The Europe medical electrodes market is projected to progress with a CAGR of 4.36% across the forecasting period of 2022 to 2030. Some of the primary drivers propelling the regional market’s growth include the surging healthcare expenditure, the rise in health consciousness, and the increasing prevalence of cardiovascular diseases.
The Europe medical electrodes market growth analysis encompasses the study of the United Kingdom, Nordic Countries, Germany, Italy, Spain, Belgium, France, and Rest of Europe. According to the International Trade Administration (ITA), France’s medical device market reported a turnover of $32.23 billion in 2019. Conversely, the market turnover for medical devices exported from the country was estimated to be $9.20 billion. France also has a universal health care system largely financed by the government. Furthermore, innovative medical procedures are rising steadily in the country, such as same-day surgery, among others.
In addition, the medical device market in Italy was valued at $10.2 billion in 2019, with imports of approximately $6.8 billion, as per the ITA. This factor implies that the domestic medical equipment market is primarily dependent on imports, with the United States representing the main supplier. Moreover, with the rise in costs as well as budgetary pressure, Italy is transitioning towards quality- and value-based healthcare. Hence, opportunities for companies with innovative products are subsequently increasing in the country, as well. Therefore, these factors are anticipated to fuel the medical electrodes market growth in Europe over the estimated years.
Some of the main firms operating in the market are Koninklijke Philips NV, Ambu A/S, etc.
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