Europe Medical Devices Market, By Device Type (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, Dialysis Devices), By End-User (Hospitals, Clinics, Home-Care), By Country (United Kingdom, Germany, Italy, France, Spain, Poland, Ireland, Rest of Europe) Trend Analysis, Competitive Market Share & Forecast, 2017-2027
- Published Date: June 2021
- Report ID: BWC20389
- Available Format: PDF
- Page: 131
Report OverviewA medical device is an instrument or equipment that is used to diagnose, treat, and cure various diseases and disorders. These devices focus on physical and mechanical actions and do not have anything to do with chemical effects or the internal body. CT scanners, x-ray machines, infusion pumps, medical lasers are some of the most commonly used medical devices.
Europe Medical Devices Market- Industry Trends & Forecast Report 2027
The Europe medical devices market was worth USD 118.1 billion in 2020 and is further projected to reach USD 165.0 billion by the year 2027, growing at the CAGR of 5.1% during the forecast period (2021-2027). The growth can be attributed to several factors like the increasing geriatric population, healthcare development, the adoption of advanced technology, and the rising number of surgical procedures. Furthermore, rising R&D with significant investment and funding is likely to drive market expansion throughout the forecast period.
Source: BlueWeave Consulting
Europe Medical Devices Market- Overview
A medical device is an instrument or equipment that is used to diagnose, treat, and cure various diseases and disorders. These devices focus on physical and mechanical actions and do not have anything to do with chemical effects or the internal body. CT scanners, x-ray machines, infusion pumps, medical lasers are some of the most commonly used medical devices. The medical devices are classified into three types based on their application and severity of the medical condition, i.e., Class I, Class II and Class III, with low risk, moderate risk and high risk, respectively. Europe is a key hub for the global medical device industry. Nevertheless, most European nations export their products to foreign markets and rely on imports to serve the home healthcare industry.
Europe Medical Devices Market Forecast and Trends
Rising Prevalence of Medical Conditions
Europe has a sizable working-class population in its cities. The prevalence of numerous medical disorders among the European population is increasing every day as a result of changing lifestyles. Problems like metabolic diseases, cardiovascular disease, hypertension, overweight, joint and skeleton problems, and other chronic diseases are getting prominent, especially in the younger population. This has been a leading cause for the growth of the medical devices market in Europe. Furthermore, the rising frequency of serious diseases like cancer, SARS, COPD (Chronic obstructive pulmonary disease), etc., are expected to pull the market demand in the forecast period.
Innovation and Technological Advancements
The adoption of technologically advanced products in the medical business has increased dramatically over the last decade, and demand is likely to surge further in the coming years. The use of technology in the diagnosis, treatment, and monitoring of medical diseases yields more accurate and reliable results. That is why the European market for medical equipment is growing at such a rapid pace. Furthermore, European countries are investing heavily in the adoption of medical equipment in order to provide the best services possible while avoiding any form of casualties with the patient's life. This will further contribute to the expansion of the medical device market over the forecast period.
High Cost of Medical Devices
Even though the Europe medical devices market is very promising, both in terms of production and consumption of medical devices, the market is hindered by the high prices of such devices. The purchasing power of individuals plummeted dramatically after more than a year of the Covid-19 crisis since most people lost their employment or taken a pay cut. As a result, they discontinued the use of medical devices as they could not afford them. This has had a very serious impact on the overall European medical devices market.
Impact of Covid-19 on Europe Medical Devices Market
Although the healthcare industry thrived during the Covid-19 scenario, the European medical device market had to struggle in the face of the pandemic. Hospitals are the leading end-users for medical devices. However, as the healthcare facilities are one of the most exposed areas for transmission of the COVID-19 virus, the patients avoided visiting hospitals and ended up postponing their treatment. As a result, the demand for medical devices declined sharply. Furthermore, supply chains were completely halted to prevent the virus from spreading, causing imports and exports to be hampered. As a result, European medical device manufacturers suffered massive losses.
