The Europe Medical Devices Market was worth USD 140.07 billion in 2022 and is estimated to be growing at a CAGR of 4.09%, to reach USD 171.19 billion by 2027.
Factors such as an increase in the number of healthcare institutions, rapid expansion in the older population, economic growth in this region, quick technical advancements, and rising healthcare spending are primarily accelerating the growth rate of the medical devices market in the European region. In addition, the spontaneous emergence of life-threatening diseases, such as the existing Coronavirus pandemic, is expected to fuel the demand for medical devices.
Furthermore, unhealthy lifestyles and eating habits attract severe diseases, which are projected to boost medical devices growth shortly in the European region. In addition, the expanding trend for medical wearable devices is expected to fuel the growth rate of the market during the forecast period.
Furthermore, the incorporation of Artificial Intelligence (AI) in medical devices such as remote patient monitoring devices, wearable medical equipment, Electronic Health Records (EHR), and various other examples are expected to speed up the adoption of medical devices in everyday life. An extensive and well-established medical technology business, an increase in the number of surgical procedures, a growing need for cost reduction in the healthcare industry, and the availability of financing for research and product innovation are further favoring the market.
However, fiscal insufficiency as a result of imprudent spending could restrict market expansion to some extent. In addition, the high cost of these devices, which includes a higher acquisition cost and ongoing maintenance expenditures, results in a higher overall device cost and ownership. The market is further estimated to be hampered by the lack of healthcare awareness and reimbursements.
This research report on the European medical devices market has been segmented and sub-segmented into the following categories:
Geographically, the German medical devices market is expected to lead the European market during the forecast period. Germany is Europe's leading importer and exporter of medical devices. The medical devices market in Germany, which produces high-quality medical equipment, is the largest in Europe. The EU medical device market is growing due to favorable government rules and using kits with emergency permission. Biolidics, for example, distributes COVID-19 fast testing kits. The substantial percentage of this segment is due to the growing utilization of simulation techniques in laparoscopy and technical developments. In addition, the rising prevalence of orthopedic problems among the elderly, such as arthritis, osteoporosis, soft-tissue injuries, and fractures, is predicted to fuel demand for orthopedic equipment in Europe.
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.
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