Greece: Medical Instruments Market 2024

Medical Instruments Market Size in Greece

The Greek medical instruments market expanded slightly to $X in 2022, increasing by 4.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +81.9% against 2015 indices. Medical instruments consumption peaked in 2022 and is likely to see steady growth in the near future.

Medical Instruments Exports

Exports from Greece

For the fifth consecutive year, Greece recorded growth in shipments abroad of instruments used in medical sciences, which increased by 24% to X tons in 2022. Over the period under review, exports showed a resilient expansion. The most prominent rate of growth was recorded in 2015 when exports increased by 57% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, medical instruments exports reached $X in 2022. Overall, exports continue to indicate buoyant growth. The growth pace was the most rapid in 2017 when exports increased by 35% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Cyprus (X tons) was the main destination for medical instruments exports from Greece, accounting for a 27% share of total exports. Moreover, medical instruments exports to Cyprus exceeded the volume sent to the second major destination, Albania (X tons), twofold. Austria (X tons) ranked third in terms of total exports with a 9.2% share.

From 2012 to 2022, the average annual growth rate of volume to Cyprus totaled +10.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Albania (-1.7% per year) and Austria (+42.5% per year).

In value terms, Cyprus ($X), Turkey ($X) and France ($X) appeared to be the largest markets for medical instruments exported from Greece worldwide, together comprising 48% of total exports. China, the Netherlands, Austria, Germany, Albania, Romania, Italy, Poland, Bulgaria and North Macedonia lagged somewhat behind, together accounting for a further 31%.

China, with a CAGR of +61.9%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average medical instruments export price stood at $X per ton in 2022, falling by -18.3% against the previous year. Over the period under review, export price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, medical instruments export price decreased by -18.6% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the average export price increased by 120%. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to North Macedonia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (+18.0%), while the prices for the other major destinations experienced more modest paces of growth.

Medical Instruments Imports

Imports into Greece

Medical instruments imports into Greece totaled X tons in 2022, growing by 7.6% against the previous year's figure. In general, total imports indicated a slight increase from 2012 to 2022: its volume increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +57.3% against 2018 indices. The pace of growth was the most pronounced in 2016 when imports increased by 51%. Imports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, medical instruments imports totaled $X in 2022. Over the period under review, total imports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +88.9% against 2015 indices. The pace of growth was the most pronounced in 2017 when imports increased by 26%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

Germany (X tons), China (X tons) and Belgium (X tons) were the main suppliers of medical instruments imports to Greece, together accounting for 55% of total imports. The Netherlands, Italy, North Macedonia, France, Japan, Turkey, Thailand, Lithuania and the UK lagged somewhat behind, together comprising a further 34%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Lithuania (with a CAGR of +172.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest medical instruments suppliers to Greece were the Netherlands ($X), Germany ($X) and Belgium ($X), together comprising 55% of total imports. China, Italy, France, the UK, Turkey, Japan, North Macedonia, Lithuania and Thailand lagged somewhat behind, together accounting for a further 22%.

Among the main suppliers, Lithuania, with a CAGR of +95.8%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average medical instruments import price amounted to $X per ton, waning by -3.4% against the previous year. Overall, import price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, medical instruments import price increased by +3.3% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 68% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+18.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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