Medical Technology

The revenue in the Medical Technology market market in Serbia is forecasted to reach US$541.90m in 2024.
Among the markets, Medical Devices is projected to be the largest, with a market volume of US$471.60m in the same year.
It is expected that the revenue will experience an annual growth rate (CAGR 2024-2029) of 6.38%, leading to a market volume of US$738.30m by 2029.
When comparing globally, the United States is anticipated to generate the highest revenue, amounting to US$211.10bn in 2024.
Serbia is emerging as a hub for medical technology innovation, attracting startups and investment due to its skilled workforce and favorable government policies.

Definition:
The Medical Technology market covers devices and products used for prevention, diagnosis, and treatment of diseases. Next to pharmaceuticals, they form the most important category of medical products. The most well known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants.

Structure:
The Medical Technology market consists of two markets, In Vitro Diagnostics (IVD) and Medical Devices. The IVD market covers products used for medical laboratory testing of specimens derived from the human body. The Medical Devices market covers a broad range of products which are further marketed into medical specialties or types of application: Cardiology Devices, Diagnostic Imaging Devices, Orthopedic Devices, Ophthalmic Devices, and General & Plastic Surgery Devices. The Other Medical Devices market provides information on additional areas that are not covered by the main markets.

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, Johnson & Johnson, Abbott Laboratories, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Products for laboratoy testing (IVD)
Active medical devices (i.e., operating with electrical energy)

Pharmaceuticals
Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Blood and transplants derived from the human body

The Medical Technology market in Serbia is experiencing significant growth and development due to various factors.

Customer preferences: In recent years, there has been a growing demand for advanced medical technology in Serbia. Customers are increasingly seeking innovative and cutting-edge medical devices and equipment that can improve patient outcomes and enhance the quality of healthcare services. This trend is driven by the increasing awareness among both healthcare professionals and patients about the benefits of modern medical technology in diagnosing and treating various medical conditions.

Trends in the market: One of the key trends in the Medical Technology market in Serbia is the adoption of digital health solutions. With the advancement of technology, healthcare providers in Serbia are embracing digital platforms and solutions to streamline processes, improve efficiency, and enhance patient care. This includes the use of electronic health records, telemedicine, mobile health applications, and remote patient monitoring devices. These digital health solutions not only improve access to healthcare services, but also enable healthcare professionals to provide personalized and timely care to patients. Another trend in the market is the increasing focus on minimally invasive procedures. Medical technology companies in Serbia are investing in the development of advanced surgical instruments and devices that allow for less invasive procedures, resulting in shorter hospital stays, faster recovery times, and reduced healthcare costs. This trend is driven by the desire to improve patient comfort and outcomes, as well as the need to optimize healthcare resources.

Local special circumstances: Serbia has a well-established healthcare system with a strong emphasis on providing quality healthcare services to its population. The government has been actively promoting the use of medical technology to improve healthcare outcomes and enhance the efficiency of healthcare delivery. This has created a favorable environment for the growth of the Medical Technology market in Serbia.

Underlying macroeconomic factors: The growth of the Medical Technology market in Serbia is also influenced by macroeconomic factors. The country's stable economic growth and increasing disposable income levels have contributed to the rising demand for medical technology products and services. Additionally, the aging population in Serbia is driving the need for advanced medical devices and equipment to address age-related health issues. Furthermore, the government's focus on healthcare infrastructure development and the implementation of healthcare reforms are creating opportunities for medical technology companies to expand their presence in the market. Overall, the Medical Technology market in Serbia is experiencing significant growth and development due to customer preferences for advanced medical technology, trends in the adoption of digital health solutions and minimally invasive procedures, local special circumstances that support the use of medical technology, and underlying macroeconomic factors such as stable economic growth, increasing disposable income levels, and an aging population. This presents opportunities for medical technology companies to innovate and provide solutions that can improve healthcare outcomes and enhance the quality of healthcare services in Serbia.

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.