Healthcare equipment and in vitro By offering cutting-edge healthcare solutions for the diagnosis, prevention, monitoring, prediction, prognosis, treatment, or alleviation of disease, diagnostic medical devices (IVDs) play a critical role in saving lives. The medical device industry in the European Union is inventive and competitive, with a significant contribution from small and medium-sized businesses. It is underpinned by a regulatory framework that strives to guarantee the internal market's seamless operation while placing a strong emphasis on patient and user health protection. Sticky plasters, contact lenses, X-ray equipment, pacemakers, breast implants, software applications, and hip replacements are a few examples of medical gadgets. Testing on samples are conducted using IVDs; blood testing for HIV, pregnancy tests, and diabetic blood sugar monitoring systems are a few examples.
According to SPER market research, ‘Europe Medical Devices Market Size- By Device Type, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2032‘ state that the Europe Medical Devices Market is predicted to reach USD 87.12 billion by 2032 with a CAGR of 4.93%.
Drivers:
- Rising product innovation and technology breakthroughs, rising health consciousness among the populace, and wearable device benefits including data interpretation and ease of use are some of the reasons propelling the market's expansion.
- It is anticipated that additional elements, like ongoing product development and commercialization as well as reinforced distribution networks from large product manufacturers, will support the expansion of the wearable medical device market in Europe. Furthermore, One of the most inventive and diversified industries in Europe, it is expected to continue expanding as a result of expanding trade flows, an increase in the number of patents filed by MedTech businesses, a high employment and retention rate in the field, and advancements in the continent's healthcare system.
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Challenges:
- Ensuring a sustainable set of rules that guarantees safety but also innovation may present significant issues at national, European, and international levels, given the sector's rapid and ongoing development.
- Systems of public health: In order to address new and evolving demands, EU public health systems must change. This calls for the creation of a common understanding of healthcare objectives to address disparities and care for an aging population.
- Healthcare accessibility: Since healthcare may be expensive for patients and national health systems alike, the EU must make sure that patients have improved access to reasonably priced medical devices.
Impact of COVID-19 on European Medical Devices Market
Growth in the market has been greatly impacted by the COVID-19 pandemic. Because wearable technology and patient monitoring gadgets enable clinicians to track patients' medical state and communicate contactlessly, demand for these products has surged throughout the pandemic. Remote monitoring of vital signs related to COVID-19, such as skin and body temperature, breathing rate, pulse rate, heart rate, and blood oxygen level, can help assess the transmission of the virus and aid in early identification. This is expected to positively impact the market under study's growth.
Furthermore, some of the market key players are Abbott, B. Braun, Boston Scientific, Fujifilm, GE Healthcare, Karl Storz and Masimo.
For More Information, refer to below link:-
European Medical Devices Market Outlook
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