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 base year considered for the study is 2019, while the forecast period is 2020 to 2025.
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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Market
Segmentation: -
By device, orthopedic devices segment
accounted for the largest share of the European Medical Device Market in 2019
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.
The Hospitals and clinical care settings segment is
expected to witness the highest growth rate in the European medical
devices market, by end-user, during the forecast period
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.
Regional Analysis: -
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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Key
Market Players: -
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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