Report 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.

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

Growth Drivers

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.

Restraints

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.

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.

Competitive Landscape

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.

Recent Development

• 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.

• 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

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