Orthopedic Devices - Serbia | Statista Market Forecast

The projected revenue in the Orthopedic Devices market market in Serbia is estimated to reach US$47.21m in 2024.
This figure is expected to exhibit a compound annual growth rate (CAGR 2024-2029) of 5.67%, leading to a market volume of US$62.19m by 2029.
When compared globally, the United States is anticipated to generate the highest revenue, amounting to US$16.02bn in 2024.
Serbia's orthopedic device market is experiencing a surge in demand due to the country's aging population and increased focus on healthcare infrastructure.

Definition:
The Orthopedic Devices market contains medical equipment and accessories used to treat orthopedic disorders, including joint reconstruction, spinal devices, trauma fixation devices, arthroscopic devices, etc.

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: Johnson & Johnson, Zimmer Biomet, Stryker, Medtronic. Further information on the key players can be found in the Market Shares boxes.

Joint reconstruction implants
Spinal devices
Trauma fixation devices
Arthroscopy devices

Orthopedic pharmaceuticals
Orthopedic supplements

The Orthopedic Devices market in Serbia is experiencing significant growth and development.

Customer preferences: Customers in Serbia are increasingly demanding orthopedic devices that are technologically advanced and provide better patient outcomes. They are seeking devices that are durable, lightweight, and easy to use. Additionally, there is a growing preference for minimally invasive procedures, which require specialized orthopedic devices.

Trends in the market: One of the key trends in the Orthopedic Devices market in Serbia is the increasing adoption of advanced implant materials. Titanium and cobalt-chromium alloys are gaining popularity due to their strength, biocompatibility, and resistance to corrosion. These materials are being used in the manufacturing of orthopedic implants such as hip and knee replacements, which are in high demand in Serbia. Another trend in the market is the rising demand for orthopedic braces and supports. These devices are used to provide stability, immobilization, and pain relief for patients with musculoskeletal injuries or conditions. The growing awareness about the benefits of orthopedic braces, coupled with the increasing prevalence of sports injuries and age-related conditions, is driving the demand for these devices in Serbia.

Local special circumstances: Serbia has a rapidly aging population, which is contributing to the growth of the Orthopedic Devices market. As the population ages, the incidence of orthopedic conditions such as osteoarthritis and fractures is increasing. This has created a significant demand for orthopedic devices such as joint replacements and fracture fixation devices. Furthermore, the healthcare infrastructure in Serbia is improving, with increased investment in healthcare facilities and the training of healthcare professionals. This has led to better access to orthopedic treatments and procedures, driving the demand for orthopedic devices.

Underlying macroeconomic factors: Serbia is experiencing economic growth, which is positively impacting the Orthopedic Devices market. As the economy improves, individuals have more disposable income to spend on healthcare, including orthopedic treatments and devices. This has fueled the demand for orthopedic devices in the country. Additionally, Serbia is witnessing an increase in medical tourism, with patients from neighboring countries seeking orthopedic treatments in Serbian hospitals. This influx of medical tourists has further contributed to the growth of the Orthopedic Devices market in the country. In conclusion, the Orthopedic Devices market in Serbia is developing due to customer preferences for technologically advanced devices, the adoption of advanced implant materials, the rising demand for orthopedic braces and supports, the aging population, improvements in healthcare infrastructure, and underlying macroeconomic factors such as economic growth and medical tourism.

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.