BMI View: We expect the Serbian medical device market to increase by 3.7 % in US dollar terms in 201 7, although growth will be lower in US dollar terms due to the depreciation of the Serbian dinar. Accelerating real GDP growth in 2016 and 2017 will boost the market despite weaker external demand from Serbia's European trading partners. The majority of medical devices are imported as local manufacturers focus on disposables such as bandages and syringes, and low-tech equipment.
|Total (USDmn)||Per Capita (USD)||Total (Local Currency mn)||Per Capita (Local Currency)||Exchange Rate (Local Currency/USD)|
Latest Updates and Key Forecasts
We have revised upwards our forecasts and now project that the market will expand by a 2015-2020 CAGR of 5.2% in local currency terms, which will take expenditure to RSD19.4bn in 2020. Market growth in US dollar terms will be lower at a 2015-2020 CAGR of 3.2%, which should see it increase to USD162.0mn in 2020.
We expect import performance to improve in 2016 and 2017 with real GDP growth set to accelerate in on the back of rising consumer spending. Local currency depreciation will temper growth rates, however. In the 12 months to July 2016, imports fell by 5.5% to USD126.3mn.
We believe that export performance is set to falter due to weaker external demand in Serbia's major trading partners in the eurozone and the wider EU. In the 12 months to July 2016, exports rose by 23.4% to USD74.9mn.
In June 2016, the state allocated nearly RSD800mn (USD7.0mn) for four new radiotherapy machines in three medical facilities: the Institute of Oncology and Radiology in Belgrade, Clinical Centre Kragujevac and Clinical Centre Nis. In addition to providing opportunities for suppliers of radiotherapy equipment, this will help to reduce the radiotherapy waiting list which has been several months long.
The Serbia 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 Serbia provides industry professionals, strategists, company executives and analysts with independent forecasts and competitive intelligence on the Serbia Medical Devices industry.
- Benchmark BMI's Medical Devices market forecasts, which take into account macroeconomic and industry-specific forecasts for Serbia, 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 Serbia.
- Target Business Opportunities in the Serbia Medical Devices market by using our assessments and projections for demographic trends, regulatory developments, investment dynamics and domestic demand in Serbia.
- 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.