Medical Technology

The Medical Technology market market in Ukraine is expected to achieve a revenue of US$893.30m in the year 2024.
Among the various markets in this market, Medical Devices hold the largest share, with a projected market volume of US$765.50m in 2024.
It is anticipated that the revenue will witness a compound annual growth rate (CAGR 2024-2029) of 5.75%, resulting in a market volume of US$1.18bn by 2029.
In a global context, the United States is expected to generate the highest revenue of US$211.10bn in 2024.
Ukraine's medical technology market is experiencing a surge in demand for advanced imaging systems and telemedicine solutions.

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.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Products for laboratoy testing (IVD)
Active medical devices (i.e., operating with electrical energy)

Pharmaceuticals
Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Blood and transplants derived from the human body

The Medical Technology market in Ukraine is experiencing significant growth and development due to various factors. Customer preferences in the Medical Technology market in Ukraine are driven by the increasing demand for advanced healthcare solutions and the desire for improved patient outcomes. Ukrainian consumers are becoming more aware of the benefits of medical technology and are seeking innovative and efficient solutions to address their healthcare needs. They are increasingly looking for medical devices and equipment that are reliable, cost-effective, and provide accurate diagnoses and treatments. Additionally, there is a growing preference for minimally invasive procedures and personalized healthcare solutions that cater to individual patient needs. Trends in the Medical Technology market in Ukraine include the adoption of digital health technologies and the integration of artificial intelligence (AI) and machine learning (ML) algorithms in medical devices and equipment. These technologies are revolutionizing healthcare delivery by enabling remote patient monitoring, telemedicine consultations, and predictive analytics for early disease detection. The use of robotics and automation in surgical procedures is also gaining traction in Ukraine, as it allows for precision and reduces the risk of human error. Furthermore, there is a shift towards the development of wearable devices and mobile health applications that empower individuals to take control of their own health and well-being. Local special circumstances in Ukraine, such as an aging population and a high burden of chronic diseases, contribute to the growth of the Medical Technology market. The elderly population requires a range of medical devices and equipment to manage their health conditions and improve their quality of life. Additionally, the prevalence of chronic diseases, such as cardiovascular diseases and diabetes, creates a demand for diagnostic and monitoring devices that can help in early detection and management of these conditions. The ongoing healthcare reforms in Ukraine, aimed at improving the accessibility and quality of healthcare services, also create opportunities for the Medical Technology market to expand and innovate. Underlying macroeconomic factors, such as increasing healthcare expenditure and government initiatives to modernize the healthcare system, are driving the growth of the Medical Technology market in Ukraine. The government is investing in the development of healthcare infrastructure and the procurement of medical devices and equipment to meet the growing demand for healthcare services. Furthermore, the rising disposable income and changing lifestyles of Ukrainian consumers contribute to the increased spending on healthcare and medical technology. In conclusion, the Medical Technology market in Ukraine is witnessing significant growth and development due to customer preferences for advanced healthcare solutions, trends in digital health technologies, local special circumstances such as an aging population and high burden of chronic diseases, and underlying macroeconomic factors that drive healthcare expenditure and government initiatives. This presents opportunities for both domestic and international players in the Medical Technology market to innovate and cater to the evolving needs of Ukrainian consumers.

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.