The report titled “Turkey Medical Device” assesses the Turkey market based on types, end use, and region. A comprehensive report provides a detailed historical and future market size with a trend analysis. The report underlines the market share analysis, production capacities by leading players, competition overview, strategic imperatives, annual sales figures, growth avenues, production overview, and competition assessment for the target players assessed in the Turkey medical device market study.
Market Overview and Dynamics: Increasing government support to surge the in-house medical device production in Turkey
Turkey medical device market is expected to grow significantly at a CAGR of 7.8% during the forecast period of 2022-2028. Government support through manufacturing and R&D incentives and technological advancements in the medical devices industry are positively influencing the Turkey market growth. The country imports nearly 80% of its medical devices which raises the need for increasing in-house production capacity to reduce the dependency on imports. Moreover, Turkey has geographical proximity to some of the largest markets in medical technologies and is conveniently positioned as a managing and manufacturing hub which further aids the market growth.
Turkey medical device market is expected to observe significant growth in the next six years due to increasing healthcare expenditure, increasing government focus, and increasing prevalence of chronic disorders. The increasing prevalence of chronic diseases is anticipated to increase the demand for medical devices in the country. There is a growing prevalence of chronic disorders, cancer, diabetes, and other infectious diseases, due to sedentary lifestyles and consumption of unhealthy food products, which leads to the growing hospitalization and consumption of medical devices in the country.
Further, supportive industry regulations are also expected to accelerate the country’s medical device industry. The government of Turkey is supporting the medical device market by investing in infrastructure and technological development. Increasing healthcare professionals in the country will lead to the development of the overall healthcare sector. Medical device manufacturers must comply with Turkey’s Medical Device Regulation (MDR) and the Medical Device Vitro Diagnostic Regulation to market their products in the country.
- Based on Type, the Consumables segment is expected to gain significant growth in the next coming years. As per the RationalStat Analysis, the growth will lead the market to reach US$ 6.4 billion by 2026 making consumables the second most significantly growing segment.
- On the basis of End Use, Hospitals are expected to grow at a robust rate during the forecast period owing to high patient footfall.
Turkey medical device market observes intense competition as a result of the presence of a large number of established players. Manufacturers of medical devices are incorporating advanced technology and increasing their production capacity which is anticipated to propel the demand for Turkey medical device market. Moreover, public and private companies are continuously investing in the development of the market. Product innovations, launches, and partnerships are the identified industry trend in the Turkey medical device market. For instance,
- In August 2021, Medtronic plc a global leader in medical device and healthcare technology announced its acquisition of Intersect ENT in order to offer more efficient services and products to their customers.
- In February 2021, GE Healthcare announced the first strategic collaboration in Turkey with CUREA at Technopol Istanbul, to accelerate AI development in Medical Imaging.
Some of the leading players involved in the Turkey medical device market include Medtronic plc, Stryker, GE Healthcare, 3M Co., Dentac, Umg Uysal, Ayset Medical Urunler San. A.S., Oruba Medical Technology, Hasel Medical Industry and Trade Joint Stock Company, Archem Health Industry and Trade Inc., Dehas Medical Co., Altan Industrial and Laboratory Appliances Trd., Ind. JSC, Melekirmak medical products co. ltd., and Dora Pharma LLC among others.
RationalStat has segmented the Turkey medical device market on the basis of type, end use, and region.
- By Type
- Patient aids
- Dental Products
- Orthopedics & Prosthetics
- Diagnostic Imaging
- Others (Smart Meters, etc.)
- By End Use
- Diagnostic Centers
- Research Laboratory
- Others (Pharmaceutical Companies etc.)
- By Region
- North Turkey
- West and Central Turkey
- East Turkey
- South Turkey
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