Medical Technology - Russia

Russia

The projected revenue in the Medical Technology market market of Russia is expected to reach US$4.72bn in 2024.
Among the various markets, Medical Devices dominate, with a projected market volume of US$3.32bn in the same year.
The market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 2.25% from 2024 to 2028, leading to a market volume of US$5.16bn by 2028.
In terms of global comparison, the United States is expected to generate the highest revenue, amounting to US$215.80bn in 2024.
Russia is seeing a growing demand for medical technology innovations to address the healthcare challenges faced by its large population.

Key regions: United States, Germany, China, Japan, France

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Analyst Opinion

The Medical Technology market in Russia has been experiencing steady growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to the development of the market. Customer preferences in the Medical Technology market in Russia have been shifting towards more advanced and innovative products. Russian consumers are increasingly demanding state-of-the-art medical devices and equipment that offer improved accuracy, efficiency, and patient comfort. This preference for advanced technology is driving the growth of the market as manufacturers and suppliers strive to meet the demands of the Russian healthcare sector. Trends in the market indicate a growing focus on digital health solutions and telemedicine. The adoption of digital health technologies in Russia has been gaining momentum, with healthcare providers and patients embracing remote monitoring, teleconsultation, and electronic health records. This trend is driven by the need to improve access to healthcare services, especially in remote areas, and to enhance the efficiency of healthcare delivery. The COVID-19 pandemic has further accelerated the adoption of telemedicine in Russia, as it provides a safe and convenient way for patients to receive medical care without visiting healthcare facilities. Local special circumstances in Russia, such as the aging population and the increasing prevalence of chronic diseases, have also contributed to the development of the Medical Technology market. As the population ages, the demand for medical devices and equipment for the diagnosis, treatment, and management of age-related conditions is growing. Additionally, the rising incidence of chronic diseases, such as cardiovascular diseases and diabetes, has created a need for advanced medical technologies to improve patient outcomes and quality of life. Underlying macroeconomic factors, such as government initiatives and investments, have played a significant role in the development of the Medical Technology market in Russia. The Russian government has been actively promoting the modernization of the healthcare sector and has allocated funds for the procurement of medical devices and equipment. These investments have created opportunities for both domestic and international manufacturers to expand their presence in the Russian market. Furthermore, the government has implemented policies to support the development of domestic medical technology companies, which has contributed to the growth of the market. In conclusion, the Medical Technology market in Russia is developing due to customer preferences for advanced technology, the adoption of digital health solutions, local special circumstances such as an aging population and the prevalence of chronic diseases, and underlying macroeconomic factors including government initiatives and investments. The market is expected to continue growing as the demand for innovative medical devices and equipment increases in response to the evolving healthcare needs in Russia.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.