Europe Medical Devices Market Size, Share & COVID-19 Impact Analysis, By Type (Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging Devices, In-vitro Diagnostics, Minimally Invasive Surgery Devices, Wound Management, Diabetes Care Devices, Ophthalmic Devices, Nephrology Devices, Dental Devices, and Others), By End User (Hospitals & Ambulatory Surgery Centers (ASCs), Clinics, and Others), and Regional Forecast, 2023-2030

Europe is the second largest region in the global medical devices market. It is projected to grow at a CAGR of 4.5% during the forecast period. The global market for medical devices is projected to grow from USD 512.29 billion in 2022 to USD 799.67 billion by 2030.

The European medical device market is competitive due to increasing small and medium-sized enterprises, supportive regulatory framework, development of innovative products, and rising adoption of these devices. For instance, according to European Commission, currently, there are over 500,000 types of medical devices and in-vitro diagnostics (IVDs) in the European market. The factors mentioned above create a need for smooth framework ensuring the flawless functioning of the internal market and the overall market is oriented toward product diversification.

Our report on the Europe medical devices market covers the following countries/regions – U.K., Germany, France, Italy, Spain, and the rest of Europe.

LATEST TRENDS

Significant Expenditure on Medical Technology leading to Increasing Number of Patents 

The recent industry trends show an emerging interest in developing innovative medical devices, thereby investing a huge amount in the medical technology sector. For instance, according to a report published by Medtech Europe in 2022, the region spends approximately 11% of its GDP on the healthcare system, of which the medical device industry captures 7.6%. However, the expenditure varies significantly across European countries, ranging from around 5% to 12% of the total healthcare expenditure.

The increasing expenditure fueled innovation in the region, leading to more than 15,300 patent application filings with the European Patent Office (EPO) in the field of medical technology in 2021. The medical technology field accounts for 8.1% of the total number of applications, the 2^nd highest among all

European industrial sectors. Thus, increasing expenditure encourages the key players to introduce innovative products, which is anticipated to propel the Europe medical devices market growth during the forecast period.

DRIVING FACTORS

Rising Number of SMEs to Accelerate Technological Breakthroughs

The industry in Europe is one of the most diverse and innovative sectors, which is anticipated to grow further due to growing trade flows, a rising number of patents filed by MedTech companies, a high rate of employment and retention in this sector, and improving the healthcare system in Europe.

• For instance, according to data published in 2022 by MedTech Europe, a European trade association, more than 34,000 MedTech companies in Europe invest heavily in improving and developing new technologies. Among these companies, 95% are SMEs driving economic growth and trade activities in Europe, leading to overall market growth in the region.

RESTRAINING FACTORS

Slow Translation of Research into Clinical Practice May Delay Product Adoption and Limit Market Growth

Despite rising innovation and new product developments, European medical professionals are bound to use conventional methods. Artificial intelligence has become a significant part of medical technology. However, its approval guidelines are still unclear and limiting medical professionals from using technologically advanced products leads to delays and healthcare access at the patient level.

• For instance, according to an article published in December 2022 by Rinjstate Hospital, Netherlands, Europe's health professionals are ready to adopt efficient AI solutions. However, owing to the slow translation of research activity into clinical practice, they are not yet implemented in clinical practice. Also, the AI tool lacks appropriate approvals and cannot be used clinically. Moreover, current regulatory scenarios do not allow any tool to access hospital data and learn through it. As the tool gets access approval, the database gets locked, which is a major contradiction that needs to be addressed.

The factors mentioned above limit healthcare technology adoption in Europe and the region's market growth.

KEY INDUSTRY PLAYERS

In terms of the competitive landscape, the Europe medical devices market share is majorly captured by Medtronic, Siemens Healthcare GmbH, and Koninklijke Philips N.V. The significant share is attributed to their active involvement in R&D investments leading to product approvals, strong product offerings, and product launches.

Due to their strong distribution network and diverse product portfolio indications, Fresenius Medical Care AG & Co. KgaA and Smith+Nephew are anticipated to lead the market during the forecast period. Other major players are Getinge AB, Drägerwerk AG & Co. KgaA, and others. These companies focus on strengthening their distribution network and product portfolio through strategic partnerships and collaborations to increase their market share in Europe.

LIST OF KEY COMPANIES PROFILED:

• Koninklijke Philips N.V. (Netherlands)


• Fresenius Medical Care AG & Co. KgaA (Germany)


• Siemens Healthcare GmbH (Germany)


• B. Braun SE (Germany)


• Smith+Nephew (U.K.)


• Getinge AB (Sweden)


• Drägerwerk AG & Co. KgaA (Germany)


• Medtronic (Ireland)


• Stryker (U.S.)


• Johnson & Johnson Services, Inc. (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• April 2022: Getinge AB signed an agreement to acquire 100% shares in FLUOPTICS SAS, a French company in fluorescence imaging, to aid surgery. The acquisition aimed to expand Getinge's customer offering in clinical decision support by providing safe and improved operating efficiency.


• June 2022: Smith+Nephew announced the investment of USD 100 million to build a new manufacturing and R&D facility for its Advanced Wound Management franchise on the outskirts of Hull, U.K. A grant from the U.K. Government supported the development.


• April 2022: Medtronic plc announced the reimbursement for MiniMed 780G, an advanced insulin delivery system, had been expanded across two more countries in Europe, including Germany and France.

REPORT COVERAGE

The research report provides qualitative and quantitative insights into the market and a detailed analysis of the Europe market size & growth rate for all possible segments in the market. Along with the market size, forecast, the research report elaborates on the market dynamics and competitive landscape. Various key insights presented in the report are an overview of the number of procedures, an overview of price analysis of types of products, an overview of the regulatory scenario by key countries, pipeline analysis, new product launches, key industry developments – mergers, acquisitions & partnerships, and the impact of COVID-19 on the market.

Report Scope & Segmentation