Espicom Industry View: The Iranian medical device market ranks fourth in the Middle East region, valued at US$766.5mn . Per capita e xpenditure, however, is the second lowest one in the region , at US$10 . The market has growth potential but o ngoing sanctions with both the USA and EU have affected the market's appeal. The weakening of the domestic currency, the rial, has also affected market growth.
Headline Industry Forecasts
In 2013, Iran's medical device market is estimated to be worth US$766.5mn; however, the market size per capita is very low, at US$10. The market is projected to grow by a low CAGR of 1.3% in US dollar terms, taking the market to US$819.4mn by 2018. Per capita spending is not expected to rise strongly over the same period.
Imports account for around 90% of the market, despite the manufacture of basic consumables such as syringes, needles & catheters, dental instruments & fittings and orthopaedics. Imports were valued at US$719.4mn in 2012. A large proportion of imports (67.6%) were procured from suppliers from the European Union (EU-27), with the Netherlands and Germany being the leading suppliers. Diagnostic imaging apparatus and other medical devices were the most significant import sectors.
Iran's medical device exports are minimal; estimates for 2012 put the value of exports at just US$5.6mn. The value of exports has plummeted when compared to 2011, but this decline is not just due to a devaluation of the Iranian rial, as the value of exports also fell by 76.2% in local currency terms.
Headline Healthcare Overview
In 2013, BMI Espicom estimates that healthcare expenditure in Iran stands at US$23.2bn, representing 5.0% of GDP. Healthcare expenditure has risen at a CAGR of 0.9% in US dollar terms between 2008 and 2013; this low increase is partly due to the devaluation of the local currency.
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