TABLE OF CONTENTS

Summary

Methodology of Sector Studies
Restrictions

1. Introduction – General Information
1.1 Introduction
1.2 Regulatory Framework for Medical Devices
1.3 International Classification of Medical Devices

2. The Demand for Medical Devices
2.1 Factors that Shape Demand
-Health Expenditure in Greece
-The Health Profile of the Population in Greece
-Technology
2.2 Inflation Development – Consumer Price Index
2.3 Industrial Production Index for the Sector
2.4 Net Disposable National Income
2.5 Results of the ELSTAT Household Budget Survey
2.6 The Country’s Healthcare System
2.7 Macroeconomic Environment
Appendix Chapter 2

3. Sector Supply
3.1 Structure and Breakdown of the Sector
3.2 Geographical Distribution of the Sector – Breakdown by Legal Form and Number of Employees
3.3 Presentation of Medical Device Companies
3.4 Sales of Medical Device Companies
3.5 Average Annual Rate of Change of Sales

4. Sector Risk Analysis
4.1 Creditworthiness of Assessed Businesses
4.1.1 Creditworthiness Assessment of Medical Device Companies
4.2 Assessment of Transaction Behavior of Medical Device Companies
4.2.1 Transaction Behavior of the Companies Included in the Study
4.2.2 Development of the Sector’s Transaction Behaviour: Trade in “Medical – Laboratory – Scientific Equipment”
Appendix Chapter 4

5. Financial Analysis of Sector Companies
5.1 Financial Ratios of Medical Device Companies
-Profitability
-Performance
-Liquidity
-Financial Structure
-Activity
5.2 Consolidated Balance Sheet Analysis

5.2.1 Structure of the Assets and Liabilities of the Consolidated Balance Sheet into Major Accounts

5.2.2 Shares of Sector Companies in Total EBITDA

5.3 Benchmarking of Companies’ Financial Ratios

5.4 Ranking of Companies based on Selected Accounts
5.5 Ranking of Sector Companies based on Selected Ratios
Appendix Chapter 5

6. The Medical Devices Market
6.1 The Domestic Market for Medical Devices
6.1.1 Size of the Domestic Market for Medical Devices
-Market Breakdown
-Structure of the Market
6.1.2 Market Shares – Degree of Concentration
6.2 Trends in Imports and Exports of Medical Devices
6.2.1 Imports by Product Group – Main Countries of Origin
6.2.2 Exports by Product Group – Main Destination Countries
6.2.3 Competitiveness Index of Medical Devices
6.3 Data on Medical Equipment in Greece
Appendix Chapter 6

7. Sustainable Development and ESG Actions
7.1 Results of Primary Research on Sustainable Development & ESG in Businesses
7.2 ESG Actions of Sector Companies

8. International Market Data
8.1 General Data on the European Market
8.2 Data on the Medical Devices Manufacturing Sector
Leading Medical Device Companies Worldwide
The In Vitro Diagnostics Market in Europe
8.3 Key Healthcare Sector Data for European Countries
-Health Expenditure
-Medical Equipment
-Implants
Appendix Chapter 8

9. Sector Strategic Analysis – Prospects
9.1 Analysis of the Competitive Environment
General
Threat of New Entrants
Threat of Substitute Products
Bargaining Power of Suppliers
Bargaining Power of Customers
Competitive Rivalry within the Industry
9.2 SWOT Analysis
9.3 Sector Prospects
9.4 Proposals to Improve the Competitiveness of Businesses

Appendix I: Economic Overview (latest ALPHA BANK financial report)
Appendix II: Balance Sheets of Sector Companies
Appendix III: List of Sector Studies carried out by the Department of Economic Research, ICAP CRIF S.A.

