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.
Players in the orthopedic European medical devices industry include Zimmer Holdings Inc.(US), Biomet Inc.,(US), DePuy Synthes Companies (US), Smith and Nephew (US), and Stryker Corporation (US). These players are focusing on increasing their presence in high-growth markets through both organic as well as inorganic growth strategies, including service launches, expansions, collaborations, and partnerships.
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Within the endoscopy devices market, players such as Olympus, KARL STORZ, Richard Wolf GmbH, Maxer Medizintechnik GmbH, Xion GmbH, and Tekno-Medical Optik-Chirurgie GmbH are driving the growth of the market in Europe. Various companies are coming up with innovative products such as video endoscopes and endoscopic retrograde cholangiopancreatography devices. These players also showing a shift in trend from reusable to disposable devices. Other key players are collaborating with hospitals within the European countries to expand their endoscopy units in their hospitals.
Some of the key diagnostic imaging market players in the European region include GE Healthcare (US), Siemens Healthineers (Germany), Philips (Netherlands), Canon, and Hitachi. These players are continuously upgrading their products to include technological advancements such as Artificial Intelligence and blockchain technologies for better image processing and diagnosis. Key players in the region are also adopting inorganic strategies such as partnerships with public and private hospitals to update their imaging equipment and install new ones in these facilities.
European Medical Devices Market by Type (Diagnostic Imaging, Endoscopy Equipment, Respiratory Care, Cardiac Monitoring Devices, Haemodialysis Devices, Ophthalmic Devices, Anesthesia Monitoring), End User (Hospitals, Home-care) - Forecast to 2025
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