RUSSIA MEDICAL DEVICES MARKET

INTRODUCTION

The Russian medical device industry has significant potential, which is influenced by a number of variables. One is the aging of the population as a result of longer life expectancies, together with a rise in the prevalence of particular diseases linked to unfavorable environmental conditions.

Increasing population wellbeing and the creation of government supported social services both expand the market coupled with the advancement of telemedicine and private medicine.

On the other side, a variety of issues prevent the sector from expanding. These include a significant reliance on imports, low production volumes, particularly for high-tech equipment, technical lag in a number of production fields, and the reluctance of customers to buy new items in favor of low-margin, tried-and-true ones.

RUSSIA MEDICAL DEVICES MARKET SIZE AND FORECAST

 The Russia Medical Devices Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2026, registering a CAGR of XX% from 2023 to 2030.

NEW PRODUCT LAUNCH

Baxter International Inc., a worldwide medical goods firm, and NantHealth, a pioneer in linked care solutions, announced that a NantHealth digital health solution is now accessible to link Baxter's Prismaflex system to a hospital electronic medical record (EMR).

In the intensive care unit (ICU), prismaflex is used to treat patients with potentially fatal blood and autoimmune diseases as well as acute kidney damage (AKI).

At the Healthcare Information and Management Systems Society (HIMSS) Interoperability Showcase, the firms are showcasing their technologies. 

The DeviceConX platform from NantHealth can now be integrated with the Prismaflex system thanks to a device driver they created.

NantHealth's DeviceConX offers simple integration of data from the device to the EMR and works with a variety of electronic medical record (EMR) platforms.

As a result, ICU nurses will need to spend less time manually recording patient data, which will also lower the possibility of transcribing mistakes. Baxter's newest medical gadgets for the intensive care unit are being validated by NantHealth and Baxter.

Due to developments in medical technology, patient care has drastically changed and is now much more concentrated on clinical outcomes.

For instance, minimally invasive or non-invasive medical technology reduces medical costs while also accelerating recovery times.

Another sign of the growing trend in medicine to use cutting-edge technology to enhance therapeutic outcomes is the rise of the markets for drug-eluting stents and telemedicine. 

They keep an eye on important medical device markets, such as those for orthopaedic, cardiovascular, surgical, therapeutic, mobility assistive, self-diagnostic, and neurostimulator goods.

The development of dangerous disorders that can exist on their own, like the existing coronavirus outbreak, is expected to boost the demand for medical equipment.

The need for hospital supplies, in-vitro diagnostic tools, and respiratory care equipment has significantly risen since COVID-19 was first recognised in a number of nations.

In order to prevent the pandemic and further lower the likelihood that such illnesses would originate and spread, it is projected that this necessity will endure.  

The occurrence of such catastrophic diseases during the anticipated timeframe would therefore be a driving factor in Russia's need for medical equipment.

It is anticipated that regulatory changes will increase the cost of developing new products and offering patient services.

These changes pertain to the processes for equipment approval as well as changes to consumer data protection laws like the General Data Protection Regulation (GDPR) of the European Union.

The US Food and Drug Administration (FDA) has requested extra clinical data to support the safety and efficacy claims of medical equipment like endoscopic instruments, which has increased the time it takes to complete the 510(k) premarket approval process by more than 55% during the past ten years.

owing to the potential for revenue loss from product release delays and increased costs incurred owing to stringent regulatory processes, investments in new product innovations are under pressure. This has an effect on the growth of the market for medical devices and equipment.

Due to its high consumption, advantageous location, and sophisticated logistics system, Moscow is a significant importer of medical supplies and equipment. As a result, two thirds of the overall consumption of medical devices comes from imports.

In the Russian Federation, imports outnumber domestic manufacturing of medical devices and equipment by more than 8 to 1, while in Moscow, the ratio is about 38 to 1.

In addition, the growth rate of imports of medical equipment and devices is higher than the overall growth rate of imports. Products with a high level of visualisation (angiographic equipment, ultrasound equipment, tomography equipment).

RUSSIA MEDICAL DEVICES MARKET DYNAMICS

The DermSecure telemedicine platform from MedX Health Corp. has been agreed to by CBD Vida LTDA, who intends to use it to roll out an easy-access skin scanning and assessment programme across Brazil.

Early diagnosis of melanomas is made possible by the DermSecure telemedicine platform and cutting-edge SIAscopy imaging technology from MedX.

GE Healthcare, a division of General Electric Company, and Medical Technologies Limited (MTL), a major producer of medical imaging equipment in Russia, announced a strategic alliance to produce diagnostic imaging products there, beginning with GE Healthcare's CT BrightSpeed Elite system, in line with GE's healthymagination strategy.

The collaboration will result in the first domestically produced 16-slice advanced computed tomography in Russia (CT).

Even while the war in Ukraine forced hundreds of American manufacturers to either halt operations in Russia or leave the market, GE Healthcare, which has significant facilities in southeast Wisconsin, continues to offer services to customers there.

COMPANY PROFILE

• Medtronic
• Stryker
• J&J
• Baxter
• Varian
• GE Healthcare

THIS REPORT WILL ANSWER FOLLOWING QUESTIONS

1. How many Medical Devices are manufactured per annum in Russia? Who are the sub-component suppliers in this region?
2. Cost breakup of a Russia Medical Devices and key vendor selection criteria
3. Where are the Medical Devices manufactured? What is the average margin per unit?
4. Market share of Russia Medical Devices market manufacturers and their upcoming products
5. Cost advantage for OEMs who manufacture Russia Medical Devices in-house
6. key predictions for next 5 years in Russia Medical Devices market
7. Average B-2-B Medical Devices market price in all segments
8. Latest trends in Medical Devices market, by every market segment
9. The market size (both volume and value) of the Medical Devices market in 2023-2030 and every year in between?
10. Production breakup of Medical Devices market, by suppliers and their OEM relationship