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The Medical Device Market: Latvia
Espicom Business Intelligence Ltd, Oct 2011, Pages: 58
Latvia is one of the smallest countries in Europe. It joined the EU in May 2004. In 2011, it has an estimated population of 2.2 million with the most populous city being Riga, the capital. As with other European countries, Latvia has an ageing population, with those aged 65 and over representing 18.2% of the population.
Funding for healthcare in Latvia is managed by the State Compulsory Health Insurance Agency, although funds are gathered largely through general taxation. Efforts have been made to improve primary care provision in Latvia. The healthcare system inherited from the Soviet Union still retains some of its old features, such as an overreliance on secondary facilities and use of outdated equipment.
The Latvian economy has been hit severely by the economic crisis, with GDP contracting by nearly 18% in 2009. The government is attempting to rebalance its finances, a task for which it is better prepared since winning the general election in October 2010. One priority, however, is to maintain levels of health and social welfare spending, a move which may see public health spending rise, as people are less able to afford private care.
The medical device market grew strongly until 2008, but has fallen back since then, as the country’s ability to import goods has fallen. It is estmated at US$109 million in 2010, equal to US$49 per capita and 5.8% of health expenditure.
Around 82% of the medical device market is supplied by imports, which are usually sourced from western Europe. Latvia has a small domestic industry which concentrates on exporting to other former Soviet markets.
Includes 3 quarterly updated outlook reports!
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