Steady Growth Forecast for Europe Medical Devices Market: Projected to Reach USD 165.0 Billion by 2027

Published | 25 June 2021

A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the Europe medical devices market was worth USD 118.1 billion in the year 2020. The market is estimated to grow at a CAGR of 5.1%, earning revenue of around USD 165 billion by the end of 2027. The European medical devices market is gaining traction as a result of various favorable factors such as increased investment towards the adoption of medical technology adoption and the establishment of regulatory rules to ensure patient safety. Furthermore, high accuracy and the convenience of use these medical devices offers plays in favor of the Europe medical devices market growth.

Increased Demand for Medical Devices In Home-Care Settings Propelling Europe Medical Devices Market Forward

Ever since the outbreak of COVID-19, the number of patients visiting hospitals for treatment and other purposes declined significantly. As a result, the treatment and surveillance of patients in home-care settings improved significantly. The rising number of geriatrics in home-care settings, particularly those with chronic conditions, has fueled demand for medical devices in Europe. These medical devices, which are used for monitoring and diagnosis, make it easy to share vital health data with physicians, thereby contributing to the growth of the medical devices market in Europe.

Technological Advancements Driving the Growth of Europe Medical Devices Market

The market players are investing heavily in enhancing their products and creating new and new medical equipment. Medical equipment on the market today is packed with advanced features like Bluetooth and internet connections, and they're all powered by the Internet of Things. Other technological advancements in medical devices include 3-D printing, precision medicine, wireless brain sensors, etc. These features enable the transfer, tracking, retrieving, and utilizing valuable patient data which is used in controlling the disease and provide better and improved healthcare services.

Orthopedic Devices Segment will Lead the Europe Medical Devices Market in the Forecast Period

There is a wide range of medical devices available in the European market such as respiratory care devices, diagnostic imaging systems, orthopedic devices, ventilators, anesthesia monitoring devices, endoscopy devices, cardiac monitoring & cardiac rhythm management devices, interventional cardiology devices, diabetes care devices, ophthalmic devices, respiratory care devices, and dialysis devices. Among these, the demand for anesthesia monitoring devices is very high in Europe because of the surging demand for surgical procedures. However, the orthopedic devices segment is rising with favorable CAGR and is projected to witness an impressive growth rate during the forecast period.  The growing number of patients suffering from orthopedic conditions such as arthritis, osteoporosis, soft-tissue injuries, fractures, and so on is driving up demand for orthopedic equipment in this region.

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Europe Medical Devices Market - Regional Insights

Geographically, the Europe medical device market is segmented into the United Kingdom, Germany, Italy, France, Spain, Poland, Ireland, and the Rest of Europe. Among these, Germany holds the largest market share in the Europe medical device market due to the presence of major industry players such as Siemens Healthineers AG, Paul Hartmann AG, and Röchling SE & Co. However, Poland is anticipated to witness the highest CAGR in the forecast period. The expanding focus on medical education in this country and extensive research and training is projected to fuel the medical devices market in Poland. Furthermore, policies regarding the safety of the patients will further contribute to the market growth.

Impact of COVID-19 on Europe Medical Devices Market

The COVID-19 situation has had a negative impact on the European medical devices market. Lockdowns imposed by the countries halted the manufacturing and distribution of medical products. Moreover, following the social distancing norms, the human resources working in the manufacturing plants had to be cut down almost to half. This consequently resulted in a decrease in overall output, resulting in a significant gap between demand and supply for medical devices. Furthermore, the distribution channels were completely halted as the imports and exports were banned in several countries. However, the medical device industry in Europe is expected to grow significantly in the post-COVID period as investments and activities aimed at upgrading the region's healthcare system will accelerate with the governments in the European nations easing the lockdown restrictions.

Europe Medical Devices Market Competitive Landscape

The leading market players in the Europe medical devices market are Fujifilm, Vimax Endoscopy, Resmed, Medtronic, Masimo, GE Healthcare, Siemens Healthineers, Olympus, Stryker Corporation, Smith & Nephew, Multiwave Imaging SA, and other prominent players. The market is highly concentrated with the presence of prominent industry participants who cover the larger share in the market. Additionally, the adoption of competitive strategies like long-term partnerships, agreements, acquisitions, and mergers for the expansion of the consumer base is very prominent in this market. The companies are concentrating on diversifying their product portfolios by offering a variety of products in order to gain a competitive advantage in the market.

Don’t miss the business opportunity of the Europe medical devices market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Europe medical devices market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the Europe medical devices market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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