Any appliance, gadget, software, material, or other item that may be used by persons alone or in combination (as specified by the maker) for medical purposes is considered a medical device. A number of items, including walking sticks, contact lenses, and breast implants, are classified as medical devices. In vitro diagnostic gadgets are also considered medical devices. These medical instruments are used to examine body samples, including tissue, biological fluids, and blood; examples of these samples are lateral flow, blood glucose, and pregnancy tests. Implantable medical devices, such as cardiac pacemakers, are also classified as medical devices. These devices are usually implanted and may or may not need external power and operating sources.
According to SPER market research, ‘Europe Medical Device Market Size- By Device Type, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2032’ state that the Global Air Ambulance Services Market is predicted to reach USD 87.12 billion by 2032 with a CAGR of 4.93%.
The majority of medical device companies are undergoing a significant technological shift that will ultimately transform them into MedTech companies. One of the world’s most creative and diverse businesses, MedTech is predicted to grow as a result of increased trade flows, a rise in the industry’s number of patent applications, a high employment and retention rate, and advancements in the European healthcare system. Manufacturers are using data to add intelligence to their devices in an attempt to get closer to the end user, and this is rapidly becoming an essential component of the new device value proposition. Future advancements in artificial intelligence will facilitate patients’ management of chronic illnesses. Technology will have a significant influence on both treatment and prevention, cutting down on hospital stays. For example, robotic surgery is becoming more and more important to industrial enterprises.
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The strongest medical device laws in the world are found in the European Union, and complying with them may be costly and time-consuming for businesses. Although the purpose of these laws is to guarantee the effectiveness and safety of medical devices, they may also act as a barrier to entry for new businesses and goods. Governments and commercial insurers frequently make choices on medical device reimbursement. These choices might be difficult and differ amongst nations throughout Europe. Medical equipment prices may decline as a result of the increasing demand on healthcare systems to save expenses. It may be challenging for businesses to continue being profitable as a result.
Impact of COVID-19 on European Medical Devices Market
The COVID-19 pandemic had a significant impact on the medical device business in Europe. The pandemic has caused a sharp increase in the requirement for medical equipment, including ventilators, personal protective equipment (PPE), and diagnostic testing. The care and treatment of COVID-19 patients require all of these supplies. There are shortages as a result of the supply chain being disturbed by the increase in demand for certain products. In an effort to address the problems caused by the pandemic, manufacturers have been striving to offer innovative and new medical technology, such as telemedicine systems and rapid diagnostic testing.
Europe Medical Device Market Key Players:
Geographically, Europe has one of the most promising geographical markets in the world for medical equipment. Over the projected period, it is anticipated to have a sizable worldwide market share. In the upcoming years, the demand for orthopaedic devices in the European area is anticipated to increase due to the ageing population’s increased prevalence of orthopaedic disorders such osteoporosis, fractures, soft-tissue injuries, and arthritis. Additionally, some of the market key players are Fujifilm, GE Healthcare, Karl Storz, Masimo, Medtronic, Olympus, Philips, ResMed, Siemens Healthineers, Stryker and others.
Europe Medical Device Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Device Type: Based on the Device Type, Europe Medical Device Market is segmented as; Imaging System, Endoscopy Device, Interventional Cardiology Devices, Cardiac Monitoring and Cardiac Rhythm Management Devices, Ventilators, Orthopedic Devices, Ophthalmic Devices, Diabetes Care Devices, Dialysis Devices, Anesthesia Monitoring, Respiratory Care Devices
By End User: Based on the End User, Europe Medical Device Market is segmented as; Hospital and Clinic Care Settings, Home-care Settings.
By Region: This report also provides the data for key regional segments of Germany, UK, France, Italy, Spain, Poland, Rest of Europe. Although Germany dominated the market share in 2019, Poland is anticipated to experience the most significant growth during the projected period. Despite the medical device market in Poland being underdeveloped compared to other advanced nations and primarily reliant on imported goods, it is predicted to expand due to factors such as the increasing elderly population and the rising demand for medical devices in home-based care settings. The market displays promising opportunities for expansion in various domains such as diagnostics, surgical, cardiovascular, oncology, and nuclear medicine.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
Europe Medical Device Market Revenue
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