•Benchmarking of Sector Companies

TABLES & GRAPHS

TABLES
Table 1.1 International Classification of Medical Devices
Table 2.1 Government Transfers to Hospitals and Regional Health Authorities
Table 2.2 Population Aged 65 and Over as a Percentage of Total Population (2026-2070)
Table 2.3 Trends in the Consumer Price Index (2016-2026)
Table 2.4 Industrial Production Volume Index for Medical and Dental Instruments (2021-2026)
Table 2.5 Trends in Per Capita Net National Disposable Income (2015-2024)
Table 2.6 Average Monthly Private Health Expenditure (2024)
Table 2.7 Distribution of Hospital Beds by Legal Form of Hospital (2000-2024)
App. Table 2.1 Total Financing of Health Expenditure (2020-2024)
App. Table 2.2 Financing from Funding Agencies to Healthcare Providers (2020-2024)
App. Table 2.3 Population of Greece by Age Group (2011, 2023, 2025*)
App. Table 2.4 Population of Greece by Region and Sex (2025)
App. Table 2.5 Population Projections for Greece by Age Group (2026-2060)
App. Table 2.6 Census of Hospitals (2024)
App. Table 2.7 Inpatient Hospital Beds by Specialty and Region (2024)
App. Table 2.8 Number of Health Centres and Medical Staff by Region (2024-2025)
App. Table 2.9 Primary Healthcare Units by Category (2024-2025) and Staff by Health Region (2025)
App. Table 2.10 Medical Equipment in Health Centres (2024-2025)
Table 3.1 Geographical Distribution of Sector Companies by Region (2026)
Table 3.2 Medical Device Companies
Table 4.1 Creditworthiness of the Companies Included in the Study (8M 2026-2025)
Table 4.2 Change in the Evaluation of the Companies Included in the Study (2026*/2025)
Table 4.3 Creditworthiness of the Sector: Trade in “Medical – Laboratory – Scientific Equipment”
Table 4.4 Transaction Behaviour of the Sector: “Medical – Laboratory – Scientific Equipment” (2026*-2025)
Table 5.1 Profitability Ratios of Sector Companies (2021-2025)
Table 5.2 Return Ratios of Sector Companies (2021-2025)
Table 5.3 Liquidity Ratios of Sector Companies (2021-2025)
Table 5.4 Financial Structure Ratios of Sector Companies (2021-2025)
Table 5.5 Activity Ratios of Sector Companies (2021-2025)
Table 5.6 Consolidated Balance Sheet of Sector Companies (2021-2025, in €)
Table 5.7 Percentage Changes in the Consolidated Balance Sheet of Sector Companies (2021-2025)
Tables 5.8-5.20 Financial Ratios of Leading Companies and Comparison with the Sector (2022-2024)
Table 5.21 Ranking of Sector Companies by Gross Profit (2024-2025)
Table 5.22 Ranking of Sector Companies by Net Profit (2024-2025)
Table 5.23 Ranking of Sector Companies by EBITDA (2024-2025)
Table 5.24 Ranking of Sector Companies by Total Assets (2024-2025)
Table 5.25 Ranking of Sector Companies by Shareholders’ Equity (2024-2025)
App. Table 5.1 Financial Ratio Formulae
Table 6.1 Size of the Domestic Medical Devices Market (1995-2025)
Table 6.2 Structure of the Domestic Medical Devices Market by Broad Category (2025)
Table 6.3 Company Market Shares in the Domestic Medical Devices Market (2025)
Table 6.4 Concentration Ratios (2025)
Table 6.5 Imports of Medical Devices (2015-2025)
Table 6.6 Exports of Medical Devices (2015-2025)
Table 6.7 Trends in the Competitiveness of Medical Devices based on the Balassa Index (2021-2025)
Table 6.8 Number of Organisations Applying Practices Involving Ionising Radiation (2025)
Table 6.9 Growth Rate of Medical Ionising and Non-Ionising Radiation Systems (7M 2025/2024)
App. Table 6.1 Description of 8-Digit Intrastat Combined Nomenclature Codes
App. Table 6.2 Imports of Medical Devices by Product Group (2017-2025)
App. Table 6.3 Imports of Medical Devices by Intrastat Code (2024-2025)
App. Table 6.4 Imports of Medical Devices by Country of Origin (2024-2025)
App. Table 6.5 Exports of Medical Devices by Product Group (2017-2025)
App. Table 6.6 Exports of Medical Devices by Intrastat Code (2024-2025)
App. Table 6.7 Exports of Medical Devices by Destination Country (2024-2025)
App. Table 6.8 Medical Ionising and Non-Ionising Radiation Systems by Region (01.07.2025)
App. Table 6.9 Medical Ionising and Non-Ionising Radiation Systems by Region (01.07.2024)
App. Table 6.10 Number of Radiation Systems and Sources (July 2025)
Table 8.1 The 30 Largest Sector Companies (2025)
App. Table 8.1 MRI Units per 1 Million Inhabitants in EU Countries (2017-2024)
App. Table 8.2 CT Scanners per 1 Million Inhabitants in EU Countries (2018-2025)
App. Table 8.3 Mammography Units per 1 Million Inhabitants in EU Countries (2018-2025)
App. Table 8.4 Orthopaedic Implants per 1 Million Inhabitants in European Countries (2017-2020)
App. Table 8.5 Cardiac Implants per 1 Million Inhabitants in European Countries (2020-2024)
Table 9.1 Forecast of the Domestic Medical Devices Market (2026-2028)

