Medical Technology - Southern Europe

Southern Europe

The Medical Technology market market in Southern Europe is forecasted to achieve a revenue of US$40.46bn in 2024.
Among the various markets, Medical Devices is expected to be the largest, with a projected market volume of US$33.20bn in the same year.
The market is anticipated to experience an annual growth rate of 3.99% (CAGR 2024-2028), leading to a market volume of US$47.32bn by 2028.
When compared globally, the United States is projected to generate the highest revenue, amounting to US$215.80bn in 2024.
In Southern Europe, medical technology companies in Spain are leading the way in developing innovative solutions for remote patient monitoring.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Medical Technology market in Southern Europe is experiencing steady growth and development, driven by several factors including customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Southern Europe are shifting towards more advanced and innovative medical technologies. Patients and healthcare professionals are increasingly seeking out cutting-edge medical devices and equipment that can improve patient outcomes and enhance the overall quality of care. This demand for advanced technology is driving the growth of the Medical Technology market in the region. Trends in the market are also contributing to the development of the Medical Technology market in Southern Europe. One major trend is the increasing adoption of digital health solutions. Southern European countries are embracing digital technologies and telemedicine, which are revolutionizing the way healthcare is delivered. This trend is driving the demand for medical devices and technologies that support remote monitoring, telehealth consultations, and data analytics. Another trend in the market is the growing focus on personalized medicine. Southern European countries are investing in precision medicine technologies, such as genetic testing and molecular diagnostics, to tailor treatments to individual patients. This trend is driving the demand for medical technologies that enable personalized diagnostics and therapies. Local special circumstances in Southern Europe are also influencing the development of the Medical Technology market. For example, the region has a high prevalence of chronic diseases, such as cardiovascular diseases and diabetes. This creates a significant market for medical devices and technologies that can help manage and treat these conditions. Additionally, Southern European countries have aging populations, which increases the demand for medical technologies that support elderly care and improve the quality of life for older adults. Underlying macroeconomic factors are also contributing to the growth of the Medical Technology market in Southern Europe. The region has a strong healthcare infrastructure and a well-established healthcare system, which provides a favorable environment for the adoption of medical technologies. Furthermore, Southern European countries have government initiatives and policies in place to promote the development and adoption of medical technologies, which further supports market growth. In conclusion, the Medical Technology market in Southern Europe is experiencing growth and development due to customer preferences for advanced technology, trends in the market such as digital health and personalized medicine, local special circumstances such as the prevalence of chronic diseases and aging populations, and underlying macroeconomic factors including a strong healthcare infrastructure and government support.

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.