New Medical Devices research report from Espicom Business Intelligence is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 09/13/2013 -- OVERVIEW OF THE MEDICAL MARKET IN IRAN
Iran's real GDP growth is expected to decline by 2.3% in 2013; BMI does not forecast that the economy will return to higher growth until 2014. Several factors are behind this decline: the impact of international sanctions; the weakening of domestic currency, the rial; and increasing inflationary pressures.
In 2013, Iran's medical device market is estimated to be worth US$766.5mn; however, the market size per capita is very low, at US$10. The market is projected to grow by a low CAGR of 1.3% in US dollar terms, taking the market to US$819.4mn by 2018. Per capita spending is not expected to rise strongly over the same period.
Imports account for around 90% of the market, despite the manufacture of basic consumable items such as syringes, needles & catheters, dental instruments & fittings and orthopaedic appliances. Imports were valued at US$719.4mn in 2012. A large proportion of imports (67.6%) were procured from suppliers from the European Union (EU-27), with the Netherlands and Germany being the leading suppliers. Diagnostic imaging apparatus and consumables were the most significant import sectors.
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Iran's medical device market is regulated by the Medical Equipment Department within the Ministry of Health and Medical Education. Regulatory requirements for medical devices are outlined in the Medical Cure and Medical Education Act; they are classified into four categories, depending upon their degree of risk. This classification structure is comparable to the one used in the EU. Post-approval, the General Department for Medical Equipment is charged with market vigilance. That said, Espicom recommends that overseas firms appoint a local agent with knowledge of relevant procedures.
In May 2012, General Director of the Food and Medicine Organisation Saeed Shahmorandi claimed that Iran was self-sufficient in terms of production of disposable medical devices such as syringes, and the government claimed that there were 294 domestic manufacturers of medical equipment in operation. The government reinforced this image of near-self-sufficiency in May 2013, with its first Iranian laboratory equipment and medical device exhibition.
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