BMI: Medical Devices Market to Remain Attractive In the Levant Region

Business Monitor International (BMI) maintained its compounded annual growth rate (CAGR) for the medical devices market in Lebanon at 7.1% for the period 2014-2019, down from 8% in 2009-2014. The size of the medical devices market reached $240.3 million in 2014 and is expected to reach $339.4 million in 2019. In spite of the moderate CAGR, BMI believes the medical devices market to be appealing on account of key market drivers such the influx of Syrian refugees, the increasing incidence of chronic diseases, medical tourism and stronger market regulation. The medical devices market also benefits from the abundance of private diagnostic centers and laboratories, the high number of doctors and the availability of qualified technicians.

Lebanon remains highly dependent on imports of medical devices as it has little domestic manufacturing capability. Therefore, the supply on the market will continue to be fueled by imports. On the downside, BMI notes that the market’s growth will be constrained by political instability, corruption, economic stagnation and high market competition.

Projected Medical Devices Market, 2014-2019

Market Size, in millions of USD

BMI: Medical Devices Market to Remain Attractive In the Levant Region

Source: Business Monitor International

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