Cheer Up ! …Egypt
The Healthcare system in Egypt has suffered from the tumultuous political situation that the country has known since 2011. Regular changes in laws and regulations coupled with an estimated inflation of 12% have restrained new investments in the country.
To weather further adversities, a major Egyptian investment conference has been held in March 2015 in the Red Sea resort town of Sharm Al-Sheikh. The summit aims to restore investment confidence and highlight the latest legal reforms in the country. A number of prominent agreements have been announced. Cairo is expecting investment agreements worth between 15 and 20 billion US dollars. Big and mid-size companies in major industries are starting to invest in the country e.g. General Electric announced a 200 million US dollar investment.
The medical device market in Egypt is subjected for a substantial economic growth albeit the recent changes in government and regulations
With a population of 88 million, the Egyptian medical device market is the second largest in the middle-east. Egypt is also 19% of Africa's import medical device expenditure.
Studies showed that the market is estimated to be worth $538.7 million in 2011. The market will grow by a solid 13.1% annually to reach $851.25 million by 2016
According to the World Bank, health expenditures are 4.9% of GDP (2011), and expected to increase in 2016.
The Medical device market segments are as follows: (source: healthcare technology market outlook 7 3 -2013 final)
30% electrometrical equipment
25% imaging devices
With strong demand, less barriers to market and increase in life expectancy, the Egyptian medical device market is set for massive growth in the next decade.
The Unmet medical needs are: oncology, cardiovascular, orthopedic, diabetes, and neurological diseases. Those needs are of tremendous opportunities for medical manufacturers to be part of future booming medical device markets in Egypt and North Africa.
If you wish to develop your Medical business in Egypt and/or North Africa, get in touch with TBMedex or download our corporate brochure at www.tbmedex.com. TBMedex is your Partner of choice in the development of your medical products in MEA.