Medical Technology - Iran

Iran

The projected revenue in the Medical Technology market market in Iran is estimated to reach US$6.34bn in 2024.
This market is expected to experience steady growth in the coming years.
The largest market within the Medical Technology market sector in Iran is Medical Devices, which is projected to have a market volume of US$5.45bn in 2024.
This indicates the significant demand for medical devices within the country.
Looking ahead, the revenue in the Medical Technology market market is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 3.47%.
By 2029, this growth is projected to result in a market volume of US$7.52bn.
It is worth noting that in a global comparison, the United States is anticipated to generate the highest revenue in the Medical Technology market market, with an estimated revenue of US$211.10bn in 2024.
Iran is experiencing a surge in the adoption of digital health solutions, revolutionizing the medical technology landscape in the country.

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

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Analyst Opinion

The Medical Technology market in Iran has been experiencing significant growth in recent years.

Customer preferences: Customers in Iran are increasingly seeking advanced medical technology solutions to improve healthcare outcomes. There is a growing demand for innovative medical devices and equipment that can enhance the diagnosis, treatment, and monitoring of various medical conditions. Patients and healthcare providers are looking for technologies that are efficient, accurate, and cost-effective. Additionally, there is a rising interest in telemedicine and digital health solutions that can improve access to healthcare services, especially in remote areas.

Trends in the market: One of the key trends in the Medical Technology market in Iran is the adoption of digital health solutions. The use of mobile health applications, wearable devices, and remote patient monitoring systems is on the rise. These technologies enable patients to monitor their health conditions and share data with healthcare providers, leading to more personalized and timely care. The COVID-19 pandemic has further accelerated the adoption of telemedicine and virtual consultations, as people are looking for safer alternatives to in-person visits. Another trend in the market is the increasing focus on research and development. Iranian medical technology companies are investing in the development of new products and technologies to meet the evolving needs of customers. There is a growing emphasis on innovation and collaboration with healthcare professionals and research institutions to drive advancements in medical technology.

Local special circumstances: The Medical Technology market in Iran is influenced by several local special circumstances. Iran has a large population with a high burden of chronic diseases, such as diabetes and cardiovascular diseases. This creates a significant demand for medical devices and equipment to manage and treat these conditions. Additionally, the Iranian government has been investing in the healthcare sector, including the development of infrastructure and the expansion of healthcare services. This has created opportunities for medical technology companies to enter the Iranian market and cater to the growing demand.

Underlying macroeconomic factors: Several underlying macroeconomic factors contribute to the development of the Medical Technology market in Iran. The country has a young and growing population, which increases the demand for healthcare services and medical technology. Additionally, Iran has a well-established healthcare system with a strong network of hospitals, clinics, and healthcare professionals. This provides a supportive environment for the adoption of medical technology. Furthermore, Iran has a strong pharmaceutical industry and a well-developed healthcare research sector. This creates opportunities for collaboration and knowledge exchange between the medical technology and pharmaceutical sectors, leading to advancements in both industries. The government's focus on healthcare development and investment in research and development also play a significant role in driving the growth of the Medical Technology market in Iran.

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.