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Interventional Cardiology Device Markets in Pakistan, Saudi Arabia, South Africa and Turkey to Grow to $461 Million by 2016

March 13, 2012 By AxoGen, Inc.

TORONTO–(BUSINESS
WIRE
)–According to Millennium Research Group (MRG), the global authority
on medical technology market intelligence, the interventional cardiology (IC)
market in Pakistan, Saudi Arabia, South Africa and Turkey will reach a value of
more than $460 million by 2016. The IC markets of Turkey
and Saudi Arabia
are growing rapidly, the result of increasingly aging populations and expanding
economies as well as a positive regulatory milieu. Pakistan
and South Africa
both suffer from regulatory uncertainty, poor reimbursement and healthcare
inaccessibility in rural areas, and will grow more slowly. Over the next few
years, developing regulatory processes in these countries will clarify the
competitive landscape and favor large international competitors.

Historically, all of these countries have used European
Union CE marking or United States Food and Drug Administration (FDA) medical
device approval in lieu of their own medical device regulation, but each
country is developing its own regulatory process, with adoption more advanced
in Turkey and Saudi Arabia.

Until recently Pakistan had no established medical
device regulatory system. Devices approved in their country of origin could be
freely imported. A domestic regulatory scheme was proposed in 2011, but recent
changes in administration have left the process in flux. Poor reimbursement in Pakistan means
that most costs are out-of-pocket, leading to a strong demand for cheap or
smuggled devices from illicit manufacturers.

“Low regulatory barriers to entry have made these national
markets attractive to smaller competitors,” said MRG Analyst Mirel Giugaru. “In
Pakistan,
particularly, all regulatory costs had already been paid in the country of
origin, so it was relatively easy to realize additional revenues. But as
regulations become more stringent, the marginal cost of complying can go up
significantly, which favors larger companies, who are better able to absorb
these expenses. It will also reduce competition from smuggled medical devices,
and less-expensive devices from smaller, less-regulated manufacturers. As a result,
there is a strong possibility that the dominant international companies,
Medtronic, Boston Scientific and Abbott Vascular, will be increasing their
share in all of these countries.”

Millennium Research Groups Middle Eastern and South African
Markets for Interventional Cardiology 2012 report includes procedure, unit,
average selling price and revenue information, along with market drivers and
limiters and competitive landscape for coronary stents, percutaneous
transluminal coronary angioplasty (PTCA) balloon catheters, and IC accessory
devices in Pakistan, Saudi Arabia, South Africa and Turkey.

About Millennium Research Group

Millennium Research Group (www.MRG.net), a Decision Resources Group company (www.DecisionResourcesGroup.com), is the global authority on
medical technology market intelligence and the leading provider of strategic
information to the healthcare sector. The company provides specialized industry
expertise through multiclient market research, ongoing Marketrack™ projects,
customer loyalty tracking, facility-level procedure forecasting, and customized
solutions.

About Decision Resources Group

Decision Resources Group is a cohesive portfolio of companies that offers
best-in-class, high-value information, and insights on important sectors of the
healthcare industry. Clients rely on this analysis and data to make informed
decisions. Please visit Decision Resources Group at www.DecisionResourcesGroup.com.

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