market in Europe
of the world market
largest market after the US
The European medical technology market is estimated at 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 pace in 2010, and since then the annual growth rate has varied between 2.6% (2013) and 9.3% (2015), being 8.5% in 2020.
The European IVD market growth has been slowing down until 2013 with annual growth rates at around 2-4%. The average growth rate since 2013 has been 0.9% while the 2019 annual growth rate for the European IVD market was 1.5%.