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Turkey Pharmaceutical and Medical Device Market Worth $21.5B & $3.3B by 2020 Respectively, Says a Report Available at MarketOptimizer.org
Date:8/1/2014

Dallas, Texas (PRWEB) August 01, 2014

Growing prevalence of chronic ailments, medical tourism, universal health coverage and healthcare reforms are boosting healthcare market growth, although a reduction in the price of medicines through discounts and increasing generic consumption is a major challenge.

Turkey’s population stood at approximately 76.7 million in 2013, having grown at a Compound Annual Growth Rate (CAGR) of 1.4%, from 2008. The implementation of the Health Transformation Program (Saglikta Donus, um Programi, HTP) resulted in social security reforms that were aimed at improving the universal health coverage. The available infrastructure for healthcare industries and the high number of healthcare institutions makes Turkey an attractive location for the manufacture and marketing of pharmaceutical products.

Complete report details at http://www.marketoptimizer.org/countryfocus-healthcare-regulatory-and-reimbursement-landscape-turkey.html.

The government is trying to increase pharmaceutical R&D in Turkey, and in 2012, it introduced a new investment incentives program that had four basic schemes to increase foreign investment. The pharmaceutical market was worth approximately $12.5 billion, in 2012, and was the sixth-largest pharmaceutical market in Europe. It is set to grow at a CAGR of 7.3% from 2008 to reach $21.5 billion in 2020. The medical device market was valued at approximately $1.9 billion in 2008 and is estimated to grow at a CAGR of 4.7% to reach an estimated $3.3 billion in 2020. These positive growth trends can be primarily attributed to:

  • An increasing elderly population
  • Universal health coverage'/>"/>

Source: PRWeb
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