Unlocking Growth in the European Medical Devices Market: Strategies and Revenue Projections to $61.4 Billion
The European medical devices market was valued at USD 48.9 billion and is forecasted to reach USD 61.4 billion by 2025, growing at a CAGR of 4.7%. The market is driven by an aging population, rising surgeries, and technological innovations. The anesthesia monitoring segment is expected to grow the fastest. Poland, with its rising elderly population and demand for home care devices, will lead market growth. Major players such as Siemens Healthineers, GE Healthcare, Philips, and Medtronic dominate the market, with recent developments including Philips’ E30 ventilator and partnerships for imaging system modernization.
The anesthesia monitoring segment of the european medical devices industry is projected to grow at the highest CAGR during the forecast period
Based on device type, the european medical devices 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. Technological advancements and the growth in the number of surgical procedures have driven the demand for anesthesia monitoring devices in Europe. There is also a rapid growth in the market for targeted anesthesia agent dosing to ensure patient safety using different evolving technologies, such as bispectral index monitoring and neuromuscular monitoring.
Poland is expected to grow at the fastest rate in the European medical devices industry during the forecast period.
While Germany held the largest share in the european medical devices market in 2019, Poland is expected to grow the fastest during the forecast period. While the market for medical devices in the country is currently immature as compared to other developed nations and consists majorly of imported products, it is projected to expand during the forecast period owing to factors such as the rising geriatric population and the growing demand for medical devices in home care settings. The market shows opportunities for expansion in the areas of diagnostic, surgical, cardiovascular, oncology, and nuclear medicine.
Germany dominated the European medical device market in 2019
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.
Key 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).
Content Source:
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