Factors such as the rising geriatric population, large and established medical technology industry, increasing number of surgical procedures, growing need for cost-containment in the healthcare industry, and the availability of funding for research and product innovation are driving the growth of this market. However, fiscal unsustainability due to wasteful spending might hamper the market growth to a certain extent.
The report European Medical Devices Market is
projected to reach USD 61.4 billion by 2025 from an estimated USD 48.9 billion
in 2020, at a CAGR of 4.7% during the forecast period.
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Based on device type, the market has been
segmented into orthopedic devices, diagnostic imaging systems, endoscopy
devices, ophthalmic devices, interventional cardiology devices, cardiac monitoring
and cardiac rhythm management devices, respiratory care devices, ventilators,
anesthesia monitoring devices, dialysis devices, and diabetic care devices. The
orthopedic devices segment accounted for the largest share of the European
medical devices market in 2019. The growing incidence of orthopedic disorders
such as arthritis, osteoporosis, soft-tissue injuries, and fractures among the
elderly population is expected to drive the demand for orthopedic devices in
Europe.
Based on end-user, the European medical
devices market is segmented into hospitals and clinical care settings and home
care settings. Hospitals and clinical care settings were the largest end-users
of medical devices in Europe in 2019. This can largely be attributed to the
financial capabilities of hospitals to purchase expensive devices as well as
the availability of trained professionals in hospitals to operate these
devices.
Germany accounted for the largest share of
the European medical device market in 2019. The rising geriatric population and
the presence of strong healthcare infrastructure in the country are the major
factors that are driving the demand for medical devices in Germany.
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The prominent players in the global
European medical device market are Siemens Healthineers (Germany), GE
Healthcare (US), Philips (Netherlands), Abbott (US), Medtronic (Ireland),
Stryker (US), Boston Scientific (US), Asahi Kasei Medical (Japan), B. Braun
(Germany), Baxter International, Inc. (US), ResMed (US), Masimo (US), and
KARL STORZ (Germany).
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