market in Europe
of the world market
largest market after the US
The European medical technology market is estimated to be roughly €140 billion in 2020. The biggest medical device markets in Europe are Germany, France, the United Kingdom, Italy and Spain. The same group of countries forms the top 5 IVD markets in Europe.
Based upon manufacturer prices the European medical device market is estimated to make up 27.6% of the world market. It is the second-largest medical device market after the US (41.6%).
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 imaging.
The European medical device market has been growing on average by 2% per year over the past 10 years. Demand fell in 2009 due to the economic crisis, resulting in a growth rate of only 1% (lowest in 12 years). The market regained its momentum in 2010, and since then the annual growth rate has varied between 2.6% (2013) and 9.3% (2015), standing at 8.5% in 2020.
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 4.4% on average, hitting 25% in 2020.