. In conclusion, the Medical Technology market in Portugal is experiencing growth and development due to customer preferences for innovative and cost-effective solutions, the adoption of digital health technologies, the focus on personalized medicine, the aging population, and favorable macroeconomic factors. This presents opportunities for both domestic and international companies in the market.
Most recent update: Aug 2024
Source: Statista Market Insights
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights