Market Insights Health Medical Technology

Medical Devices - Russia

Russia

The projected revenue in the Medical Devices market market in Russia is estimated to reach US$3,317.00m in 2024.
Among the various markets, Cardiology_Devices is expected to be the largest, with a projected market volume of US$494.30m in the same year.
The revenue is anticipated to exhibit an annual growth rate of 2.99% (CAGR 2024-2028), leading to a market volume of US$3,732.00m by 2028.
When compared globally, the United States is projected to generate the highest revenue, amounting to US$182.00bn in 2024.
In Russia, there is a growing demand for advanced medical devices, driven by the government's focus on improving healthcare infrastructure.

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

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Analyst Opinion

The Medical Devices market in Russia has been experiencing steady growth in recent years. Customer preferences in the market are shifting towards more advanced and innovative medical devices, while local special circumstances and underlying macroeconomic factors are also contributing to the development of the market. Customer preferences in the Medical Devices market in Russia are driven by the demand for high-quality and technologically advanced products. Russian consumers are increasingly seeking medical devices that offer superior performance, accuracy, and reliability. This trend is influenced by the growing awareness and acceptance of new medical technologies, as well as the desire for better healthcare outcomes. As a result, there is a rising demand for innovative medical devices such as diagnostic imaging equipment, surgical instruments, and implantable devices. Trends in the market indicate a growing focus on digital health solutions and telemedicine. The adoption of digital health technologies is gaining traction in Russia, driven by the need for remote patient monitoring, improved access to healthcare services, and the optimization of healthcare delivery. This trend is supported by the increasing availability of internet connectivity and the development of mobile health applications. Additionally, there is a growing interest in wearable medical devices that enable individuals to monitor their health and wellness on a daily basis. Local special circumstances in Russia, such as the aging population and the prevalence of chronic diseases, are contributing to the growth of the Medical Devices market. The aging population in Russia is increasing the demand for medical devices that cater to the specific needs of elderly individuals, such as mobility aids, home healthcare devices, and assistive technologies. Furthermore, the high incidence of chronic diseases in the country, including cardiovascular diseases, diabetes, and respiratory conditions, is driving the demand for medical devices that aid in the diagnosis, treatment, and management of these conditions. Underlying macroeconomic factors are also playing a role in the development of the Medical Devices market in Russia. The country's improving economic conditions and rising disposable incomes are enabling individuals to afford advanced medical devices and healthcare services. Additionally, government initiatives aimed at modernizing the healthcare infrastructure and improving access to healthcare services are creating opportunities for market growth. These initiatives include the implementation of digital health solutions, the expansion of healthcare facilities, and the promotion of medical device manufacturing within the country. In conclusion, the Medical Devices market in Russia is experiencing growth due to customer preferences for advanced and innovative products, the adoption of digital health solutions, local special circumstances such as the aging population and the prevalence of chronic diseases, and underlying macroeconomic factors including improving economic conditions and government initiatives. As the market continues to develop, there will be opportunities for both domestic and international medical device manufacturers to meet the evolving needs of Russian consumers.

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.