Europe Medical Devices Market, By Product (Ventilator, Spirometers, Oxygen Concentrators, Anaesthesia Machines and CPAP/BIPAP), Mode (Portable, Table Top and Standalone), Application (Diagnostic and Therapeutic), Facility (Large, Small and Medium), End User (Hospital, Ambulatory Surgical Centres, Specialty Clinics, Long Term Care Centres, Rehabilitation Centres, Homecare Settings), Distribution Channel (Direct Sales and Third Party Distributor), Country (U.K., Germany, France, Spain, Italy, Netherlands, Switzerland, Russia, Turkey, Belgium and Rest of Europe) Industry Trends & Forecast to 2028
Market Analysis and Insights: Europe Medical Devices Market
Medical devices market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 4.6% in the forecast period of 2021 to 2028 and is expected to reach USD 4,141.09 million by 2028 from USD 2,877.97 million in 2021. Increasing demand of medical devices, rising government initiatives are the major drivers which boost the demand of the market in the forecast period.
Increasing prevalence of respiratory disease advancement in technology effectively help the growth of the medical devices market. However, the limitations and complications associated with the medical devices may hamper the future growth of medical devices market. The partnerships and acquisitions by major market players act as opportunity for the growth of the medical devices market.
Medical devices are any appliance, machine, implement, apparatus, instrument, implant, reagent for in vitro usage, material, software, or another related or similar article, intended by the manufacturer to be utilized, separately or in consolidation, for any healthcare purpose. Medical devices are utilized for alleviation, treatment, monitoring, prevention, or diagnosis of disease. Additionally, medical devices are also utilized for support, modification, replacement, or investigation of the physiological process or anatomy. Furthermore, medical devices are also use in sustain or supporting the life. Medical devices include a broad range of products varying in application and complexity.
The medical devices market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Europe Medical Devices Market Scope and Market Size
Medical devices market is segmented on the basis of product, mode, application, facility, end user and distribution channel. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of product, the medical devices market is segmented into ventilator, spirometers, oxygen concentrators, anaesthesia machines, CPAP/BIPAP. In 2021, ventilator holds highest share in the medical devices market as large number of patient pool suffering from respiratory diseases and COVID-19.
- On the basis of mode, the medical devices market is segmented into portable, table top, standalone. In 2021, portable segment is dominating the medical devices market due to growing demand for highly advanced and efficient medical devices for treatment.
- On the basis of application, the medical devices market is segmented into diagnostic and therapeutic. In 2021, therapeutic segment is dominating the medical devices market due to growing number surgeries. Moreover, initiative by government anticipated to propel the further market growth.
- On the basis of facility, the medical devices market is segmented into large, small and medium. In 2021, large segment is dominating the medical devices market due to due to increasing number of wealthy hospitals across the world. Furthermore, the growing demand for various medical devices serves as another driving factor.
- On the basis of end user, the medical devices market is segmented into hospital, ambulatory surgical centres, specialty clinics, long term care centres, rehabilitation centres, and homecare settings. In 2021, hospitals segment is dominating the medical devices market because most patients are suffering from COVID-19 disease so they would be seen in the hospital to get proper diagnosis and treatment.
- On the basis of distribution channel, the medical devices market is segmented into direct sales and third party distributor. In 2021, direct sales segment is dominating the medical devices market due to having full control over the sales and revenue process as well as direct interaction with your customers. The segment is growing due to increasing number of hospitals in developed as well as developing country.
Medical devices Market Country Level Analysis
The medical devices market is analysed and market size information is provided by product, mode, application, facility, end user and distribution channel as referenced above. The countries covered in the medical devices market report are the U.K., Germany, France, Spain, Italy, Netherlands, Switzerland, Russia, Turkey, Belgium and rest of Europe.
Europe is expected to grow with the significant growth rate in the forecast period of 2021 to 2028 due to high technology based healthcare infrastructure and increasing healthcare expenditure in the region. Germany is dominating the European market with the increasing advancement in medical devices’ industry in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of Europe brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Growing Partnership and Distribution Agreement with Local Players, is Creating New Opportunities for Players in the Medical Devices Market
Medical devices market also provides you with detailed market analysis for every country growth in medical devices product’s industry. Additionally, it provides detail information regarding growing partnership and distribution agreement with local players. The data is available for historic period 2010 to 2019.
Competitive Landscape and Medical Devices Market Share Analysis
Medical devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breath, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to medical devices market.
The major players covered in the report are GE Healthcare, Koninklijke Philips N.V., Medtronic, Drägerwerk AG & Co. KGaA, Vyaire Medical Inc., Getinge AB, Smiths Medical Inc. (A Subsidiary of Smiths Group plc.), NDD Medical Technologies, ResMed, Invacare Corporation, Nidek Medical Products, Inc, TEIJIN LIMITED, GCE Healthcare, Inogen, Inc, Teleflex Incorporated, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., MGC DIAGNOSTICS CORPORATION, HILL-ROM, Drive DeVilbiss International, Midmark Corporation, CAIRE Inc., GCE Group, Fisher & Paykel Healthcare Limited, SCHILLER, among others domestic and Europe players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many contract and agreement are also initiated by the companies’ worldwide which are also accelerating the Medical devices market.
For instance,
- In August 2020, Koninklijke Philips N.V. announced the supply contract with U.S. Department of Health and Human Services. To deliver 43,000 bundled EV300 ventilator configurations to Health and Human Services is the fundamental aim of this supply contract. This supply contract anticipated to accelerate profit growth of the company.
- In April 2020, GE Healthcare informing hospitals around the world for the usage of anesthesia machines as an alternative of ventilators. It is estimated that this strategy anticipated to enhance the sales growth of anesthesia machines in the forecasted period. As well as it will upsurge the revenue growth in the coming years.
Collaboration, joint ventures and other strategies by the market player is enhancing the company footprints in the medical devices market which also provides the benefit for organisation growth pace.
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