The Europe medical devices market was valued at US$ 149,480. 3 million in 2019 and is projected to reach US$ 232,531. 7 million by 2027; it is expected to grow at a CAGR of 5. 8% during 2020–2027. The growth of the medical device market is mainly attributed to the growing research and development activity medical device industry, and rising chronic disease prevalence.
New York, Nov. 13, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe Medical Devices Market Forecast to 2027 –COVID-19 Impact and Country Analysis –by Product Type ; Function ; End User ; and Country" - https://www.reportlinker.com/p05953773/?utm_source=GNW
However, the challenges in medical device industry like expensive frequent product recalls may restrain the growth of the market.
Medical devices are essential for disease prevention and medical diagnosis, as well as for treatment and rehabilitation of a medical condition. The global medical device industry witnesses continuous innovations and technological advancements, in turn, driving the healthcare sector worldwide.
According to report published by MedTech Europe org in 2017 European Patent Office (EPO) received 13,000 application in the field of medical technology. This was 7.9% of the total applications which was more than any other in the region.40% of these application were applied by European countries and remaining from other countries. The rising innovation in the field of medical devices is driving the market.
In Europe, Germany is the largest importer and exporter of medical devices.The country has the largest medical device industry in Europe, producing high-quality medical equipment.
The German medical device market grew by 4.2% in 2018 and is expected to continue to flourish at growth rates ranging from 4% to 6% through 2021. All major US companies, such as GE Healthcare, Johnson & Johnson, Becton Dickinson, Abbvie, Stryker, Zimmer, 3M, McKesson, Cardinal Health, Henry Schein, and Medline, have subsidiaries in Germany.
Favourable government regulations and allowing kits under emergency authorization is driving the growth of medical device industry.For instance Biolidics is distributing COVID19 rapid testing kit in the region.
Siemens and Celltrion companies are expected to receive the approval for the product related to COVID19 soon.
Based on product type, the medical devices market is segmented into in vitro diagnostics (IVD), surgical device, general medical devices, cardiovascular devices, orthopedic, infection control devices, ophthalmology, endoscopy, neurology, others.The in vitro diagnostics segment held the largest share of the market in 2019.
However, the market for neurology is estimated grow at the highest CAGR in the market during the forecast period.
Based on function, the market is segmented into diagnostic and monitoring, therapeutics, surgical, and others. On the basis of end user the market is segmented into homecare medical devices, hospital medical devices, ambulatory care medical devices, others.
The World Health Organization (WHO), MedTech Europe org , European Patent Office (EPO), Scientific Institutes for Research, Hospitalization, and Care (IRCCS) along with company websites, are a few of the major primary and secondary sources referred for preparing this report..
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