GRAPHS
Graph 2.1 Population Aged Over 65 (2026-2070)
Graph 2.2 Distribution of Hospitals (2024)
Graph 3.1 Distribution of the Companies Included in the Study* by Region (2026)
Graph 3.2 Distribution of the Companies Included in the Study* by Legal Form (2026)
Graph 4.1 Ranking of the Companies Included in the Study by Creditworthiness (2026*)
Graph 4.2 Change in the Evaluation of the Companies Included in the Study (2026*/2025)
Graph 4.3 Creditworthiness of the Sector: Trade in “Medical – Laboratory – Scientific Equipment” (8M 2026)
Graph 5.1 Trends in the Profitability Ratios of the Sector (2021-2025)
Graph 5.2 Trends in the Return Ratios of the Sector (2021-2025)
Graph 5.3 Trends in the Activity Ratios of the Sector (2021-2025)
Graph 5.4 Sales Trends of 38 Companies Included in the Consolidated Balance Sheet (2021-2025)
Graph 5.5 Asset and Liability Structure of 38 Medical Device Companies (2025)
Graph 5.6 Shares of Sector Companies* in Total EBITDA (2025)
Graph 5.7 Number of Sector Companies Reporting an Improvement or Deterioration in Selected Accounts (2025/2024)
Graph 5.8 Ranking of Companies by Net Profit Margin before Tax (2025)
Graph 5.9 Ranking of Companies by EBITDA Margin (2025)
Graph 5.10 Ranking of Companies by Return on Equity (2025)
Graph 6.1 Trends in the Domestic Medical Devices Market (2017-2026*)
Graph 6.2 Structure of the Domestic Medical Devices Market by Broad Category (2025)
Graph 6.3 Trends in the Value of Medical Device Imports by Category (2021-2025)
Graph 6.4 Structure of Medical Device Imports by Main Country of Origin (2025)
Graph 6.5 Trends in the Value of Medical Device Exports by Category (2021-2025)
Graph 6.6 Structure of Medical Device Exports by Main Destination Country (2025)
Graph 7.1 Importance of Sustainable Development and Degree of ESG Practice Implementation at Corporate and National Level
Graph 7.2 Comparative Results Regarding the Degree of ESG Practice Adoption at Corporate and National Level (2026-2025)
Graph 7.3 Distribution (%) of Companies’ Total ESG Budget by Main Pillar (2025)
Graph 7.4 Which ESG Initiatives Do You Consider Most Important to Share with All Stakeholders?
Graph 7.5 Department Responsible for Managing ESG Initiatives
Graph 7.6 Communication Channels Used to Report ESG Initiatives
Graph 7.7 Usefulness of Benchmarking Your Company’s ESG Performance against Other Companies in the Sector
Graph 7.8 Frequency of Assessing and Monitoring Progress on ESG Matters
Graph 7.9 Use of Software to Collect and Monitor ESG Performance Data
Graph 7.10 Participation in National and International Networks Related to Sustainable Development and ESG
Graph 7.11 Cost of ESG Initiatives (2025)
Graph 7.12 Change in Expenditure on ESG Initiatives (2025/2024)
Graph 7.13 Level of Familiarity with the Omnibus Directive
Graph 7.15 Impact of the Omnibus Directive on Companies’ ESG Timelines
Graph 7.16 Impact of the Extension on Greek Companies
Graph 7.17 Degree of Implementation of Environmental ESG Initiatives
Graph 7.18 Degree of Implementation of Social ESG Initiatives
Graph 7.19 Degree of Implementation of Corporate Governance ESG Initiatives
Graph 7.20 Benefits Derived by Companies from Implementing ESG Practices
Graph 7.21 Main Barriers to the Implementation of ESG Initiatives
Graph 8.1 Leading Medical Equipment and Services Companies Worldwide by Market Capitalisation (2025)
Graph 8.2 Health Expenditure as a Percentage (%) of GDP in EU Countries (2024-2025)
Graph 8.3 MRI Units per 1 Million Inhabitants in EU Countries (2023-2024)
Graph 8.4 CT Scanners per 1 Million Inhabitants in EU Countries (2024-2025)
Graph 8.5 Mammography Units per 1 Million Inhabitants in EU Countries (2024-2025)
Graph 8.6 Radiotherapy Equipment per 1 Million Inhabitants in EU Countries (2024-2025)
Graph 8.7 Cardiac Implants per 1 Million Inhabitants in European Countries (2024)