(EMAILWIRE.COM, March 01, 2023 )
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 companys dialysate concentrate portfolio in Europe
In 2019, Medtronic partnered with Karl Storz that was aimed at strengthening Medtronics 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.