Market Insights Health Medical Technology

Medical Devices - Croatia

Croatia

In 2024, the revenue in the Medical Devices market market in Croatia is expected to reach US$600.10m.
Among the various markets within this market, Cardiology_Devices is projected to be the largest, with a market volume of US$88.13m in the same year.
Looking ahead, the market is expected to experience a steady annual growth rate of 3.96% (CAGR 2024-2029), resulting in a market volume of US$728.60m by 2029.
It is worth noting that in a global comparison, the United States is anticipated to generate the highest revenue, amounting to US$179.80bn in 2024.
Croatia's medical device market is experiencing a surge in demand for advanced imaging technologies, driving innovation and growth in the sector.

Key regions: Germany, Spain, Japan, United Kingdom, United States

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Analyst Opinion

The Medical Devices market in Croatia is experiencing steady growth due to several factors. Customer preferences for advanced medical technology, increasing healthcare expenditure, and a growing elderly population are driving the demand for medical devices in the country. Customer preferences in Croatia are shifting towards advanced medical technology. Patients and healthcare professionals are increasingly seeking innovative and technologically advanced medical devices that can provide accurate diagnoses and effective treatments. This preference for advanced technology is driving the demand for medical devices such as imaging equipment, diagnostic devices, and surgical instruments. The market is also benefiting from increasing healthcare expenditure in Croatia. The government has been investing significantly in the healthcare sector, which has led to the modernization of healthcare facilities and the procurement of new medical devices. This increased spending is creating opportunities for medical device manufacturers to expand their presence in the Croatian market. Furthermore, Croatia has a growing elderly population, which is contributing to the demand for medical devices. As the population ages, the incidence of chronic diseases and age-related conditions is increasing. This has led to a higher demand for medical devices such as pacemakers, insulin pumps, and mobility aids. The elderly population in Croatia is also more likely to require long-term care, which further drives the demand for medical devices. In addition to customer preferences and demographic factors, there are local special circumstances that impact the Medical Devices market in Croatia. The country has a well-developed healthcare system with a high standard of care. This creates a demand for advanced medical devices that can meet the needs of healthcare professionals and patients. Furthermore, Croatia is a member of the European Union, which means that medical devices must comply with EU regulations and standards. This creates opportunities for international medical device manufacturers to enter the Croatian market and offer their products. The underlying macroeconomic factors also play a role in the development of the Medical Devices market in Croatia. The country has experienced steady economic growth in recent years, which has led to increased healthcare spending. Additionally, the government has implemented healthcare reforms aimed at improving the quality and accessibility of healthcare services. These reforms have created a favorable environment for the growth of the Medical Devices market. Overall, the Medical Devices market in Croatia is growing due to customer preferences for advanced technology, increasing healthcare expenditure, a growing elderly population, local special circumstances, and underlying macroeconomic factors. This presents opportunities for medical device manufacturers to expand their presence in the Croatian market and meet the evolving needs of healthcare professionals and patients.

Methodology

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.