Cardiology Devices - Serbia | Statista Market Forecast

Serbia is expected to witness a significant growth in the Cardiology Devices market market, with projected revenue reaching US$74.39m in 2024.
The market is anticipated to show a robust compound annual growth rate (CAGR 2024-2029) of 8.03%, resulting in a market volume of US$109.50m by 2029.
However, in global comparison, the United States is expected to dominate the market, generating the highest revenue of US$25.77bn in 2024.
Serbia is experiencing a growing demand for advanced cardiology devices due to the increasing prevalence of cardiovascular diseases.

Definition:
The Cardiology Devices market includes diagnostic, monitoring, and surgical devices that are used to treat heart diseases and heart-related problems.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Medtronic, Abbott Laboratories, Boston Scientific, Edwards Lifesciences.
Further information on the key players can be found in the Market Shares boxes.

Cardiology diagnostic & monitoring devices
Cardiology surgical devices
Implants such as pacemakers

Cardiology drugs
Cardiology supplements

The Cardiology Devices market in Serbia is experiencing significant growth and development, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in Serbia are shifting towards more advanced and innovative cardiology devices. Patients and healthcare professionals are increasingly demanding devices that offer better accuracy, reliability, and ease of use. This is particularly true for devices used in diagnostic procedures such as electrocardiography, echocardiography, and cardiac catheterization. Additionally, there is a growing demand for minimally invasive procedures, leading to an increased adoption of devices such as cardiac stents, pacemakers, and implantable cardioverter defibrillators. Trends in the market indicate a strong focus on technological advancements and product innovation. Cardiology device manufacturers are investing heavily in research and development to introduce new and improved devices that meet the evolving needs of the Serbian market. This includes the development of devices with enhanced imaging capabilities, improved connectivity features, and greater compatibility with other healthcare systems. Furthermore, there is an increasing trend towards the use of remote monitoring and telemedicine solutions, allowing for better patient management and improved healthcare outcomes. Local special circumstances in Serbia also contribute to the growth of the Cardiology Devices market. The country has a high prevalence of cardiovascular diseases, which creates a significant demand for cardiology devices. Additionally, the Serbian government has been actively promoting the development of the healthcare sector and has implemented various initiatives to improve access to healthcare services. This includes the modernization of healthcare infrastructure, the establishment of specialized cardiology centers, and the implementation of reimbursement policies that support the use of advanced cardiology devices. Underlying macroeconomic factors further drive the growth of the Cardiology Devices market in Serbia. The country has been experiencing steady economic growth, which has led to an increase in disposable income and healthcare expenditure. This allows individuals to afford advanced cardiology devices and encourages healthcare providers to invest in the latest technologies. Furthermore, Serbia has a well-developed healthcare system with a strong network of hospitals and clinics, providing a conducive environment for the adoption of cardiology devices. In conclusion, the Cardiology Devices market in Serbia is witnessing significant growth and development due to customer preferences for advanced and innovative devices, market trends towards technological advancements and product innovation, local special circumstances such as high prevalence of cardiovascular diseases and government initiatives, and underlying macroeconomic factors such as steady economic growth and a well-developed healthcare system.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.