Espicom


The Medical Device Market: Iran

Published 03 October 2014

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The Medical Device Market: Iran

Espicom Industry View:   The Iranian medical device market ranks fifth in the Middle East and Africa (MEA) , valued at US$832.5mn. Per capita expend iture, however, is the sixth low est in the MEA, at US$11. The market looks set to expand at a solid 9.1% CAGR to 2018, but this growth could be affected if relations with the world's leading economies fall through over the country's nuclear enrichment policies.

Headline Industry Forecasts

  • In 2013, Iran's medical device market was estimated to be worth US$832.5mn. However, per capita expenditure is very low, at US$11. The market is projected to grow by a relatively moderate CAGR of 9.1% in US dollar terms, taking the market to US$1,284.3mn 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$741.7mn in 2013, a rise of 0.4% in US dollar terms over the previous year. A large proportion of imports (67.1%) were procured from suppliers from the European Union (EU-27). Based on the latest collated monthly data, imports to year ending in March 2014 had near flat growth, reaching US$744.9mn.

  • Iran is not a major exporter of medical devices. In US dollar terms, exports fell by 21.1% over the previous year to US$7.6mn in 2013. Exports had a negative 3.9% CAGR from 2008-2013. Based on the latest collated monthly data, exports to the year ending in March 2014 rose by 9.4% to US$6.6mn.

Headline Industry Risk Rewards Ratings

  • Iran is the fifth least attractive market in the MEA region in which to commercialise a medical device, according to BMI Espicom's Medical Device Risk/Rewards Ratings (RRRs). The country's overall score for Q414 is 42.8 out of 100, unchanged from Q314. This compares to a regional average of 49.6 for the 14 key markets covered, down slightly from 50.3 from...

OVERVIEW OF THE MEDICAL MARKET IN IRAN

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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