Market Insights Health Medical Technology

Medical Devices - Romania

Romania

In 2024, the projected revenue in the Medical Devices market market in Romania is expected to reach US$1,944.00m.
Among the various markets, Cardiology_Devices is anticipated to be the largest, with a projected market volume of US$294.50m in the same year.
Looking ahead, the market is expected to demonstrate an annual growth rate of 5.32% (CAGR 2024-2028), resulting in a market volume of US$2,392.00m by 2028.
It is worth noting that in global comparison, the United States is anticipated to generate the highest revenue with US$182.00bn in 2024.
Romania is experiencing a growing demand for medical devices as the country's healthcare system continues to modernize and expand.

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

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Analyst Opinion

The Medical Devices market in Romania has been experiencing steady growth in recent years, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Medical Devices market in Romania have been shifting towards more advanced and innovative products. This is driven by the increasing demand for high-quality healthcare services and the growing awareness of the benefits of using advanced medical devices. Customers in Romania are increasingly seeking medical devices that are efficient, accurate, and easy to use. They are also looking for devices that are compatible with other healthcare technologies and can be integrated into the existing healthcare infrastructure. Trends in the market indicate a growing demand for medical devices in Romania. This is primarily due to the aging population and the increasing prevalence of chronic diseases. As the population ages, the demand for medical devices such as pacemakers, insulin pumps, and hearing aids is expected to increase. Additionally, the rising prevalence of chronic diseases such as diabetes, cardiovascular diseases, and respiratory diseases is driving the demand for medical devices that can help in the prevention, diagnosis, and treatment of these conditions. Local special circumstances in Romania also contribute to the growth of the Medical Devices market. Romania has a relatively low healthcare expenditure compared to other European countries, which presents an opportunity for the expansion of the medical devices sector. Furthermore, the government has implemented various initiatives to improve the healthcare infrastructure and increase access to healthcare services, which is expected to drive the demand for medical devices. Underlying macroeconomic factors also play a role in the development of the Medical Devices market in Romania. The country has been experiencing steady economic growth, which has led to an increase in disposable income and healthcare spending. Additionally, the government has implemented favorable policies to attract foreign investment in the healthcare sector, which has further contributed to the growth of the Medical Devices market. In conclusion, the Medical Devices market in Romania is developing due to customer preferences for advanced and innovative products, the increasing demand driven by the aging population and the prevalence of chronic diseases, local special circumstances such as low healthcare expenditure and government initiatives, and underlying macroeconomic factors such as economic growth and favorable policies. These factors create a favorable environment for the growth of the Medical Devices market in Romania.

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.