Introduction
The
European medical devices market is a significant and growing industry, with a
wide range of products and applications serving the healthcare needs of
patients across the region. The market has seen considerable growth in recent
years, driven by factors such as advancements in technology, an aging
population, and an increased focus on healthcare innovation.
Innovation
and new technologies are playing an increasingly important role in driving
growth in the European medical devices market. Digital health technologies,
such as wearables and remote monitoring devices, are rapidly gaining traction,
and there is a growing interest in the use of artificial intelligence and machine
learning to improve the accuracy and efficiency of medical devices.
Market
Size and Forecast
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.
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.
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Market
Segmentation: -
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.
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).
Recent
Developments
- In 2020, Philips introduced the new Philips Respironics E30
ventilator to help free up ICU units to fight the COVID-19 pandemic
- In 2020, Royal Philips entered into an 8-year strategic
partnership with the Paracelsus Clinic for continuously modernizing its imaging
systems.
- In 2019, B Braun acquired Nephtec GmbH; this
acquisition strengthened the company’s dialysate concentrate portfolio in
Europe
- In 2019, Medtronic partnered with Karl Storz that was aimed
at strengthening Medtronic’s upcoming robotic-assisted surgical platform
with the three-dimensional vision system from KARL STORZ.
Conclusion
The
European medical devices market is a significant and growing industry, with a
wide range of products and applications serving the healthcare needs of
patients across the region. Overall, the European medical devices market
presents both challenges and opportunities for companies operating in this
space. While the regulatory environment can be complex, the market offers
significant potential for growth and innovation, making it an attractive
destination for companies looking to expand their operations and reach new
customers.
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