DOTmed.com - Russia expects growth in medical imaging
SEARCH
Current Location:
>
> This Story


Log in or Register to rate this News Story
Forward Printable StoryPrint Comment

Never Miss a Story

Sign up for email alerts

 

More Industry Headlines

Hypofractionated whole breast irradiation: faster, cheaper, comparable — underutilized? Why is the U.S. dragging its feet toward faster WBI?

Global CT market to hit $5.1 billion in four years: report Product improvements and XR-29 drive the market

Medical World Americas 2015: What has Ebola taught us? Health care professionals will meet in Texas to see what they've learned from their mistakes

Health care survey finds doctors, patients OK now, but fear for future Survey: Patients happy with service now, but afraid for future. Doctors fear future cost-pressures

Memorial Sloan Kettering, IBM looking at computerized skin cancer lesion identification Image mapping could guide the way to more accurate diagnoses

Philips acquires catheter-based imaging co., Volcano May help Philips break into EUR four billion image-guided therapy market

XR-29's lower dose CT requirements: Will iterative reconstruction play a role? As the industry inches toward new dose requirements, some implementation questions remain

Is Obamacare causing emergency room crowding? No, says new study The Affordable Care Act is not the cause of the problem. It comes from a primary care shortage

Could microwave tomography replace mammography? New experimental technique offers greater specificity with no radiation or patient discomfort

Hitachi partners with iVu for automated whole breast ultrasound

Russia expects growth in medical imaging

by Loren Bonner , DOTmed News Online Editor
The medical imaging equipment market in Russia is poised for growth as the country moves toward a more modern and privatized health care system. According to the market research firm Frost & Sullivan, demand for medical technology in the country is growing at a compounded annual growth rate of around 14 percent with nearly one million more procedures done today than 10 years ago.

"Expenditure on health care — as a segment of overall household consumption — has nearly doubled in the past five years," said Reenita Das, a partner at Frost & Sullivan, during a webinar on Russia's soaring health care market.

Story Continues Below Advertisement

OiHealthcare - ISO 9001 & 13485 Certified - Call 888-673-5151

Oxford Instruments Healthcare, is a leading ISO 9001 & 13485-certified organization, that specializes in providing quality after-market GE CT and MRI systems, service and parts - at prices you can afford.



Putting its money where its mouth is, the Russian government has earmarked billions of dollars to improve the country's health care facilities, which includes updating old imaging equipment.

"Equipment needs replacing and facilities have been granted state budgets for this," said Das.

The equipment market in Russia was worth $1.2 billion last year. Frost & Sullivan analysts found that on average, 50 percent of the equipment in use was obsolete and needed to be replaced with more high-end equipment.

"The 1.2 billion is split between general X-ray and ultrasound," said Siddharth Saha, research director for health care in the European market at Frost and Sullivan. Saha suspects that hospitals will mostly be looking to upgrade these modalities.

Private medicine was slowly introduced in Russia starting in 1990. Before that, public health care was the only option for residents. Consequently, more advanced modalities, such as CT and MR scanners, are being used in private hospitals as specialties such as oncology and cardiology grow. Saha said the billion dollar imaging equipment market in Russia is also being driven by sales across these higher-end modalities.

Although private health care is in a nascent stage, Russia has received attention from international and domestic investors who see the potential for a high return on investment. The most ambitious project is a planned joint venture between Sberbank, one of the largest banks in Russia, and the U.S.-based Johns Hopkins Hospital to funnel $1.2 to $1.5 billion to a medical cluster outside of Moscow, which will include hospitals, clinics, and educational facilities.

Saha warns that although income has grown in the double digits and Russians are demanding high quality health care, there's going to have to be calibration of pricing for the Russian market. "You have to be sensitive on the price, that will always be a challenge in this market," he said.

Over the years, Russia has slowly become a manufacturing center for pharmaceuticals. The hope is that this trend will continue for medical technology — and it could also help lower the price on expensive equipment. According to Saha, some tier one companies have already set up manufacturing facilities in Russia for certain imaging equipment modalities prior to the government's plan to foster innovation and manufacturing in-country.

"When it comes to high end capabilities, they are not known for that, so we think this technology transfer will go a long way," said Saha.

Related:


Interested in Medical Industry News? Subscribe to DOTmed's weekly news email and always be informed. Click here, it takes just 30 seconds.

You Must Be Logged In To Post A Comment

Advertise
Increase Your
Brand Awareness
Auctions + Private Sales
Get The
Best Price
Buy Equipment/Parts
Find The
Lowest Price
Daily News
Read The
Latest News
Directory
Browse All
DOTmed Users
Ethics on DOTmed
View Our
Ethics Program
Gold Parts Vendor Program
Receive PH
Requests
Gold Service Dealer Program
Receive RFP/PS
Requests
Healthcare Providers
See all
HCP Tools
Jobs/Training
Find/Fill
A Job
Parts Hunter +EasyPay
Get Parts
Quotes
Recently Certified
View Recently
Certified Users
Recently Rated
View Recently
Certified Users
Rental Center
Rent Equipment
For Less
Sell Equipment/Parts
Get The
Most Money
Service Technicians Forum
Find Help
And Advice
Simple RFP
Get Equipment
Quotes
Virtual Trade Show
Find Service
For Equipment
Access and use of this site is subject to the terms and conditions of our LEGAL NOTICE & PRIVACY NOTICE
Property of and Proprietary to DOTmed.com, Inc. Copyright ©2001-2014 DOTmed.com, Inc.
ALL RIGHTS RESERVED