Review

Europe Medical Device Market Expected To Grow Amidst Raging Pandemic

The market in Europe has been witnessing an increase in the demand for medical devices such as diagnostic equipment, rehabilitation products, surgery devices, technical aid products, intensive care units, and hygiene devices over the years. However, this year, due to a raging pandemic sweeping across the continent the market has witnessed a sharp rise in demand. On the other hand, factors such as the increasing number of COVID-19 cases and a growing number of fatalities due to COVID-19 are leading to the shutdown of businesses across the region, hampering the manufacturing and production.

According to market estimates, the medical device market in Europe is projected to reach USD 61.4 billion by 2025 from an estimated USD 48.9 billion in 2020, at a CAGR of 4.7% in the coming years. Also, there are about 27,000 medical technology companies in Europe, of which most of them are based in Germany, the UK, Italy, Switzerland, Spain, and France.  As the availability, number, and type of devices in the market increase, the demand for medical devices will also increase during the forecast period.

Whether it is ventilators needed in an emergency and intensive care, Personal Protective Equipment (PPE), or In-Vitro Diagnostic (IVD) kits to detect the virus, the medical device industry finds itself at the center of the efforts to fight the COVID-19. It has become imperative for medical device companies to be able to handle the sudden surge in demand for equipment and perform further research. The medical device industry needs to keep up with demand, despite suppliers’ factories shutting down production, reduced factory working hours, a reduced workforce, and often, the shutdown of research and development.

This can also be attributed to the growing prevalence of various chronic diseases and risk factors such as diabetes, hypertension, smoking, and obesity coupled with an expanding geriatric population. Moreover, factors such as rapid market approval processes and improved quality and cost-effectiveness of clinical research are encouraging medical device companies to expand their market penetration to advanced European countries such as Germany. All these factors are contributing to the growth of the medical device market in Europe.

The number of technological innovations in healthcare information technology has dramatically increased over the past few years. Wireless connectivity, artificial intelligence, and cloud computing are among the prominent advancements that have helped to transform the healthcare sector.

Factors such as the rising geriatric population, large and established medical technology industry, increasing number of surgical procedures, growing need for cost-containment in the healthcare industry, and the availability of funding for research and product innovation are driving the growth of this market. However, fiscal unsustainability due to wasteful spending might hamper the market growth to a certain extent.

Based on device type, the market has been segmented into orthopedic devices, diagnostic imaging systems, endoscopy devices, ophthalmic devices, interventional cardiology devices, cardiac monitoring and cardiac rhythm management devices, respiratory care devices, ventilators, anesthesia monitoring devices, dialysis devices, and diabetic care devices.

The orthopedic devices segment accounted for the largest share of the European medical devices market in 2019. The growing incidence of orthopedic disorders such as arthritis, osteoporosis, soft-tissue injuries, and fractures among the elderly population is expected to drive the demand for orthopedic devices in Europe.

Based on end-user, the European medical devices market is segmented into hospitals and clinical care settings, and home care settings. Hospitals and clinical care settings were the largest end-users of medical devices in Europe. This can largely be attributed to the financial capabilities of hospitals to purchase expensive devices as well as the availability of trained professionals in hospitals to operate these devices.

Germany accounted for the largest share of the European medical device market. The rising population and the presence of strong healthcare infrastructure in the country are the major factors that are driving the demand for medical devices in Germany.

The prominent players in the global European medical device market are Siemens Healthineers (Germany), GE Healthcare (US), Philips (Netherlands), Abbott (US), Medtronic (Ireland), Stryker (US), Boston Scientific (US), Asahi Kasei Medical (Japan), B. Braun (Germany), Baxter International, Inc. (US), ResMed (US), Masimo (US), and Karl Storz (Germany).

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