BMI Industry View: We expect t he Russian medical device market to contract by a 2009-2014 CAGR of 3.4 % in US dollar terms , due to the continued depreciation of the Russian rouble over the forecast period . T he financial sanctions imposed by the West due to Russia's involvement in the Ukraine crisis , together with the weakened currency caused by falling oil prices and high inflation , which is reducing consumer purchasing power, are having a negative impact on economic activity , which will adversely affect the medical device mark et , as less money is available for he althcare.
|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 2014-2019 CAGR of 7.1% in local currency terms, which is lower than the 2009-2014 CAGR of 10.1%. In US dollar terms, the 2014-2019 CAGR will be lower at -3.4%, due to the projected depreciation of the Russian rouble over the forecast period. We expect the market to fall from USD6.1bn in 2014 to USD5.1bn in 2019.
We expect import growth to remain negative in US dollar terms in 2015, due to the depreciation of the Russian rouble. In Q215, imports decreased by 40.4% to USD563.0mn.
Due to the poor economic performance of key trade partners such as Ukraine, and slow economic recovery in the eurozone markets, we believe that exports will continue to post negative growth in 2015. In Q215, exports decreased by 17.4% to USD32.4mn.
In September 2015, Prime Minister Dmitri Medvedev announced that the Ministry of Industry and Trade's proposal to apply existing import restrictions to a further 100 types of medical devices would not be supported by the government until he is completely sure that domestic producers are able to provide products of a similar quality to the restricted imports.
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.