Market Insights Health Medical Technology Medical Devices

Other Medical Devices - Serbia

Serbia

In Serbia, the revenue in the market of Other Medical Devices market is expected to reach US$153.70m by 2024.
Looking ahead, the market is projected to experience an annual growth rate (CAGR 2024-2029) of 5.70%, which would lead to a market volume of US$202.80m by 2029.
It is worth noting that in a global context, the United States is expected to generate the highest revenue in this market, with a projected amount of US$58,900.00m in 2024.
Serbia is experiencing a growing demand for other medical devices in the medical technology market, driven by advancements in healthcare infrastructure and increasing awareness of innovative treatments.

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

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Analyst Opinion

The Other Medical Devices market in Serbia has been experiencing steady growth in recent years.

Customer preferences: Customers in Serbia have shown a growing preference for advanced medical devices that offer improved functionality and efficiency. They are increasingly seeking devices that can provide accurate and reliable results, while also being user-friendly and easy to operate. There is also a growing demand for devices that are portable and can be used in home healthcare settings.

Trends in the market: One of the key trends in the Other Medical Devices market in Serbia is the increasing adoption of digital health technologies. This includes the use of wearable devices, telemedicine solutions, and mobile health apps. These technologies allow for remote monitoring of patients, which is particularly beneficial in a country like Serbia where access to healthcare facilities may be limited in certain areas. The COVID-19 pandemic has further accelerated the adoption of digital health technologies, as it has highlighted the importance of remote healthcare services. Another trend in the market is the growing focus on preventive healthcare. There is a shift towards early detection and prevention of diseases, which has led to an increased demand for screening and diagnostic devices. This includes devices for measuring blood pressure, glucose levels, cholesterol levels, and other vital signs. In addition, there is a growing interest in personalized medicine, which requires the use of specialized medical devices for genetic testing and targeted therapies.

Local special circumstances: Serbia has a developing healthcare system, and there is a need to improve the availability and quality of medical devices. This presents an opportunity for international manufacturers to enter the market and provide innovative solutions. However, there are also challenges in terms of affordability and reimbursement. The Serbian healthcare system is primarily funded by the government, and there is a limited budget for medical devices. This can make it difficult for patients to access the latest technologies, especially in rural areas.

Underlying macroeconomic factors: The growth of the Other Medical Devices market in Serbia is driven by several macroeconomic factors. The country has a growing aging population, which is increasing the demand for healthcare services and medical devices. In addition, there is a rising incidence of chronic diseases, such as cardiovascular diseases, diabetes, and cancer, which require ongoing monitoring and treatment. The government is also investing in the modernization of healthcare infrastructure, which is creating opportunities for medical device manufacturers. In conclusion, the Other Medical Devices market in Serbia is experiencing steady growth due to customer preferences for advanced and user-friendly devices, the adoption of digital health technologies, the focus on preventive healthcare, and the underlying macroeconomic factors such as the aging population and the rising incidence of chronic diseases. However, there are challenges in terms of affordability and reimbursement, which need to be addressed to ensure equitable access to medical devices for all 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.