Medtech intelligence company Millennium Research Group (MRG) says the relatively underpenetrated Middle Eastern markets for peripheral vascular (PV) devices show excellent growth potential.
Peripheral vascular disease is increasingly recognized as a serious disease in Saudi Arabia, Egypt and Turkey. Combined with aging populations and increases in obesity, this will result in a market growth averaging nearly 10 percent per year through 2016.
MRG points out that Middle Eastern countries have extremely high rates of obesity and diabetes, which is a bit rich coming from an American company, but there we go. Anyway, as a result of rising obesity rates Saudi Arabia and Egypt are both in the top ten countries worldwide for diabetes prevalence. Healthcare facilities and manufacturers in the region are therefore turning their attention to treatment, which will lead to growth in all segments of the market.
According to MRG’s new report, entitled Middle Eastern Markets for Peripheral Vascular Devices 2012, Saudi Arabia is likely to see the strongest growth in the PV device market in the region due in no small part to its per capita GDP, which is by far the largest in the region.
In contrast Egypt has been struggling financially since the 2011 revolution, and will see the slowest growth. Continuing Turkish government investment in the healthcare system will lead to significant growth there. Turkish vascular surgeons are pushing for recognition as a specialty distinct from cardiology. This will lead to the creation of specialized vascular centres, also supporting growth.
MRG’s new report includes unit, average selling price and revenue information, along with market drivers and limiters for PV stents, PTA balloon catheters, embolic protection devices, aortic stent grafts, synthetic surgical grafts and PV accessory devices sold in Saudi Arabia, Egypt and Turkey.
“This regional PV market has become increasingly important in recent years,” said MRG Analyst Tonya Martin. “MRG now provides the only detailed view of the market for peripheral vascular devices in Saudi Arabia, Turkey and Egypt. Anyone seeking to take advantage of opportunities in these markets should take advantage of our data and analysis.”
Source: Millennium Research Group