Europe Medical Devices Market - By Device Type
Based on device type, the Europe medical device market is segmented into 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, anesthetic monitoring devices are in high demand in Europe due to an increase in surgical procedures. The market is expected to grow further during the forecast period due to the increased usage of targeted anesthetic to ensure patient safety and minimal pain.
Europe Medical Devices Market - By End-User
Based on end-user, the medical device market is grouped into hospitals, clinics, and home-care. The hospital segment holds the largest market share owing to developed public healthcare infrastructural development as well as a large percentage of the population approaching hospitals for receiving medical treatment. However, with the rising self-diagnosis trend in many European countries, the demand for medical devices is expected to surge in the home-care market as well. The home-care segment is especially estimated to grow as patients are reluctant to visit healthcare facilities in the light of covid-19 unless it’s a health emergency.
Europe Medical Devices Market - Regional Insights
Geographically, the Europe medical devices market is segmented into the United Kingdom, Germany, Italy, France, Spain, Poland, Ireland, and the Rest of Europe. Germany leads in the market with the highest demand for medical devices among all the European countries. Germany's medical equipment market is thriving due to its strong healthcare infrastructure and high per-capita income. Furthermore, Poland is expected to witness immense growth and is estimated to record the highest CAGR during the forecast period.
The leading market players of Europe medical device market are Fujifilm, Vimax Endoscopy, Resmed, Medtronic, Masimo, GE Healthcare, Seimens Healthineers, Olympus, Stryker Corporation, Smith & Nephew, Multiwave Imaging SA, and other prominent players. The adoption of competitive strategies like long-term partnerships, agreements, acquisitions, mergers for expansion of consumer base is very prominent in this market. Moreover, the companies are focused on broadening their product portfolio by providing a range of products to gain a competitive edge in the market.
l In May 2021, Midwest Products & Engineering, a US-based medical device manufacturer, announced its expansion into the European medicine market. The purpose of this expansion is to expand the company’s consumer base. The company will be required to follow the new European Medical Device Regulation (EU MDR) for general medical devices, which formerly only needed FDA approval.
l In March 2020, Philips, the Netherlands-based multinational corporation, announced its 8 year-strategic partnership with Paracelsus Clinics, a medical treatment center in Switzerland. This partnership is aimed towards evolving and expanding the imaging system of the hospital.
Scope of the Report
Historical data – 2017-2020
Base Year – 2020
Forecast – 2021 – 2027
Revenue in USD Million
North America, Europe, the Asia-Pacific, Latin America, and the Middle East and Africa
By Device-Type, By End-User, By Region
Fujifilm, Vimax Endoscopy, Resmed, Medtronic, Masimo, GE Healthcare, Seimens Healthineers, Olympus, Stryker Corporation, Smith & Nephew, Multiwave Imaging SA, and other prominent players.
Ø Respiratory Care Devices
Ø Diagnostic Imaging Systems
Ø Orthopedic Devices
Ø Anesthesia Monitoring Devices
Ø Endoscopy Devices
Ø Cardiac Monitoring & Cardiac Rhythm Management Devices
Ø Interventional Cardiology Devices
Ø Diabetes Care Devices
Ø Ophthalmic Devices
Ø Respiratory Care Devices
Ø Dialysis Devices
Ø United Kingdom
Ø Rest of Europe
1. What is the current size of the Europe Medical Devices market?
Answer: The Europe medical devices market reached USD 118.1 billion in 2020.
2. What are the major factors driving the growth of the Europe medical devices market?
Answer: The major factor driving the growth of the Europe medical devices market are; rising prevalence of medical conditions and innovation and technological advancements
3. Who are the key players in the Europe medical devices market?
Answer: The key players in the Europe medical devices market are: Fujifilm, Vimax Endoscopy, Resmed, Medtronic, Masimo, GE Healthcare, Seimens Healthineers, Olympus, Stryker Corporation, Smith & Nephew, Multiwave Imaging SA, and other prominent players.
