Medical Technology - North Macedonia

North Macedonia

The Medical Technology market market in North Macedonia is expected to achieve a revenue of US$132.80m by 2024.
Among the various markets, the Medical Devices market is projected to be the largest, with an estimated market volume of US$116.30m in the same year.
Looking ahead, the market is anticipated to witness a steady annual growth rate (CAGR 2024-2029) of 7.79%, resulting in a market volume of US$193.20m by 2029.
It is worth noting that in a global context, the United States is forecasted to generate the highest revenue, amounting to US$210.00bn in 2024.
North Macedonia's medical technology market is experiencing rapid growth due to increased government investments in healthcare infrastructure.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Medical Technology market in North Macedonia is experiencing steady growth and development due to several factors. Customer preferences for advanced healthcare solutions, increasing government investments in the healthcare sector, and the presence of local special circumstances are driving the market's expansion. Customer preferences in North Macedonia are shifting towards advanced medical technology and innovative healthcare solutions. Patients are seeking high-quality and efficient medical treatments, leading to a growing demand for state-of-the-art medical devices and equipment. This preference for advanced technology is driving the market growth as healthcare providers strive to meet the needs and expectations of their patients. The market is also benefiting from increasing government investments in the healthcare sector. The government of North Macedonia has recognized the importance of improving healthcare infrastructure and services, and has allocated significant funds for the development of the sector. This includes investments in medical technology and equipment, as well as the implementation of digital health solutions. These investments are aimed at enhancing the quality and accessibility of healthcare services, which in turn is driving the growth of the Medical Technology market. Local special circumstances in North Macedonia are also contributing to the development of the Medical Technology market. The country has a relatively small population compared to other European countries, which allows for easier implementation and adoption of new technologies. Additionally, the healthcare system in North Macedonia is undergoing reforms to improve efficiency and effectiveness, creating opportunities for the introduction of innovative medical technologies. Underlying macroeconomic factors are also playing a role in the growth of the Medical Technology market in North Macedonia. The country's economy has been steadily growing in recent years, leading to increased healthcare expenditure. As the economy continues to grow, the government and individuals are able to allocate more resources towards healthcare, including investments in medical technology. In conclusion, the Medical Technology market in North Macedonia is developing due to customer preferences for advanced healthcare solutions, increasing government investments in the healthcare sector, local special circumstances, and underlying macroeconomic factors. As the market continues to grow, there will be opportunities for both local and international companies to provide innovative medical technology solutions and contribute to the improvement of healthcare services in the country.

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.