Serbia: Medical Instruments Market 2024

Medical Instruments Market Size in Serbia

The Serbian medical instruments market contracted rapidly to $X in 2022, with a decrease of -39.7% against the previous year. Over the period under review, consumption saw a noticeable reduction. Medical instruments consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Medical Instruments Production in Serbia

In value terms, medical instruments production shrank modestly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a resilient increase. The growth pace was the most rapid in 2015 when the production volume increased by 20% against the previous year. Medical instruments production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Medical Instruments Exports

Exports from Serbia

In 2022, approx. X tons of instruments used in medical sciences were exported from Serbia; picking up by 8.2% compared with 2021. Overall, exports showed a prominent expansion. The growth pace was the most rapid in 2015 when exports increased by 54% against the previous year. The exports peaked in 2022 and are likely to continue growth in the near future.

In value terms, medical instruments exports dropped to $X in 2022. Over the period under review, total exports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -7.4% against 2020 indices. The most prominent rate of growth was recorded in 2013 when exports increased by 22% against the previous year. Over the period under review, the exports reached the maximum at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Slovenia (X tons) was the main destination for medical instruments exports from Serbia, with a 85% share of total exports. Moreover, medical instruments exports to Slovenia exceeded the volume sent to the second major destination, Italy (X tons), ninefold.

From 2012 to 2022, the average annual growth rate of volume to Slovenia stood at +234.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+12.0% per year) and Germany (-16.1% per year).

In value terms, Slovenia ($X) remains the key foreign market for instruments used in medical sciences exports from Serbia, comprising 72% of total exports. The second position in the ranking was taken by Italy ($X), with a 9.6% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Slovenia amounted to +131.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+11.1% per year) and Germany (-14.9% per year).

Export Prices by Country

In 2022, the average medical instruments export price amounted to $X per ton, declining by -12.5% against the previous year. In general, the export price recorded a abrupt curtailment. The pace of growth was the most pronounced in 2017 when the average export price increased by 6.8%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Slovenia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+1.5%), while the prices for the other major destinations experienced a decline.

Medical Instruments Imports

Imports into Serbia

After seven years of growth, supplies from abroad of instruments used in medical sciences decreased by -16% to X tons in 2022. Over the period under review, imports, however, enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2018 with an increase of 28%. Imports peaked at X tons in 2021, and then declined markedly in the following year.

In value terms, medical instruments imports declined dramatically to $X in 2022. In general, imports, however, posted a moderate expansion. The growth pace was the most rapid in 2018 when imports increased by 58%. Over the period under review, imports hit record highs at $X in 2021, and then declined dramatically in the following year.

Imports by Country

China (X tons), Germany (X tons) and Turkey (X tons) were the main suppliers of medical instruments imports to Serbia, with a combined 49% share of total imports. Slovakia, Spain, Mexico, Italy, India, Thailand, the United States, Slovenia, France and Greece lagged somewhat behind, together comprising a further 38%.

From 2012 to 2022, the biggest increases were recorded for Greece (with a CAGR of +160.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest medical instruments suppliers to Serbia were Germany ($X), the United States ($X) and China ($X), with a combined 57% share of total imports. Italy, Turkey, France, Mexico, Slovenia, India, Thailand, Slovakia, Spain and Greece lagged somewhat behind, together comprising a further 15%.

Greece, with a CAGR of +64.6%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average medical instruments import price amounted to $X per ton, which is down by -28.1% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 30%. Over the period under review, average import prices reached the maximum at $X per ton in 2021, and then dropped markedly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Greece ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+7.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform