BMI View: T he Croatian medical device market will grow moderately in local currency terms over the 2015-2020 period, but will register higher gr owth in US dollar terms due to local currency appreciation . The market will benefit from improved economic performance , although increased headwinds will temper economic recovery. Additionally, the new governm ent plans to purchase medical device s at a lower price through joint public procurement procedures in order to cut the healthcare deficit .
|Total (USDmn)||Per Capita (USD)||Total (Local Currency mn)||Per Capita (Local Currency)||Exchange Rate (Local Currency/USD)|
Latest Updates And Key Forecasts
We maintain our forecast that the market will expand by a 2015-2020 CAGR of 5.0% in local currency terms, which will take expenditure to HRK2.7bn in 2020. Market growth in US dollar terms will be higher at a 2015-2020 CAGR of 8.9%, which should see it increase to USD407.9mn in 2020.
We expect import growth to remain positive in US dollar terms in 2016, with the Croatian kuna set to appreciate by 8%, although the low level of economic growth will moderate growth rates. In the 12 months to June 2016, imports increased by 15.2% to USD264.8mn.
We believe that weak growth and growing headwinds in the eurozone, particularly in Croatia's key trading partners, will dampen demand for Croatian exports in 2017. In the 12 months to June 2016, exports increased by 86.8% to USD50.1mn.
Medical device sales may be adversely affected by the new health minister's plans for reducing costs in the health sector. At the end of October 2016, Milan Kujundzic shared his ideas for health system reform that include achieving annual savings of HRK500mn (USD69.3mn) by purchasing medical equipment and supplies at a lower cost through the use of joint public procurement procedures. The savings will be the starting point for the 2017 budget.
The Croatia Medical Devices Report features market forecasts supported by trade, production and healthcare estimates by Espicom, a BMI Research's company. These forecasts and estimates focus on six product areas: Consumables, Diagnostic Imaging, Dental Products, Orthopaedics & Prosthetics, Patient Aids and Other Medical Devices.
Detailed product breakdown for market, trade and production data in Croatia provides industry professionals, strategists, company executives and analysts with independent forecasts and competitive intelligence on the Croatia Medical Devices industry.
- Benchmark BMI's Medical Devices market forecasts, which take into account macroeconomic and industry-specific forecasts for Croatia, to test analysis as it is a key input for budgeting and strategic business planning. Use our standardised data to gain a better understanding of market performance in Croatia.
- Target Business Opportunities in the Croatia Medical Devices market by using our assessments and projections for demographic trends, regulatory developments, investment dynamics and domestic demand in Croatia.
- Assess the activities and market position of your competitors via our assessments of domestic production, national and multinational manufacturers, along with the trade and distribution outlets of multinationals, key company developments and future growth prospects.
BMI Industry View
Provides industry, political and economic views. Briefly analyses the medical devices market, taking into account the latest industry forecasts, healthcare indicators and industry trends & developments.
SWOT analyses of the medical devices market, the political environment, the economic landscape and the business environment.
Evaluates and analyses the medical devices market in terms of historical and forecast trends, covering six product areas: Consumables, Diagnostic Imaging, Dental Products, Orthopaedics & Prosthetics, Patient Aids and Other Medical Devices. Additionally, presents annual and monthly import and export trade data.
Presents macroeconomic forecasts impacting the medical devices market.
Industry Risk Reward Index
Risk Reward Indices tool, which provides a globally comparative and numerically based assessment of the medical devices market’s attractiveness.
Assesses the medical devices market in the current year. Additionally, covers healthcare trends shaping the market, focusing on health status, healthcare system, healthcare funding, healthcare resources, healthcare activity and healthcare personnel. Includes historical healthcare data.
Industry Trends & Developments
Analyses the latest industry trends and developments shaping the market, in terms of monthly trade performance, forecast trends, production changes, regulatory developments, competitive strategies, political events and economic performance.
A focus on government healthcare reforms, epidemiological trends, mergers and acquisitions, product launches, market entries, FDI activity, R&D, biotechnology, clinical trials and supply chain issues.
Values historical medical devices production, and analyses the presence of national and multinational manufacturers operating in the market. Also, compares the presence of leading multinational company operations, either via sales & marketing, distribution or manufacture. Finally, takes into account market access drivers, including major distribution channels, trade associations and trade shows.
Carefully explains the medical devices market methodology, trade classifications, Risk Reward Index methodology and sources used in the medical devices market Report.