Market Insights Health Medical Technology Medical Devices

Other Medical Devices - Montenegro

Montenegro

The projected revenue in the Other Medical Devices market market in Montenegro is estimated to reach US$17.44m in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 5.37%, leading to a market volume of US$22.65m by 2029.
In terms of global comparison, the United States is predicted to generate the highest revenue, amounting to US$58,900.00m in 2024.
Montenegro is experiencing a growing demand for advanced medical devices in the field of telemedicine.

Key regions: United Kingdom, China, Netherlands, Europe, Italy

Market

Region

Region comparison

Currency

Analyst Opinion

The Other Medical Devices market in Montenegro is experiencing steady growth and development due to various factors.

Customer preferences: Customers in Montenegro have shown a growing preference for advanced and innovative medical devices. They are increasingly seeking out products that offer improved accuracy, efficiency, and convenience in healthcare delivery. This shift in customer preferences is driving the demand for other medical devices that cater to specific healthcare needs.

Trends in the market: One of the key trends in the Other Medical Devices market in Montenegro is the increasing adoption of telemedicine and remote patient monitoring devices. These devices enable healthcare professionals to remotely monitor patients' vital signs and provide timely medical interventions. The convenience and cost-effectiveness of these devices have made them popular among both healthcare providers and patients. Another trend in the market is the growing demand for home healthcare devices. With the aging population and the rising prevalence of chronic diseases, there is a greater need for medical devices that can be used at home. These devices include blood glucose monitors, nebulizers, and portable oxygen concentrators, among others. The ability to receive medical care in the comfort of their own homes has become a preferred option for many patients.

Local special circumstances: Montenegro is a small country with a developing healthcare infrastructure. The government has been investing in improving healthcare services and facilities, which has created a conducive environment for the growth of the Other Medical Devices market. Additionally, the country has a high rate of medical tourism, with many foreigners seeking medical treatments in Montenegro. This has further contributed to the demand for advanced medical devices in the country.

Underlying macroeconomic factors: The economic growth and increasing disposable income in Montenegro have also played a significant role in the development of the Other Medical Devices market. As people have more purchasing power, they are willing to invest in their healthcare and opt for advanced medical devices. Furthermore, the government's focus on healthcare development and its efforts to attract foreign investment have created opportunities for market players in the country. In conclusion, the Other Medical Devices market in Montenegro is growing due to the changing customer preferences, increasing adoption of telemedicine and home healthcare devices, local special circumstances, and underlying macroeconomic factors. As the healthcare infrastructure continues to improve and the demand for advanced medical devices rises, the market is expected to witness further growth in the coming years.

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.