GREECE MEDICAL DEVICES MARKET

KEY FINDINGS

• Greece has one of the fastest-aging populations in Europe, with the over-65s expected to account for 25% of the population by 2030. This is leading to an increased demand for medical devices used in the treatment of chronic diseases such as cardiovascular disease, diabetes, and cancer.

• The Greek government is increasing its spending on healthcare, with a particular focus on improving access to medical devices. This is being driven by a number of factors, including the need to improve the quality of care and to reduce the burden of chronic diseases

• Greek hospitals and clinics are increasingly adopting advanced medical technologies, such as minimally invasive surgery and robotic-assisted surgery. This is being driven by a number of factors, including the benefits of these technologies in terms of improved patient outcomes and reduced costs.

• The patient examination devices market in Greece can expand or contract due to a variety of reasons including population demographics, disease incidence and prevalence, macroeconomic issues, and geopolitical considerations.

• The regulatory framework for medical devices in Greece is aligned with European Union (EU) regulations. Manufacturers must comply with the CE marking requirements and adhere to the regulations set by the Greek National Organization for Medicines (EOF).

• The Greek medical devices market relies heavily on imports. Domestic manufacturing is limited to low-value products such as bandages, gauze, and basic hospital furniture. ​

• Key suppliers of medical equipment to Greece are the US, Germany, and Italy, and to a smaller degree the Netherlands, France, the UK, and Luxemburg.

• The key equipment sectors in the Greek medical devices market are in vitro diagnostics, drug delivery devices, and neurology devices.

• Economic challenges and budget constraints within the healthcare system could impact the procurement of medical devices.

• European Recovery funds have designated $1.69 billion to the healthcare system with expected procurements to occur in both the pharmaceutical and medical device categories.

GREECE MEDICAL DEVICES MARKET OVERVIEW

With a highly skilled workforce and an established R&D and manufacturing capability, the Greek Life Sciences and Pharmaceuticals industry exhibits significant growth potential both in serving the internal market, as well as in expanding its reach beyond national borders.

Greece has a well-established healthcare system, and the demand for medical devices is influenced by factors such as the aging population, advancements in technology, and government healthcare policies. The medical devices market includes a wide range of products, from diagnostic equipment to surgical instruments.

The regulatory framework for medical devices in Greece is aligned with European Union (EU) regulations. The conformity assessment procedures and requirements for placing medical devices on the market are based on EU directives. Manufacturers must comply with the CE marking requirements and adhere to the regulations set by the Greek National Organization for Medicines (EOF).

Some trends that may have been influencing the medical devices market in Greece include the adoption of innovative technologies, increasing demand for minimally invasive procedures, and a focus on cost-effective healthcare solutions.

The market includes both domestic and international companies. Major multinational corporations in the medical devices sector are likely to have a presence in Greece, providing a range of medical equipment and devices.

Opportunities in the Greek medical devices market may arise from technological advancements, the need for modernization of healthcare infrastructure, and initiatives aimed at improving patient outcomes.

INTRODUCTION TO GREECE MEDICAL DEVICES MARKET

The Greek healthcare sector contributes significantly to the country’s economy. It is beginning to become a major player in the medical travel industry due to its temperate climate, highly trained medical staff, and cutting-edge medical facilities.

The Greek National Organization for Medicines oversees the regulation of devices in Greece (EOF).: Medical devices are divided into Classes I, IIa, IIb, and III based on the level of risk they pose.

For Class I devices, the registration procedure takes roughly 4-6 weeks after submission. The agreement with the notified body and the type of equipment are key factors for the other classifications.

Divides medical equipment into four classes: I, IIb, IIb, and III, according to how risky they are. Medical devices classified as Class I carry the lowest danger while those classified as Class III carry the highest risk.

Noting that all registrations within the EU, and consequently in Greece, are valid for 5 years is also significant. Additionally, manufacturers must have a quality management system (QMS). The most popular option in this regard is three-year-long ISO certification.

Manufacturers must ensure that all of the medical equipment they plan to distribute in Greece are CE-marked in order to market them across the entire European Union. The CE mark provides as evidence of compliance with the most recent European Union laws.

Greece has started a conversation between important stakeholders in order to improve access to expensive medical equipment like MRI and CT scanners and mammograms.

