"Medical devices" are any equipment used in healthcare that use physical means to achieve their primary intended action—that is, the diagnosis, prevention, monitoring, or treatment of an illness or condition. Thousands of items are utilised on a daily basis by patients and healthcare professionals, out of the enormous variety that is accessible.
Germany Medical Devices Market Driving Factors and Challenges
Germany has one of the best healthcare systems in the world, which encourages intensive research and technology breakthroughs that help create innovative goods. Over the following five years, this is anticipated to support the expansion of the German medical device industry. The nation's medical device industry is growing, supported in part by an increase in patients with chronic illnesses and an increase in the prevalence of these conditions. Germany, which has the largest medical device market in Europe, draws big businesses and international industry leaders who actively support market expansion by offering premium medical equipment. Moreover, Germany is actively addressing health challenges, including endeavours to combat cancer, implement smart health solutions, and develop processes tailored for the aging population. The healthcare sector in the country is also engaged in the adoption of digital care models and smart technologies, aiming to enhance patient care significantly. These efforts are anticipated to solidify the growth trajectory of the medical devices market in Germany throughout the forecast period.
There are various obstacles facing the global medical device market, chief among them being the high cost of these equipment, which prevents many patients and smaller healthcare facilities in developing countries from accessing them. Adoption in developing nations is hampered by this budgetary hurdle. Market expansion is further hampered by onerous approval procedures and regulatory frameworks. Inadequate reimbursement procedures in some countries, safety concerns, and product recalls all play a part in the market's downturn. Along with problems like shortages of raw materials and disruptions in the production and distribution supply chain, the lack of qualified medical professionals has a detrimental impact on the market. Market expansion is further limited by the availability of substitute treatments and barriers to implementing cutting-edge medical technology.
Impact of COVID-19 on Germany Medical Devices Market
The COVID-19 pandemic has a variety of effects on the medical device industry. The market was driven by an increase in demand for medical devices such as masks, respiration equipment, ventilators, PPE kits, and respiratory equipment as a result of the growing number of coronavirus infections. During the pandemic, digital health technologies like telemedicine saw a sharp increase in use at the same time. Nevertheless, during the height of COVID-19, elective surgical procedures were given precedence over non-essential ones, which had a negative impact on businesses that produced critical surgical equipment. Implemented to stop the virus from spreading, lockdowns, travel bans, and temporary closures of industrial plants caused supply chain disruption and decreased output of medical devices. Despite these obstacles, the global medical devices market is anticipated to increase significantly over the projected period as regulations loosen and COVID-19's effects fade.
Germany Medical Devices Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Abbott GmbH, Alcon Deutschland GmbH, Bausch & Lomb GmbH, Baxter Deutschland GmbH, Becton Dickinson Rowa Germany GmbH, Dexcom Deutschland GmbH, Fujifilm Europe GmbH, Medtronic GmbH, GE Healthcare GmbH, Hill-Rom GmbH, Johnson & Johnson GmbH, Philips Medical Systems DMC GmbH, ResMed Germany Inc., Roche Diagnostics GmbH, Siemens Healthcare GmbH, Others.
Germany Medical Devices Market Segmentation:
By Function: Based on the Function, Germany Medical Devices Market is segmented as; Diagnostic and Monitoring, Surgical, Therapeutic, Other Devices.
By Application: Based on the Application, Germany Medical Devices Market is segmented as; Cardiovascular Devices, General Medical Devices, Home Healthcare Devices, Orthopedic Devices, Surgical and Infection Control Devices, Other Devices.
By End Use: Based on the End Use, Germany Medical Devices Market is segmented as; Homecare Medical Device, Hospital and Ambulatory Care Medical Device.
By Region: This research also includes data for Central Germany, Eastern Germany, Western Germany and rest of Germany.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.