The Europe medical devices marketis expected to reach US$ 232,531.7 millionby 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. 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 generat... moreThe Europe medical devices marketis expected to reach US$ 232,531.7 millionby 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. 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.
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The List of Companies - Europe Medical Devices Market
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.
Europe Medical Devices: Strategic and Regional Insights
Overview of Medical Devices
A medical device encompasses any machine, instrument, apparatus, or article used for diagnosing, monitoring, or treating medical conditions. These devices play a crucial role in detecting, measuring, restoring, and modifying body structures or functions affected by health problems or chronic conditions. Examples include glasses, pacemakers, wheelchairs, X-ray machines, MRI scanners, and CT scans.
Medical devices are classified into four categories—Class I, IIa, IIb, and III—based on risk level, as defined by the Food and Drug Administration (FDA) and CE marking regulations. Class I devices pose the lowest risk, while Class III devices are considered high-risk and require stringent regulatory oversight.
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Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights
Europe Medical Devices Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Product Type (In Vitro Diagnostics (IVD), Surgical Device, General Medical Devices, Cardiovascular Devices, Orthopedic, Infection Control Devices, Ophthalmology, Endoscopy, Neurology, Others); Function (Diagnostic and Monitoring, Therapeutics, Surgical, Others); End User (Homecare Medical Devices, Hospital Medical Devices, Ambulatory Care Medical Devices, Others); and Country
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