market in Europe in 2021
of the world market
largest market after the US
The European medical technology market is estimated to be roughly €150 billion in 20211,2. 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 27.3% of the world market. It is the second-largest medical device market after the US (43.5%)1. The European medical device market has been growing on average by 4.8% 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 13 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), standing at 2.9% in 2021.
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 25% in 20202.