Market Insights Health Medical Technology Medical Devices

Orthopedic Devices - Bosnia and Herzegovina

Bosnia and Herzegovina

The projected revenue in the Orthopedic Devices market market in Bosnia and Herzegovina is expected to reach US$19.33m by 2024.
This indicates a positive trend in the market within the country.
Furthermore, it is estimated that the revenue will experience an annual growth rate of 4.51% between 2024 and 2029.
As a result, the market volume is projected to reach US$24.10m by 2029.
When comparing the revenue generated globally, it is noteworthy that the United States leads the market with a significant revenue of US$16,020.00m in 2024.
This illustrates the dominant position of the United States in the Orthopedic Devices market market on a global scale.
Despite the small market size, Bosnia and Herzegovina has seen a growing demand for orthopedic devices due to an aging population and an increase in sports-related injuries.

Key regions: France, Netherlands, Europe, Germany, Japan

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Analyst Opinion

The Orthopedic Devices market in Bosnia and Herzegovina is experiencing steady growth due to several key factors.

Customer preferences: Customers in Bosnia and Herzegovina are increasingly seeking orthopedic devices that are technologically advanced and provide long-term durability. They place a high value on quality and reliability, and are willing to invest in devices that offer the best outcomes and improve their quality of life. Additionally, customers in this market are becoming more aware of the latest advancements in orthopedic devices and are actively seeking out innovative solutions that can address their specific needs.

Trends in the market: One of the major trends in the Orthopedic Devices market in Bosnia and Herzegovina is the increasing demand for joint replacement surgeries. As the population ages and the prevalence of conditions such as osteoarthritis and rheumatoid arthritis rises, the need for joint replacement procedures is growing. This trend is driving the demand for orthopedic devices such as hip and knee implants, which are essential for these surgeries. Another trend in the market is the rising adoption of minimally invasive surgical techniques. Patients are increasingly opting for procedures that involve smaller incisions, reduced pain, and faster recovery times. This has led to a growing demand for orthopedic devices that are specifically designed for minimally invasive surgeries, such as arthroscopes and surgical instruments with smaller profiles.

Local special circumstances: Bosnia and Herzegovina has a growing healthcare infrastructure, which is contributing to the development of the Orthopedic Devices market. The government has been investing in improving healthcare facilities and increasing the availability of specialized medical services. This has resulted in better access to orthopedic treatments and surgeries, leading to an increased demand for orthopedic devices.

Underlying macroeconomic factors: The economic growth in Bosnia and Herzegovina is also playing a significant role in the development of the Orthopedic Devices market. As the economy improves, individuals have more disposable income to spend on healthcare services, including orthopedic treatments and devices. This increased affordability is driving the demand for orthopedic devices in the country. In conclusion, the Orthopedic Devices market in Bosnia and Herzegovina is witnessing growth due to customer preferences for technologically advanced and durable devices, the increasing demand for joint replacement surgeries, the rising adoption of minimally invasive surgical techniques, the growing healthcare infrastructure, and the overall economic growth in the country. These factors are contributing to the expansion of the market and creating opportunities for both domestic and international orthopedic device manufacturers.

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.