Medical Technology - Romania

Romania

In Romania, the revenue in the Medical Technology market market is anticipated to reach US$2.26bn in 2024.
The largest market within this market is Medical Devices, which is projected to have a market volume of US$1.89bn in 2024.
It is expected that the revenue will experience a compound annual growth rate (CAGR 2024-2029) of 5.11%, leading to a market volume of US$2.90bn by 2029.
In comparison to other countries, the United States is projected to generate the highest revenue, amounting to US$211.10bn in 2024.
Romania's medical technology market is experiencing a surge in demand for telemedicine solutions due to the country's extensive rural areas and limited access to healthcare facilities.

Key regions: United States, Germany, China, Japan, France

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Analyst Opinion

The Medical Technology market in Romania is experiencing significant growth and development, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Medical Technology market in Romania are shifting towards more advanced and innovative healthcare solutions. Patients and healthcare professionals are increasingly looking for medical devices and technologies that can improve the accuracy, efficiency, and effectiveness of diagnosis, treatment, and monitoring. This includes a growing demand for digital health solutions, telemedicine, wearable devices, and minimally invasive surgical procedures. The preference for these advanced technologies is driven by the desire for better patient outcomes, improved healthcare delivery, and cost-effectiveness. Trends in the Medical Technology market in Romania are aligned with global trends in the industry. There is a growing focus on personalized medicine and precision diagnostics, which require advanced medical technologies such as genetic testing, molecular diagnostics, and imaging technologies. The market is also witnessing an increase in the adoption of digital health solutions, including electronic health records, telemedicine platforms, and mobile health applications. Additionally, there is a rising demand for remote patient monitoring devices, as well as robotics and automation in surgical procedures. Local special circumstances in Romania are contributing to the growth of the Medical Technology market. The country has a rapidly aging population, which is driving the demand for healthcare services and medical technologies. Additionally, Romania is investing in the modernization of its healthcare infrastructure, including the development of new hospitals and medical facilities. This creates opportunities for medical technology companies to provide state-of-the-art equipment and solutions. Furthermore, Romania has a growing medical tourism sector, attracting patients from neighboring countries who seek high-quality medical treatments and procedures. Underlying macroeconomic factors are also playing a role in the development of the Medical Technology market in Romania. The country has been experiencing steady economic growth, which has led to increased healthcare spending. The government has been investing in healthcare reforms and improving access to healthcare services, which creates a favorable environment for the adoption of medical technologies. Additionally, Romania is a member of the European Union, which provides access to funding and resources for the development and implementation of innovative healthcare solutions. In conclusion, the Medical Technology market in Romania is experiencing growth and development driven by customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The shift towards advanced and innovative healthcare solutions, the adoption of digital health technologies, the focus on personalized medicine, and the aging population are all contributing to the expansion of the market. With ongoing investments in healthcare infrastructure and favorable macroeconomic conditions, the Medical Technology market in Romania is expected to continue its growth trajectory 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.