The size of the Medical Device Technology Market in Europe is expected to grow at a CAGR of 5.77% from 2022 to 2027. The market is forecasted to grow USD 186.05 Million by 2027 from USD 140.55 Million in 2022.
Y-O-Y growth in the incidence of chronic diseases across all the European countries, growing focus of medical technology companies towards the R & D investments to produce more advanced medical devices, and regular FDA approvals for the devices are favorable signals for the market grow further during the forecast timeline.
Well-developed healthcare infrastructure and rapid adoption of new medical technologies are additionally driving the market growth in Europe. The increasing prevalence of orthopedic disorders such as arthritis, osteoporosis, soft-tissue injuries, and fractures in the aging population demands more advanced medical devices and better treatment procedures, which is expected to offer growth scope to the market.
High costs associated with the R & D and manufacturing the medical devices may hinder Europe's medical device technology market.
This research report on the European Medical Device Technology Market has been segmented and sub-segmented into the following categories:
By Device Type:
The European market for the medical device technology market is predicted to have lucrative growth from 2020 to 2025 and was the second-largest market following North America in 2019. The market in this region is attributed to factors like the growing old age population and rising number of surgical procedures.
Germany is currently dominating the European market due to factors like the availability of funds and investments for research and product innovation. The hiking requirement for cost-containment among the healthcare sector is driving growth in the market.
UK medical device technology market in Europe was the third-largest in 2019, followed by Germany and France. Increasing demand for imported products is receptive to new and innovative technologies. France is the second-largest leading country in the region due to advanced technologies, the number of MRI scanners used to diagnose different kinds of cancer, and the rising number of cancer specialists involving radiotherapy technicians.
Prominent Companies leading the Europe Medical Device Technology Market Profiled in the Report are Abbott Laboratories, Inc., Becton, Dickinson and Company, GE Healthcare, Novartis Diagnostics, bioMerieux, Inc., Biomerica, Inc., Johnson and Johnson Diagnostics, Inc., Olympus Corporation, Qiagen N.V., Siemens AG, Thermo Fischer Scientific, Inc., and Zenith Healthcare Ltd.
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