The medical equipment and devices industry is currently at a nascent 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 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.
Almost 90 per cent of these required items need to be imported every year, said Md Jasim Uddin, a dealer and importer of medical equipment.
The bulk of medical supplies are imported from the US, China, South Korea and Europe.
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.
According to the estimation of the Bangladesh Association for Medical Devices & Surgical Instruments Manufacturer and Exporter (BAMDSIME), there is an annual demand for medical devices worth Tk 200 billion which has been growing at around 20 per cent in recent years.
“The sector could become a crucial one for the country’s economy if provided with required support by the government,” said Mr Razzaq also general secretary of BAMDSIME.
Talking to the FE, a director of PRAN-RFL Group, which owns Getwell Limited, Kamal Kamruzzaman said the demand for medical devices and the scope of local manufacturing will increase in tune with the strengthening of the healthcare sector.
The government of Bangladesh also working for the development of this sector by providing many facilities and policies.
