DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/hc5cr5/the_medical) has announced the addition of the "The Medical Device Market: South Africa" report to their offering.
The medium term prospects for the medical device industry look encouraging; based on current trends, the market, of which over 90% is supplied by imports, is expected to grow at a CAGR of 5.6 % from 2013-2018. A key driver of growth is expected to be the public-private partnerships to develop hospitals in South Africa but this could be tempered slightly, by a depreciating rand against the US dollar and the general state of the South African economy. The long term growth prospects of the South African medical device market will be strongly influenced by the ANC government's policies in regards to the new National Health Insurance (NHI) scheme, the promotion of public-private partnerships to develop and upgrade hospitals, the serious shortage of healthcare personnel and an urgent need to effectively address the AIDS crisis in the country.
Headline Industry Forecasts:
- In 2013, the South African medical device market was estimated at USD1.2bn, equal to USD22 per capita. The market is forecast to grow at a US dollar 2013-2018 CAGR of 5.6%, which is below average for the region.
- Medical device imports supply over 90% of the market. Between 2008 and 2013, medical device imports grew at a US dollar CAGR of 4.2%, but growth in 2013 was negative due to the weakness of the rand. The running annual import total was USD1.1bn in the 12 months to August 2014, representing y-o-y dollar growth of 1.3%. In rand terms, growth was 16.3%.
- Between 2008 and 2013, medical device exports grew at a US dollar CAGR of 12.4%. The running annual export total reached USD202.7mn in the 12 months to August 2014, representing y-o-y dollar growth of 26.4%. The balance of trade deficit has fallen back below USD1.0bn.
For more information visit http://www.researchandmarkets.com/research/hc5cr5/the_medical
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