Market Insights Health Medical Technology

Medical Devices - Bosnia and Herzegovina

Bosnia and Herzegovina

In 2024, the projected revenue in the Medical Devices market market in Bosnia and Herzegovina is expected to reach US$204.10m.
Among the various markets, Cardiology_Devices is the largest, with a projected market volume of US$30.48m in the same year.
Looking ahead, the revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 5.83%, resulting in a market volume of US$271.00m by 2029.
When comparing globally, it is worth noting that the United States is expected to generate the highest revenue, with a projected amount of US$179.80bn in 2024.
Bosnia and Herzegovina's medical device market is experiencing a surge in demand for advanced diagnostic equipment to improve healthcare outcomes.

Key regions: Germany, Spain, Japan, United Kingdom, United States

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Analyst Opinion

The Medical Devices market in Bosnia and Herzegovina is experiencing steady growth due to increasing customer demand, favorable market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Bosnia and Herzegovina have shown a growing preference for technologically advanced medical devices. They are increasingly seeking devices that offer improved accuracy, efficiency, and convenience in diagnosing and treating various medical conditions. This preference is driven by the desire for better healthcare outcomes and the increasing awareness of the benefits of advanced medical technology. Additionally, customers in Bosnia and Herzegovina are also looking for cost-effective solutions that provide value for money.

Trends in the market: One of the key trends in the Medical Devices market in Bosnia and Herzegovina is the increasing adoption of digital health technologies. These technologies, including telemedicine, wearable devices, and remote patient monitoring systems, are revolutionizing healthcare delivery by enabling remote consultations, real-time health monitoring, and personalized treatment plans. The COVID-19 pandemic has further accelerated the adoption of digital health technologies as healthcare providers and patients seek alternatives to in-person consultations and hospital visits. Another trend in the market is the growing demand for minimally invasive medical devices. Minimally invasive procedures offer several advantages over traditional surgical methods, including reduced pain, shorter recovery times, and lower healthcare costs. As a result, there is a growing demand for medical devices such as laparoscopic instruments, catheters, and endoscopes that enable minimally invasive procedures.

Local special circumstances: Bosnia and Herzegovina has a relatively underdeveloped healthcare infrastructure compared to other European countries. This presents both challenges and opportunities for the Medical Devices market. On one hand, the lack of adequate healthcare facilities and resources limits the market's growth potential. On the other hand, it creates a demand for medical devices that can improve access to healthcare services and bridge the healthcare gap. Medical devices that are portable, easy to use, and require minimal infrastructure are particularly well-suited to the local market.

Underlying macroeconomic factors: The Medical Devices market in Bosnia and Herzegovina is influenced by several macroeconomic factors. The country's improving economic conditions, rising disposable incomes, and increasing healthcare expenditure are driving the market's growth. As the standard of living improves, more individuals are able to afford advanced medical devices and treatments. Additionally, the government's focus on improving healthcare infrastructure and services is also contributing to the market's development. In conclusion, the Medical Devices market in Bosnia and Herzegovina is experiencing growth due to customer preferences for advanced technology, the adoption of digital health technologies, the demand for minimally invasive devices, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, there will be opportunities for both local and international medical device manufacturers to cater to the growing demand for innovative and cost-effective solutions.

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.