Conor Stewart
Research expert covering health & pharmaceuticals in the UK & Europe
European medical technology industry - statistics & facts
In Europe, 7.6 percent of all annual healthcare expenditure was spent on medical technology. Any equipment that functions to prevent, diagnose, or treat illnesses and diseases is classed as medical technology. The market is worth billions of U.S. dollars worldwide, with Europe an established medtech center alongside North America. Germany has the largest market share in the European medtech industry, followed by France and the United Kingdom. Despite its size, Ireland is a hub for medical technology companies, with many of the largest global companies having a presence on the island. It has the highest per capita medtech employment in Europe, at around 90 employees per 10,000 inhabitants.
Medtech revenues in Europe
In 2022, Germany had the largest value of medtech exports in Europe, followed by the Netherlands. However, Ireland had the best trade balance in that year. Trade balance means the difference in value between a country’s exports and imports. European medtech exports that are distributed out of the region primarily head to the United States which annually accounts for over 40 percent of all exports in this category. After the U.S., most European medtech products were exported to Asia, in particular to China and Japan.Digital health trend
Since the outbreak of the coronavirus/COVID-19 pandemic worldwide, the advantages of digital health and telemedicine have been brought into sharp focus. Although, before the pandemic, these solutions had already been marketed as a route to more efficient experiences for both the patient and the healthcare provider. Within Europe, Estonia is regarded as the role model country for eHealth innovation. In Estonia, nearly everyone’s health data is digitized, which means doctors can easily retrieve a person’s medical records. Additionally, every person has access to their own digital record to allow them to track prescriptions and review their appointments with health professionals. Across the rest of Europe, most countries have implemented electronic health record legislation, with full implementation recorded in Northern and Western Europe. The WHO published in late-2022 a digital health action plan for Europe. Between 2023 and 2030, they aim to support countries in efforts to enlarge their digital health programs and to ensure alignment between decisions and healthcare needs.
