Bangladesh Healthcare Sector Overview

The healthcare sector in Bangladesh has experienced increased growth in recent years.  Bangladesh is the only least developed country (LDC) that meets nearly 98 percent of its domestic demand for pharmaceutical products, with a market size of approximately $3 billion.  In addition, Bangladeshi pharmaceutical products are exported to approximately 150 countries. According to data from the Export Promotion Bureau, local pharmaceutical companies made US$163.83 million from July to April of the current fiscal year (FY), 2021-22. This is almost 27% more than they made at the same time last year. Official numbers show that Bangladesh’s pharmaceutical companies are rapidly growing. 

On the other hand according to BIDA (Bangladesh Investment Development Authority) the medical equipment and devices industry is currently at a developing stage with 85 percent of devices being imported. The size of Bangladesh market was estimated to be valued at USD 442 million in June 2020 and is expected to reach approximately USD 820 million in 2025, growing at a Compound Annual Growth Rate (CAGR) of 13%. The market currently is dominated by the instruments/ appliances segment and diagnostic imaging equipment in terms of value, which are expected to grow steadily.

At present, over 4,000 medical devices and equipment are in use in the country, about 5-7% of which are manufactured in the country. Among the locally produced items, majority are consumables/disposable with an estimated market size of USD 55-60 million. Aside from consumables, Bangladesh also produces orthopedic products, surgical sterilizers, hospital furniture, home care devices, electrocardiogram and other small instruments at a small scale. The demand for IVD device/ kit is expected to be the fastest growing segment, followed by cardio logical devices, consumables and diagnostic imaging equipment. The COVID outbreak has enhanced local production of personal protection equipment (PPE) including protective masks/ clothing, respirator, hospital gowns.

Comments

Post a Comment

Popular posts from this blog

Bangladesh's medical device market largely depends on imports

Saif Uddin | Published:   January 08, 2022 10:41:54  by The Financial Express, Bangladesh| Updated:   January 11, 2022 09:57:03 Despite having enormous potential for local manufacturing, the country's medical device market is heavily dependent on imports, insiders have said. Local manufacturing of such healthcare items could save huge foreign currency as well as establish hi-tech industries, they said comparing it to the success achieved in the country's pharmaceutical sector. However, lack of skilled manpower, price competitiveness, high cost of raw materials and limited research & development are some of the key challenges for local manufacturers, they added. Sources said there are more than four thousand categories of medical devices including 400 types of high-end devices and surgical items used by caregivers such as syringe, infusion set, catheter, surgical mask, pulse oxymeter and glucometer. More than 2,600 medical devices are registered with the countr...
Read more

API industrial park crucial in meeting pharma sector challenges

DHAKA, Aug 21, 2022 (BSS) -NEWAGE, Business Industries Secretary Zakia Sultana today said that Active Pharmaceutical Ingredients (API) industrial parks will play important role in meeting the challenges of the pharmaceuticals sector as soon as Bangladesh transforms into a developing country. "In 2026, Bangladesh will finally become a developing country, and for that reason, some benefits will be removed from the pharmaceuticals sector like other sectors due to intellectual property and patent laws. Considering these factors, the government is implementing the Active Pharmaceutical Ingredient (API) Industrial Park scheme," Sultana said while addressing as the chief guest at a discussion organized by the stakeholders of the API industrial park project under implementation of Bangladesh Small and Cottage Industries Corporation (BSCIC) in Ghazaria upazila of Munshiganj this morning, said a release. "The pharmaceuticals sector will be able to cope up with the arising challeng...
Read more