market in Europe
of the world market
largest market after the US
The European medical technology market is estimated at roughly €120 billion in 2018. The biggest medical device markets in Europe are Germany, France, the United Kingdom, Italy and Spain. The same group of countries form the top 5 IVD markets in Europe.
Based upon manufacturer prices the European medical device market is estimated to make up 27% of the world market. It is the second-largest medical device market after the US (around 43%).
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 4.2% per annum over the past 10 years. Demand fell in 2009 due to the economic crisis, resulting in a growth rate of only 1%. The market recovered in 2010 and since then the annual growth rate has varied between 2.6% and 9.3%.
The European IVD market growth has been slowing down until 2013, while annual growth rates in the pre-crisis period were at around 2-4%. In 2013 the European market started to recover and the annual growth rate in 2019 was around 1.5%.