Medical Technology - Central & Western Europe

Central & Western Europe

In Central & Western Europe, the Medical Technology market market is expected to achieve a revenue of US$109.00bn by 2024.
The largest market within this market is Medical Devices, which is projected to reach a market volume of US$95.51bn by the same year.
Over the period of 2024-2028, the revenue is anticipated to exhibit a compound annual growth rate (CAGR) of 4.30%, resulting in a market volume of US$129.00bn by 2028.
In terms of global comparison, the United States is expected to generate the highest revenue, amounting to US$215.80bn by 2024.
In Central & Western Europe, Germany leads the way in Medical Technology with its advanced research and development capabilities.

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

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Analyst Opinion

The Medical Technology market in Central & Western Europe has been experiencing significant growth in recent years.

Customer preferences: One of the main factors driving the growth of the Medical Technology market in Central & Western Europe is the increasing demand for advanced healthcare solutions. Customers in this region are becoming more aware of the benefits of medical technology and are willing to invest in innovative products and services that can improve their quality of life. Additionally, the aging population in Central & Western Europe is also contributing to the growth of the market, as older individuals are more likely to require medical devices and treatments.

Trends in the market: One of the key trends in the Medical Technology market in Central & Western Europe is the adoption of digital health solutions. This includes technologies such as telemedicine, remote patient monitoring, and electronic health records. These digital solutions help to improve healthcare outcomes, increase efficiency, and reduce costs. The COVID-19 pandemic has further accelerated the adoption of digital health solutions, as healthcare providers have had to find new ways to deliver care remotely. Another trend in the market is the focus on personalized medicine. Central & Western European customers are increasingly seeking personalized healthcare solutions that are tailored to their specific needs and genetic makeup. This includes the use of genetic testing and precision medicine to develop targeted treatments for individuals. The advancement of technology and the availability of big data are enabling the development of personalized medicine approaches in the region.

Local special circumstances: Central & Western Europe has a well-established healthcare system with high standards of care. This provides a conducive environment for the growth of the Medical Technology market, as customers have access to quality healthcare services and are more likely to invest in medical technology solutions. Additionally, the region has a strong research and development ecosystem, with many universities, research institutes, and medical device companies working together to innovate and develop new technologies.

Underlying macroeconomic factors: The stable economic conditions in Central & Western Europe have also contributed to the growth of the Medical Technology market. The region has a high GDP per capita, which means that customers have the purchasing power to invest in medical technology products and services. Additionally, the presence of a robust healthcare infrastructure and favorable government policies have created a supportive environment for the growth of the market. In conclusion, the Medical Technology market in Central & Western Europe is experiencing significant growth due to increasing customer demand, the adoption of digital health solutions, and the focus on personalized medicine. The region's well-established healthcare system, stable economic conditions, and supportive government policies have also contributed to the growth of the market.

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.