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The Medical Device Market: Oman
Espicom Business Intelligence Ltd, Oct 2011, Pages: 42
Oman is a small, oil-dependent state in the Middle East, bordering the Indian Ocean. The country has strong diplomatic relationships with both Arab and leading Western nations.
The country has a growing healthcare sector that is constantly being improved and modernised, which is also benefiting from the many construction projects announced in recent years. Over the last 30 years, Oman has invested heavily in the health sector and succeeded in creating a modern hospital system. Despite this, it still lacks rural infrastructure and a local base of trained medical personnel, problems which current health policies are seeking to resolve.
The majority of the healthcare sector is run by the government although the private sector is very active in the provision of clinic services. Total health expenditure is estimated at around US$1.7 billion in 2011, the majority of which is provided by the public sector.
There is very little domestic production in Oman, therefore the market is heavily reliant on imports. In 2009, Oman imported medical supplies and devices valued at US$70.4 million, nearly a quarter of which comprised general surgical instruments & appliances. The EU countries led, supplying, as a whole, 58% of the market in 2009.
In August 2010, the Ministry of Health (MoH) announced it was directly involved in the development of several health development projects at a total cost of over RO73 million (US$189.9 million). The projects include the development of a psychiatric hospital (RO50 million), a heart disease centre & MRI Unit (RO18 million) and a National Centre for Genetic Health (RO5 million).
In March 2008, it was announced that Oman’s Majan Development Company (MDC) is planning to develop a Healthcare City near Muscat with an estimated total investment of RO300-400 million (US$780-US$1,040 million). Oman’s Ministry of Tourism has allotted one million square metres of land near Blue City, which is 100 kilometres from Muscat.
The analyst estimates the Omani market for medical devices to stand at US$91 million in 2011, equal to US$27 per capita. The market as a whole is expected to grow at a healthy CAGR of 12.3% per annum to reach US$162 million by 2016.
Includes 3 quarterly updated outlook reports!
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