BMI View: Iran will remain an attractive medical device market in the region due to its large size, but it will register moderate growth in US dollar terms, due to the depreciation of the rial. Following the removal of most sanctions in Q116, we expect a n import rise , but import growth will likely be tempered by lower oil prices and the country's lack of investment over the past decade.
|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 slightly downwards our forecast and now project that the market will register a 2015-2020 CAGR of 12.5% in local currency terms, which will take expenditure to IRR48.7trn by 2020. In US dollar terms, the market will register a 2015-2020 CAGR of 4.6%, which should see it rise to USD1.2bn by 2020.
We expect the market to remain import reliant, despite manufacturing products such as syringes, needles & catheters, dental instruments & fittings and orthopaedics. The latest collated monthly mirror trade data show that imports in the three months to May 2016 increased by 23.4% y-o-y in US dollar terms to USD231.7mn, and by 17.3% to USD955.6mn in the 12 months to May 2016.
We anticipate that exports will remain low and fluctuate considerably. Exports fell by 42.5% y-o-y in US dollar terms to USD0.9mn in the three months to May 2016. In the 12 months to May 2016, exports fell by 35.9% in US dollar terms to USD6.3mn.
Improving relations with the West will increase the willingness of multinational medical device companies to invest in Iran, though any notable developments are likely to only materialise over the long term. Given the country's challenging regulatory environment and other weak fundamentals, a large influx of foreign medical device manufacturers is an unlikely scenario.
The Iran 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 Iran provides industry professionals, strategists, company executives and analysts with independent forecasts and competitive intelligence on the Iran Medical Devices industry.
- Benchmark BMI's Medical Devices market forecasts, which take into account macroeconomic and industry-specific forecasts for Iran, 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 Iran.
- Target Business Opportunities in the Iran Medical Devices market by using our assessments and projections for demographic trends, regulatory developments, investment dynamics and domestic demand in Iran.
- 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.