Medical Technology - Bosnia and Herzegovina

Bosnia and Herzegovina

In 2024, the projected revenue in the Medical Technology market market of Bosnia and Herzegovina is expected to reach US$239.90m.
Among the various markets within this market, the largest is Medical Devices, which is projected to have a market volume of US$205.90m in the same year.
Looking ahead, the revenue is anticipated to exhibit an annual growth rate of 5.61% (CAGR 2024-2028), leading to a market volume of US$298.40m by 2028.
It is worth noting that when compared on a global scale, the United States is expected to generate the highest revenue, with an estimated amount of US$215.80bn in 2024.
Bosnia and Herzegovina has seen a rise in the adoption of advanced medical technology, enhancing the quality of healthcare in the country.

Key regions: United States, Germany, China, Japan, France

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Analyst Opinion

The Medical Technology market in Bosnia and Herzegovina is experiencing significant growth and development due to several factors.

Customer preferences: Customers in Bosnia and Herzegovina are increasingly demanding advanced medical technology solutions to improve healthcare outcomes. They are looking for innovative medical devices and equipment that can enhance the accuracy and efficiency of medical procedures. Additionally, there is a growing demand for telemedicine solutions, which allow patients to receive medical consultations and treatments remotely.

Trends in the market: One of the key trends in the Medical Technology market in Bosnia and Herzegovina is the adoption of digital health solutions. Healthcare providers are increasingly integrating digital technologies into their operations to streamline processes and improve patient care. This includes the use of electronic health records, telemedicine platforms, and mobile health applications. The COVID-19 pandemic has further accelerated the adoption of these technologies, as they enable remote consultations and reduce the risk of virus transmission. Another trend in the market is the increasing focus on personalized medicine. With advancements in genetic testing and molecular diagnostics, healthcare providers in Bosnia and Herzegovina are able to tailor treatments to individual patients based on their genetic makeup. This approach allows for more targeted and effective therapies, leading to improved patient outcomes.

Local special circumstances: Bosnia and Herzegovina has a relatively small market size compared to other countries, which presents both opportunities and challenges for the Medical Technology industry. On one hand, the market size allows for easier market entry and competition. On the other hand, the limited healthcare budget and infrastructure pose challenges for the adoption of expensive medical technologies.

Underlying macroeconomic factors: The development of the Medical Technology market in Bosnia and Herzegovina is also influenced by underlying macroeconomic factors. The country has been experiencing steady economic growth in recent years, which has led to increased healthcare spending. This, in turn, has created a favorable environment for the growth of the Medical Technology market. Additionally, the government has been implementing healthcare reforms to improve the quality and accessibility of healthcare services, further driving the demand for medical technology solutions. In conclusion, the Medical Technology market in Bosnia and Herzegovina is growing and evolving due to customer preferences for advanced medical technology solutions, trends in digital health and personalized medicine, local special circumstances, and underlying macroeconomic factors. The adoption of digital health solutions and personalized medicine is transforming the healthcare landscape in the country, while the limited market size and healthcare budget present challenges and opportunities for industry players. Overall, the market is expected to continue to expand as healthcare providers strive to improve patient outcomes and enhance the efficiency of healthcare delivery.

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.