New Medical Devices research report from Espicom Business Intelligence is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 09/17/2013 -- OVERVIEW OF THE MEDICAL MARKET IN BANGLADESH
Bangladesh remains one of the poorest countries in the world. Poverty is widespread throughout and GDP is extremely low, despite it being the eighth most populous country on earth. Frequent large scale flooding also remains a constant threat.
Government funding is low and the country continues to rely on international aid. An unstable political environment tarnished by corruption has made healthcare reform somewhat of an afterthought.
There is a marked disparity in the standard of healthcare between rural and urban areas. The capital city Dhaka enjoys a higher standard of primary care, and is home to a modest but growing private sector while healthcare coverage in remote regions remains insufficient.
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Bangladesh has virtually no domestic manufacturing industry and only produces a negligible number of low-tech medical items. Almost all medical goods have to be imported.
In 2013, the Bangladeshi medical device market is estimated at US$145.8mn, equal to just US$0.9 per capita. The per capita spending rate is one of the lowest in the world, similar to Indonesia.
After a sharp rise in 2010, Bangladesh's medical imports increased by just 1.1% to US$129.1mn in 2011and then fell by 18.4% to US$105.3mn in 2012.
The Bangladeshi economy is developing at a fast pace. Real growth of 6.3% is expected in 2013 and is forecast to remain at this rate up to 2018. Business Monitor International (BMI) estimates GDP at U$S127.1bn in 2013, a per capita rate of US$823. This per capita rate marks out Bangladesh as one of the poorest countries in the world. Agriculture remains an important element of the economy and the largest employer. In the manufacturing sector, textiles and footwear play a crucial role, accounting for close to 50% of exports.
In April 2012, the IMF approved a US$987.0mn Extended Credit Facility for Bangladesh, to be disbursed in seven instalments of US$141.0mn. The first tranche was released immediately, but there are growing indications that the second tranche may be deferred due to the IMF's dissatisfaction with the country's lack of progress with economic reforms.
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