GlobalData, the industry analysis specialist, has released its latest report, “CountryFocus: Healthcare, Regulatory and Reimbursement Landscape – Russia”. The report is an essential source of information and analysis on the healthcare, regulatory and reimbursement landscape in Russia. It identifies the key trends in the healthcare market and provides insights into the demographic, regulatory, reimbursement landscape and healthcare infrastructure of Russia. Most importantly, the report provides valuable insights into the trends and segmentation of the pharmaceutical and medical device markets. It is built using data and information sourced from proprietary databases, secondary research, and in-house analysis by GlobalData’s team of industry experts.
In 2016, Russia population was approximately at 146.9 million. The government of Russia has been making continuous efforts to strengthen the economy to ensure long-term growth, and the pharmaceutical market is seen as a key industry for the country’s future growth. To support this industry, the government has improved regulatory guidelines and initiatives to develop the domestic pharmaceutical market. The Pharmaceutical market was estimated to be worth $20.91 billion in 2016 and expected to reach $38.56 billion by 2021. The market grew at a Compound Annual Growth Rate (CAGR) of 12.9% over the 2009–2021 period. The medical device market was valued at $5.0 billion in 2009 and is expected to reach approximately $8.5 billion by 2021, at a projected CAGR of 4.2%. These positive trends can primarily be attributed to:
- An increasing elderly population in Russia, leading to increases in disease incidence and prevalence as well as higher need for long-term care and medical devices
- Increasing awareness in the medical community and the general population regarding early disease detection and diagnosis, leading to higher rates of adoption of treatments and healthcare