Market Insights Health Medical Technology

Medical Devices - Hungary

Hungary

The Medical Devices market market in Hungary is anticipated to achieve a revenue of US$718.40m in 2024.
Among the various markets of the market, Cardiology_Devices is expected to be the largest, with a projected market volume of US$100.60m in the same year.
It is predicted that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 4.92%, resulting in a market volume of US$913.60m by 2029.
When compared globally, the United States is expected to generate the highest revenue, amounting to US$179.80bn in 2024.
Hungary's medical device market is experiencing a surge in demand for innovative and cost-effective technologies.

Key regions: Germany, Spain, Japan, United Kingdom, United States

Market

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Currency

Analyst Opinion

The Medical Devices market in Hungary is experiencing significant growth due to several key factors. Customer preferences in the country are shifting towards more advanced and innovative medical devices, driving the demand for new products. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the development of the market. Customer preferences in Hungary are increasingly focused on medical devices that offer advanced features and improved functionality. Patients and healthcare professionals are seeking devices that can provide accurate and reliable results, enhance patient comfort, and improve overall healthcare outcomes. This preference for advanced devices is driving the demand for technologically advanced medical devices in the country. Trends in the market indicate a growing demand for medical devices in specific segments. For example, there is an increasing demand for diagnostic imaging devices such as MRI scanners and ultrasound machines. This trend can be attributed to the rising prevalence of chronic diseases and the need for accurate and timely diagnosis. Additionally, there is a growing demand for minimally invasive surgical devices, driven by the desire for less invasive procedures and faster recovery times. Local special circumstances also contribute to the development of the Medical Devices market in Hungary. The country has a well-established healthcare system that provides universal healthcare coverage to its citizens. This ensures that a large portion of the population has access to medical devices and contributes to the demand for these products. Furthermore, Hungary has a growing aging population, which increases the need for medical devices to manage age-related health conditions. Underlying macroeconomic factors also play a role in the growth of the Medical Devices market in Hungary. The country has experienced steady economic growth in recent years, which has led to increased healthcare spending. This has resulted in higher investment in healthcare infrastructure and the purchase of medical devices. Additionally, the government has implemented favorable policies to support the development of the healthcare sector, including providing subsidies for the purchase of medical devices. In conclusion, the Medical Devices market in Hungary is developing due to customer preferences for advanced devices, trends in specific segments, local special circumstances such as universal healthcare coverage and an aging population, and underlying macroeconomic factors including economic growth and government support. These factors are driving the demand for medical devices and creating opportunities for market growth in Hungary.

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.