GREECE MEDICAL DEVICES MARKET SIZE AND FORECAST

Greece medical devices market accounted for $XX Billion in 2023 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.

GREECE MEDICAL DEVICES MARKET TRENDS

Digital Health and Telemedicine:The adoption of digital health technologies, including telemedicine solutions and remote patient monitoring, has been a global trend. In Greece, an increased emphasis on telehealth services may impact the demand for certain medical devices

Minimally Invasive Procedures:There has been a global trend toward minimally invasive surgical procedures, driven by benefits such as reduced recovery times and shorter hospital stays. This trend could influence the demand for advanced surgical and diagnostic devices in Greece.

IoT and Connectivity:The integration of Internet of Things (IoT) technologies into medical devices for data collection, analysis, and communication is a growing trend. Connected medical devices may offer improved patient care and management.

Patient Monitoring Devices:The focus on preventive healthcare and remote patient monitoring may lead to increased demand for wearable devices and other monitoring tools to track and manage chronic conditions.

Regulatory Changes:Any recent changes in the regulatory landscape, both at the national and European levels, could impact the medical devices market in Greece. It's essential to stay informed about regulatory updates and compliance requirements.

GREECE MEDICAL DEVICES MARKET NEW PRODUCT LAUNCH

BrainStim by Neosperience:This non-invasive brain stimulation device, cleared for marketing in Greece, utilizes transcranial direct current stimulation (tDCS) for treating neurological conditions like depression, anxiety, and chronic pain.

Philips Spectral CT for On-demand Cardiac Imaging:This innovative CT scanner by Philips, launched in Greece, delivers exceptional image quality for cardiac examinations with reduced radiation dose compared to conventional CT scans.

GE Healthcare's Edison AI Platform:This cloud-based AI platform, now available in Greece, assists healthcare providers in analyzing medical images and extracting valuable insights for improved diagnosis and treatment planning.

Abbott's FreeStyle Libre 3 Sensor:This continuous glucose monitoring system, recently launched in Greece, offers a painless and discreet way for diabetics to track their blood sugar levels in real-time.

GREECE MEDICAL DEVICES MARKETSEGMENTATION

Greece Medical Devices Market ByProduct

• Consumables
• Diagnostic Imaging
• Dental Products
• Orthopedics & Prosthetics
• Patient Aid
• Other Medical Devices

Greece Medical Devices Market By End User

• Hospitals
• Outpatients clinics
• Home Healthcare

Greece Medical Devices Market By Technology level

• Low-tech Devices
• High-tech Devices

GREECE MEDICAL DEVICES MARKET COMPANY PROFILE

• Siemens Healthineers
• Philips Healthcare
• GE Healthcare
• Johnson & Johnson Medical Devices
• Abbott Laboratories

THIS GREECE MEDICAL DEVICES MARKET REPORT WILL ANSWER FOLLOWING QUESTIONS

1. To what extent will the aging population continue to drive growth in the Greek medical devices market, and which specific product segments are expected to benefit the most?
2. How will the focus on value-based healthcare impact the types of medical devices adopted by Greek hospitals and clinics?
3. What are the most promising opportunities for digital health and AI-powered medical devices in the Greek market?
4. What are the key challenges hindering the adoption of advanced medical technologies in Greece, and how can they be addressed?
5. How will the recent launch of the National Health Technology Network (ESYT) influence the Greek medical devices market?
6. How are international medical device giants adapting their strategies to compete with emerging domestic players in Greece?
7. What are the strengths and weaknesses of the domestic medical device industry in Greece compared to its international counterparts?
8. What are the potential opportunities for collaboration between international and domestic companies in the Greek medical devices market?
9. How is the recent brain drain of skilled medical professionals impacting the Greek medical devices market?
10. What are the key regulatory considerations for foreign medical device companies entering the Greek market?
11. What are the specific unmet needs in the Greek healthcare system that could be addressed by innovative medical devices?
12. How is the demand for personalized medicine and genetic testing technologies evolving in the Greek market?
13. What are the potential applications of telemedicine and remote patient monitoring in Greece, and what are the barriers to adoption?
14. How can the Greek medical devices market be made more accessible and affordable for low-income individuals?
15. What are the ethical considerations surrounding the use of AI in medical devices in the Greek context?