BMI View: We expect the Turkish medical device market to fall by 3.9 % in US dollar terms in 2016, compared with growth of 7.9% in local currency terms, due to the depreciation of the local currency against the US dollar . The expansion of healthcare facilities is helping to drive market growth but this will be tempered by poor economic performance. Increasing social tensions and security risks are negatively affecting the economy and Russia has imposed a number of economic sanctions against Turkey.
|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 the market to register a 2015-2020 CAGR of 7.0% in local currency terms, lower than the 2010-2015 CAGR of 15.4%. In US dollar terms, the 2015-2020 CAGR will be weaker at 2.2%, due to the projected depreciation of the Turkish lira against the dollar over the forecast period. We expect the market to increase to USD2.6bn in 2020.
Due to weakening economic performance and the depreciation of the Turkish lira, we expect import growth to remain negative in US dollar terms in 2016. In the 12 months to December 2015, imports fell by 11.1% to USD2.0bn.
Due to the ongoing weakness in key Middle Eastern trading partners and deteriorating relations with Russia, we believe that export performance in US dollar terms will remain weak throughout 2016. In the 12 months to December 2015, exports fell by 3.1% to USD368.8mn.
The government's city hospitals project continues to attract private investment. In February 2016, the European Bank for Reconstruction and Development (EBRD) announced that it is co-financing the development of a EUR318mn (USD341.9mn) high-tech hospital in Konya, as part of the PPP project. Hospital services in the Anatolian region will improve from 2019 when the 838-bed facility is due to become operational.
The Turkey 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 Turkey provides industry professionals, strategists, company executives and analysts with independent forecasts and competitive intelligence on the Turkey Medical Devices industry.
- Benchmark BMI's Medical Devices market forecasts, which take into account macroeconomic and industry-specific forecasts for Turkey, 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 Turkey.
- Target Business Opportunities in the Turkey Medical Devices market by using our assessments and projections for demographic trends, regulatory developments, investment dynamics and domestic demand in Turkey.
- 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.