Medical Devices - Bangladesh | Statista Market Forecast

The projected revenue in the Medical Devices market market in Bangladesh is expected to reach US$387.70m in 2024.
Among the various markets, Cardiology_Devices is anticipated to be the largest, with a projected market volume of US$46.41m in 2024.
Over the period of 2024 to 2029, the revenue in this market is expected to grow at an annual growth rate (CAGR 2024-2029) of 10.91%, resulting in a market volume of US$650.70m by 2029.
In comparison to other countries, the United States is projected to generate the highest revenue in the global Medical Devices market market, with US$181.00bn in 2024.
The demand for medical devices in Bangladesh is growing rapidly due to the country's rising healthcare infrastructure and increasing focus on improving healthcare outcomes.

Definition:
The Medical Devices market includes instruments and machines helping for the prevention, diagnosis, and treatment of diseases. This market is further broken down into 6 submarkets according to medical specialties or types of application. Medical devices that treat the heart, such as pacemakers, can be found in the Cardiology Devices market. The Diagnostic Imaging market covers machines and instruments for diagnosis of many different kinds of conditions. Devices for orthopedic applications, such as joint implants, are included in the Orthopedic Devices market. Ophthalmic Devices are devices used for conditions related to the eye. The General & Plastic Surgery Devices covers many different products required for surgeries. The Other Medical Devices market provides information on additional areas that are not covered by the main markets.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Medtronic, Johnson & Johnson, Siemens Healthineers.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Active medical devices (i.e., operating with electrical energy)

Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Products for laboratory testing (IVD)

The Medical Devices market in Bangladesh has been experiencing significant growth in recent years. Customer preferences for advanced medical technologies and the increasing demand for healthcare services are driving this trend. Additionally, local special circumstances and underlying macroeconomic factors are also contributing to the development of the market. Customer preferences in Bangladesh are shifting towards more advanced and innovative medical devices. Patients and healthcare providers are increasingly seeking state-of-the-art equipment and technologies to improve the quality of healthcare services. This preference for advanced medical devices is driven by the desire for accurate diagnosis, effective treatment, and improved patient outcomes. As a result, there is a growing demand for sophisticated medical devices such as imaging equipment, surgical instruments, and diagnostic devices. Trends in the market indicate a strong growth potential for medical devices in Bangladesh. The country's healthcare sector is undergoing rapid expansion, with the government implementing various initiatives to improve healthcare infrastructure and services. This includes the establishment of specialized hospitals, expansion of healthcare facilities in rural areas, and the introduction of telemedicine services. These developments are creating opportunities for medical device manufacturers and suppliers to cater to the increasing demand for healthcare equipment and technologies. Local special circumstances in Bangladesh, such as a large population and a high burden of diseases, are driving the demand for medical devices. The country has a population of over 160 million people, and the prevalence of diseases such as cardiovascular diseases, diabetes, and cancer is on the rise. This creates a need for medical devices that can effectively diagnose and treat these conditions. Additionally, the government's focus on improving healthcare access and quality further fuels the demand for medical devices. Underlying macroeconomic factors also contribute to the development of the Medical Devices market in Bangladesh. The country's growing economy and rising disposable income levels have increased affordability and accessibility to healthcare services. As a result, individuals are willing to spend more on advanced medical devices and treatments. Furthermore, the government's favorable policies and incentives for the healthcare sector attract investments from both domestic and international players, stimulating market growth. In conclusion, the Medical Devices market in Bangladesh is developing due to customer preferences for advanced medical technologies, the increasing demand for healthcare services, local special circumstances, and underlying macroeconomic factors. The market is expected to continue growing as the government focuses on improving healthcare infrastructure and services, creating opportunities for medical device manufacturers and suppliers.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.