Market Insights Health Medical Technology

Medical Devices - United Kingdom

United Kingdom

The projected revenue in the Medical Devices market market in the United Kingdom is expected to reach US$18.21bn in 2024.
Among the various markets, Cardiology_Devices is the largest, with a projected market volume of US$2.67bn in the same year.
Looking ahead, the market is anticipated to experience an annual growth rate of 5.64% (CAGR 2024-2028), resulting in a market volume of US$22.68bn by 2028.
When compared globally, it is noteworthy that the United States is projected to generate the highest revenue, amounting to US$182.00bn in 2024.
The United Kingdom is experiencing a growing trend in the adoption of advanced medical devices for improved patient care.

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

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Analyst Opinion

The Medical Devices market in United Kingdom has been experiencing steady growth in recent years, driven by several key factors.

Customer preferences: In the United Kingdom, customers have a strong preference for advanced medical devices that offer innovative features and improved patient outcomes. They are willing to invest in high-quality devices that are reliable and durable. Customers also value devices that are easy to use and integrate seamlessly into their healthcare systems. With a growing aging population, there is an increasing demand for medical devices that cater to the specific needs of elderly patients, such as mobility aids and home healthcare devices.

Trends in the market: One of the major trends in the Medical Devices market in United Kingdom is the adoption of digital health technologies. This includes wearable devices, remote monitoring systems, and telemedicine solutions. These technologies enable healthcare providers to monitor patients remotely and provide timely interventions, reducing the need for hospital visits and improving patient convenience. The COVID-19 pandemic has further accelerated the adoption of telemedicine and remote monitoring, as healthcare systems strive to minimize in-person interactions. Another trend in the market is the increasing focus on personalized medicine and precision healthcare. Advances in genetic testing and molecular diagnostics have opened up new possibilities for targeted therapies and personalized treatment plans. Medical devices that can support these advancements, such as genetic analyzers and molecular diagnostic devices, are in high demand.

Local special circumstances: The National Health Service (NHS) plays a significant role in shaping the Medical Devices market in United Kingdom. As a publicly funded healthcare system, the NHS has a strong influence on purchasing decisions and reimbursement policies. Medical device manufacturers need to navigate the complex regulatory landscape and meet the stringent requirements set by the NHS to gain market access. This can be a challenge for smaller companies with limited resources.

Underlying macroeconomic factors: The United Kingdom has a well-developed healthcare infrastructure and a strong economy, which provides a favorable environment for the growth of the Medical Devices market. The government has been investing in healthcare infrastructure and promoting innovation in the sector. Additionally, the United Kingdom is home to several leading medical device manufacturers and research institutions, which contributes to the overall growth and development of the market. In conclusion, the Medical Devices market in United Kingdom is driven by customer preferences for advanced and innovative devices, the adoption of digital health technologies, and the focus on personalized medicine. The influence of the NHS and the underlying macroeconomic factors also play a significant role in shaping the market. As the healthcare landscape continues to evolve, the demand for medical devices in United Kingdom is expected to grow further.

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.