4. Which device-type segment accounted for the largest share in the Europe medical devices market?
Answer: The anesthesia monitoring devices segment accounted for the largest share in the Europe medical devices market.
5. Which region is at the highest growth rate in the Europe medical devices market?
Answer: Germany holds the largest share in the Europe medical devices market.
1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
2. Research Methodology
2.1. Qualitative Research
2.1.1. Primary & Secondary Research
2.2. Quantitative Research
2.3. Market Breakdown & Data Triangulation
2.3.1. Secondary Research
2.3.2. Primary Research
2.4. Breakdown of Primary Research Respondents, By Region
2.5. Key Questionnaire asked during Primary Interviews
2.6. Key Primary Responses
2.7. Market Size Estimation
2.8. Assumption for the Study
2.9. Market Breakdown and Data Triangulation
3. Executive Summary
4. Europe Medical Devices Market Industry Insights
4.1. DROC Analysis
4.1.1. Growth Drivers
4.2. Recent Development/ Technical Landscape
4.3. Regulatory Framework
4.4. Porter’s Five Frame Analysis
4.5. Value Chain Analysis
4.6. PESTEL Analysis
4.7. Strategic Outlook
5. Europe Medical Devices Market Overview
5.1. Market Estimates and Forecast by Value, 2017-2027
5.1.1. By Value (USD Million)
5.2. Market Size and Forecast
5.3. Market Share and Forecast
5.3.1. By Device-Type
188.8.131.52. Respiratory Care Devices
184.108.40.206. Diagnostic Imaging Systems
220.127.116.11. Orthopedic Devices
18.104.22.168. Anesthesia Monitoring Devices
22.214.171.124. Endoscopy Devices
126.96.36.199. Cardiac Monitoring & Cardiac Rhythm Management Devices
188.8.131.52. Interventional Cardiology Devices
184.108.40.206. Diabetes Care Devices
220.127.116.11. Ophthalmic Devices
18.104.22.168. Respiratory Care Devices
22.214.171.124. Dialysis Devices
5.3.2. By End-User
5.3.3. By Country
126.96.36.199. United Kingdom
188.8.131.52. Rest of Europe
6. Competitive Landscape
6.1. List of Key Producers and Their Offerings
6.2. Market Share/ Ranking Analysis (2020)
6.3. Competitive Benchmarking by Operating Parameters
7. COVID-19 Impact
7.1. Future Impact
7.2. Key Developments during COVID-19
7.3. Impact on Market
7.3.1. Different Scenario
7.3.2. Impact on Companies
7.4. Regional Impact
8. Company Profiles (Company Profiles, Company Overview, Financial Matrix, Key Product Landscape, Key Personnel, Key Competitors, Contact Address and Strategic Outlook)
8.2. Vimex Endoscopy
8.6. GE Healthcare
8.7. Seimens Healthineers
8.9. Stryker Corporation
8.10. Smith & Nephew
8.11. Multiwave Imaging SA
8.12. Other Prominent Players
9. Key Strategic Recommendations0
- Respiratory Care Devices
- Diagnostic Imaging Systems
- Orthopedic Devices
- Anesthesia Monitoring Devices
- Endoscopy Devices
- Cardiac Monitoring & Cardiac Rhythm Management Devices
- Interventional Cardiology Devices
- Diabetes Care Devices
- Ophthalmic Devices
- Respiratory Care Devices
- Dialysis Devices
- United Kingdom
- Rest of Europe
To request a free sample copy of this report, please complete the form below.
We value your investment and offer free customization with every report to fulfil your exact research needs.
WHY CHOOSE US
24/7 Research support
Get your queries resolved from an industry expert. Request for a free product review before report purchase.
Coustom Research Service
Ask the Analyst to customize an exclusive study to serve your research needs
Quality & Accuracy
Ask the Analyst to customize an exclusive study to serve your research needs
As the business world is changing dynamically every day. We need to stay pin point in relation to data management and optimum data utilization
We never share your personal and confidential information. Your personal information is safe and secure with us.