The Europe Medical Devices Market was worth USD 140.07 billion in 2022 and is estimated to grow at a CAGR of 4.09%, reaching USD 171.19 billion by 2027.
Factors such as the growing number of healthcare institutions, the rapidly growing aging population in Europe, and the increasing adoption of technological advancements are driving the European medical devices market growth. The usage of medical devices is more among addressing the treatment needs of people who are aged, and the increase in the aging population asks for greater production of medical devices. According to Eurostat, 20.8% of the European population aged above 65 years in 2021. The increase in the number of healthcare institutions is expected to employ more medical devices to equip and be ready to handle all essential and non-essential medical procedures. In addition, the sudden emergence of infectious diseases such as COVID-19 is expected to favor the medical device market expansion in the European region. Europe is one of the regions significantly impacted by the recent COVID-19 impact.
In addition, the growing adoption of a sedentary lifestyle and unhealthy eating habits among people attracts several severe diseases, resulting in the growing usage of medical devices and contributing to market growth. Furthermore, the adoption of wearable medical devices is gaining attention among the European population and resulting in regional market growth. The rising penetration of technology in developing more advanced medical devices is expected to favor the medical devices market in the European region. Technological developments such as IoT, AI, Machine Learning, and others are being used in manufacturing medical devices to enhance their capabilities of medical devices.
However, stringent regulations are one of the key factors hampering the medical devices market growth in Europe. In addition, factors such as high costs associated with medical devices, issues associated with reimbursements, and a growing number of product recalls are showcasing a negative impact on European market growth. Furthermore, issues associated with intellectual property and a short product life cycle inhibit the medical devices market growth in the European region.
This research report on the European medical devices market has been segmented and sub-segmented into the following categories:
Based on type, the orthopedic devices segment is expected to hold a considerable share of the European medical devices market during the forecast period.
However, IVD, MIS, and ophthalmic segments are anticipated to grow at a healthy CAGR during the forecast period.
Based on end-user, the hospital and ASCs segment is anticipated to hold for the most significant share of the European medical devices market in the coming years.
Geographically, the European medical devices market is one of the promising regional markets worldwide. It is expected to hold a substantial global market share during the forecast period. The growing aging population suffering from various orthopedic conditions such as arthritis, osteoporosis, soft-tissue injuries, and fractures are expected to fuel demand for orthopedic devices in the European region in the coming years. Likewise, the growing incidence of diseases in Europe is estimated to accelerate the growth of the respective medical device segments in the coming years.
The German medical devices market is expected to play the leading role in the European market during the forecast period. Germany is Europe's leading importer and exporter of medical devices. The German government's favorable laws and regulations favor the German medical devices market.
On the other hand, the UK market is expected to grow at a promising CAGR in the coming years. The increasing healthcare expenditure and growing adoption of home healthcare are expected to promote the need for medical devices in the UK and result in market growth.
KEY MARKET PLAYERS:
Medtronic, Stryker, Fresenius SE & Co. KGaA, Koninklijke Philips N.V., F. Hoffmann-La Roche Ltd, General Electric Company, Siemens Healthineers AG, BD, Boston Scientific Corporation and Johnson & Johnson Services, Inc. are a few of the leading companies operating in the Europe medical devices market.
The European medical devices market size is estimated to be growing at a CAGR of 4.09% from 2022 to 2027.
Within this region, the German medical devices market is forecasted to play a leading role among all the EU countries during the forecast period.
During the forecast period, the European medical devices market is expected to grow substantially worldwide and value USD 171.2 billion in 2022.
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