The European Medical Device market is projected to grow at a CAGR of 4.7 % between 2020 and 2025.
NEW YORK, June 3, 2020 /PRNewswire/ -- The European Medical Device market is projected to grow at a CAGR of 4.7 % between 2020 and 2025.
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The European medical devices market 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% during the forecast period. 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.
Orthopedic device segment to have the largest share during the forecast period.
The orthopedic devices segment accounted for the largest share of the European medical device market in 2019.The high adoption of simulation techniques in laparoscopy and technological innovations are responsible for the large percentage of this segment during the forecast period.
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.
Hospitals and clinical care settings segment to grow at the highest CAGR from 2020 to 2025.
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 in 2019.
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.
Poland to witness the highest growth rate during the forecast period.
Poland market is projected to grow at the highest CAGR during the forecast period. Market growth in Poland is mainly driven by the increasing focus on medical education, training, & research and the increasing focus on patient safety and increasing healthcare expenditure.
Break of primary participants:
• By Company Type – Tier 1: 25%, Tier 2–17%, and Tier 3–58%
• By Designation – C Level: 17%, Director Level: 25%, and Others: 58%
Research Coverage:
The report analyzes the various European Medical Device companies and their adoption patterns in the market.It aims at estimating the market size and future growth potential of the global European Medical Device market for different segments such as devices, end-user, and country.
The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, service offerings, recent developments, and key market strategies.
Reasons to Buy the Report:
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them garner a greater share. Firms purchasing the report could use any one or combination of the below-mentioned strategies for strengthening their market positions.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on the service portfolios offered by the top players in the European Medical Device market
• Service Launch/Innovation: Detailed insights on new service launches in the European Medical Device market
• Market Development: Comprehensive information about lucrative emerging markets, by type, end user, and region
• Market Diversification: Exhaustive information about new services, growing geographies, recent developments in the European Medical Device market
• Competitive Assessment: In-depth assessment of growth strategies, services, and manufacturing capabilities of leading players in the European Medical Device market
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