Introduction: Highly Demanded Medical Devices
According to the European Commission, "medical devices have a fundamental role in saving lives by providing innovative healthcare solutions for the diagnosis, prevention, monitoring, prediction, prognosis, treatment or alleviation of disease".
More than 33,000 medical devices are in use currently in Europe's Medical Device Market, representing their essentialness and high demand.
Let's have a look at some important MedTech Statistics!
European Medical Device Companies
At present, there are approximately 34,000 medical device companies operating in Europe, and a large proportion (95%) of these comprise small to medium-sized enterprises (SMEs). Most of these companies are based in Germany, Italy, UK, France, and Switzerland.
34,000 Medical Device Compaanies
European MedTech Market
The rough estimation of the European medical technology industry is €150 billion in 2021. Considering the MedTech manufacturer prices in Europe, it covers 27.3% of the global medical device market which positions the European Medical Device Market as the second largest market after the US.
Following is a visual representation of the worldwide Medical Device Market that scrutinizes the European MedTech Industry against the global market and accentuates other countries that are setting the motion for this industry.
Growth of the Medical Device Market in Europe
For the past 10 years, the average growth rate of the European Medical Device Market Success has been 4.8% per year. During the economic crisis in the year 2009, it faced a decline of only 1% per year. In 2010 momentum of the industry's growth started stabilizing again and then it kept varying between 2.4% to 9.3%. In 2021 it stood at 2.9% and still growing.
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Total Healthcare Expenditure in Europe
In Europe, the estimated expenditure on medical technology per capita is around €284.
Approximately 11% of the gross domestic product (GDP) is being spent on healthcare in Europe and only 7.6% is specified for medical technologies. It is estimated that the spendings on medical technologies vary significantly in European countries from 5% to 12% of total healthcare expenditure.
Revenue Generation Rate
This graph shows revenue generation by the European medical device market since 2016. It presents revenue data from medical instruments and machines that healthcare providers have used for the prevention, diagnosis, and treatment of diseases. The revenue is expected to go up high to 160.5 billion U.S. dollars in the year 2025.
Conclusion: MedTech is a Rapidly Growing Industry with Evolving Regulations for Ethics and Safety
The statistics presented in the article indicate that MedTech is a rapidly growing industry. As a result, regulations are being updated to ensure high standards are met. When an industry generates significant global revenue, it is confronted with various challenges, including increased regulations aimed at preventing corruption and reducing risks. This reflects the importance of ensuring the industry operates in an ethical and safe manner, protecting both consumers and investors.