The European medical technology market is estimated to be roughly €160 billion in 20221,2. The top five biggest markets are Germany, France, the United Kingdom, Italy, and Spain. Medical technology offers solutions for many disease areas. On a worldwide perspective, in vitro diagnostics (IVD) is the largest sector, followed by cardiology and diagnostic imaging3.
Based upon manufacturer prices, the European medical device market is estimated to make up 26.4% of the world market. It is the second-largest medical device market after the US (46.6%)1. The European medical device market has been growing on average by 5.7% per year over the past 10 years. Demand fell in 2009 due to the economic crisis, resulting in a growth rate of only 1% (the lowest in 14 years). The market regained its momentum in 2010, and since then the annual growth rate has varied between 2.4% (2017) and 9.3% (2015), reaching 11.4% in 2022, despite serious disruptions caused by the pandemic.
Growth in the European IVD market was in decline for several years until 2013. Since then, the annual growth rate for the European IVD market has been 2.7% on average, hitting 43.7% in 2021, followed by a steep decline in 20222.