The Europe medical devices market is expected to reach US$ 232,531.7 million by 2027 from US$ 149,480.3 million in 2019. The market is anticipated to grow with a CAGR of 5.8% from 2020 to 2027.
The Business Market Insights provides you regional research analysis on “Europe Medical Devices Market” and forecast to 2027. The research report provides deep insights into the regional market revenue, parent market trends, macro-economic indicators, and governing factors, along with market attractiveness per market segment. The report provides an overview of the growth rate of the Europe Medical Devices market during the forecast period, i.e., 2020–2027.
A medical device can be a machine, instrument, apparatus, an article that is used to diagnose, monitor, and therapeutic purposes. A medical device plays an essential role, such as detection, measurement, restoration, and modification of the structure or a function of the body due to health problems or chronic medical conditions. There are various types of medical devices, which include glasses, pacemakers, wheelchairs, X-ray machines, MRI, CT scans, and many more. These medical devices are categorized into four classes, such as I, IIa, IIb, and III. The categories of the medical devices are based on the Food and Drug Administration and CE marking. The organizations have categorized class I as low-risk medical devices and class III high-risk medical devices.
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Factors driving the market growth include growing research and development activity medical device industry, and rising chronic disease prevalence. However, the challenges in medical device industry like expensive frequent product recalls may restrain the growth of the market. Outbreak of COVID19 has generated the demand for rapid diagnostic kits in the market. Many key players from the region are developing rapid testing kits.
Major key players covered in this report: Medtronic, Abbott, Boston Scientific Corporation, Braun Melsungen AG, 3M, General Electric Company, Stryker Corporation, Koninklijke Philips N.V., Siemens AG; Johnson and Johnson Services, Inc.
In terms of product type, the In-vitro diagnostic device segment held the largest share of the market in 2019; however, the neurology segment is anticipated to register the highest CAGR in the market during the forecast period. In terms of function, the diagnostic and monitoring segment held a larger share of the market in 2019and the surgical segment is estimated to register a higher market sharein the market during the forecast period. Likewise, in terms of end user, the hospital segment held a larger share of the market in 2019 and is estimated to register a higher CAGR in the market during the forecast period.
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The study conducts SWOT analysis to evaluate strengths and weaknesses of the key players in the Europe Medical Devices market. Further, the report conducts an intricate examination of drivers and restraints operating in the market. The report also evaluates the trends observed in the parent market, along with the macro-economic indicators, prevailing factors, and market appeal with regard to different segments. The report predicts the influence of different industry aspects on the Europe Medical Devices market segments and regions.
The research on the Europe Medical Devices market focuses on mining out valuable data on investment pockets, growth opportunities, and major market vendors to help clients understand their competitor’s methodologies. The research also segments the Europe Medical Devices market on the basis of end user, product type, application, and demography for the forecast period 2020–2027. Comprehensive analysis of critical aspects such as impacting factors and competitive landscape are showcased with the help of vital resources, such as charts, tables, and infographics.
This report strategically examines the micro-markets and sheds light on the impact of technology upgrades on the performance of the Europe Medical Devices market.
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