BMI Industry View: We expect the Russian medical device market to contract by 18.6% in US dollar terms in 2016, up from -35.0% in 2015, due to a smaller depreciation of the local currency against the US dollar. A continuation of the recession caused by falling oil prices and the extension of EU economic sanctions to July 31 2016 will negatively impact healthcare spending, import performance, and ultimately market growth . Rouble depreciation, high inflation and government budget cuts will reduce consumer purchasing power and real incomes .
|Total (USDmn)||Per Capita (USD)||Total (Local Currency mn)||Per Capita (Local Currency)||Exchange Rate (Local Currency/USD)|
Latest Updates and Key Forecasts
We forecast that the market will register a 2015-2020 CAGR of 6.3% in local currency terms, which is lower than the 2010-2015 CAGR of 7.8%. In US dollar terms, the 2015-2020 CAGR will be lower at 1.4%, due to the projected depreciation of the Russian rouble over most of the forecast period. We expect the market to increase from USD4.0bn in 2015 to USD4.3bn in 2020.
Due to the depreciation of the Russian rouble, the extension of EU economic sanctions until July 31 2016 and the medical device import restrictions that were established in 2015, we believe that medical device import growth will remain negative in US dollar terms throughout 2016. In the 12 months to Q415, imports fell by 37.0% to USD2.8bn.
Due to the poor economic performance of key trade partners such as Ukraine, we believe that exports will post negative growth, or at best low single-digit growth, in US dollar terms in 2016. In the 12 months to Q415, exports fell by 9.1% to USD125.9mn.
On January 1 2016, the Eurasian Economic Union (EAEU) member states formally introduced a common market and regulatory system for medical devices. We believe that the harmonised system will reduce bureaucracy for companies operating in the EAEU countries, once all of the relevant regulations have been published.
The Russia 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 Russia provides industry professionals, strategists, company executives and analysts with independent forecasts and competitive intelligence on the Russia Medical Devices industry.
- Benchmark BMI's Medical Devices market forecasts, which take into account macroeconomic and industry-specific forecasts for Russia, 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 Russia.
- Target Business Opportunities in the Russia Medical Devices market by using our assessments and projections for demographic trends, regulatory developments, investment dynamics and domestic demand in Russia.
- 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.