Market Insights Health Medical Technology

Medical Devices - Germany

Germany

Germany's Medical Devices market market is expected to generate a revenue of €31.84bn in 2024.
Among the markets, Cardiology_Devices holds the largest share with a projected market volume of €4.56bn in the same year.
The market is anticipated to grow at an annual rate of 5.14% (CAGR 2024-2029), resulting in a market volume of €40.90bn by 2029.
In comparison to other countries, the United States is predicted to generate the highest revenue, amounting to €167.80bn in 2024.
Germany's medical device market is experiencing a surge in demand for advanced imaging technologies, driving innovation and investment in the sector.

Key regions: Germany, Spain, Japan, United Kingdom, United States

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Analyst Opinion

The Medical Devices market in Germany is experiencing significant growth due to various factors.

Customer preferences: German consumers have a strong preference for high-quality medical devices that offer advanced technology and innovative features. They prioritize devices that are reliable, durable, and provide accurate results. Additionally, German consumers value medical devices that are user-friendly and easy to operate. They are willing to invest in devices that offer convenience and improve their overall healthcare experience.

Trends in the market: One of the key trends in the Medical Devices market in Germany is the increasing demand for wearable devices. These devices, such as fitness trackers and smartwatches, have gained popularity among German consumers as they provide real-time health monitoring and personalized data analysis. The growing focus on preventive healthcare and self-monitoring has contributed to the rise in demand for wearable devices. Another trend in the market is the adoption of telemedicine. With the advancements in technology and the increasing availability of high-speed internet, German consumers are embracing telemedicine as a convenient and cost-effective alternative to traditional healthcare services. This has led to an increased demand for medical devices that support telemedicine, such as remote patient monitoring devices and telehealth platforms.

Local special circumstances: Germany has a well-established healthcare system that provides universal coverage and high-quality healthcare services to its citizens. The country has a strong emphasis on research and development, leading to the development of cutting-edge medical technologies. The presence of renowned medical device manufacturers and research institutions in Germany further contributes to the growth of the Medical Devices market. Additionally, Germany has a rapidly aging population, which is driving the demand for medical devices. The elderly population requires a range of medical devices for various conditions and age-related ailments. This demographic trend is expected to continue in the coming years, further fueling the growth of the Medical Devices market in Germany.

Underlying macroeconomic factors: Germany is the largest economy in Europe and has a stable economic environment. The country has a high level of disposable income, which enables consumers to afford expensive medical devices. The strong healthcare infrastructure and favorable reimbursement policies also play a significant role in driving the growth of the Medical Devices market in Germany. Furthermore, the German government has been actively promoting digital health initiatives, which has created a favorable regulatory environment for the adoption of medical devices. The government's focus on digitalization and innovation in healthcare has encouraged investment and research in the Medical Devices sector. In conclusion, the Medical Devices market in Germany is experiencing growth due to customer preferences for high-quality and innovative devices, the adoption of wearable devices and telemedicine, the presence of a well-established healthcare system, a rapidly aging population, and favorable macroeconomic factors. These factors are driving the demand for medical devices and creating opportunities for manufacturers and suppliers in the market.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.