Report: Iranian healthcare poised for growth

A new report from market research firm Frost & Sullivan is predicting strong growth for the healthcare industry in Iran.

The report notes that Iran has a population of 75 million people along with enormous wealth from its oil and gas industry, fueling growth in its gross domestic product (GDP) at an average of 2.4% over the next 10 years.

Iran's healthcare industry was worth $26.4 billion in 2011, and it grew 6.4% to $28.1 billion in 2012. The country's healthcare out-of-pocket expenditure is considered to be high compared to neighboring countries, at 55%.

Cardiovascular disease accounts for 45% of deaths, while 18% are the result of road accidents. Cancer is the third leading cause of death, at 14%, but it is expected to increase to 18% by 2030.

The country's medical device industry is driven by imports (88% of sales) and was worth $964 million in 2012. The government has been investing heavily in the modernization of the healthcare sector, and the report notes that only 20% of spending comes from the private sector.

Of imported devices, 70.4% come from the European Union. Continued growth is expected, and the device market is expected to reach $1.1 billion by 2017.

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