Jan 15, 2015

Research and Markets: Myanmar Healthcare Report: A Look Into Myanmar's Emerging $480 Million Healthcare Sector

Consumer spending on over-the-counter healthcare products is anticipated to grow three-to-four-times in size, from about USD 140 million in 2013 to USD 480 million by 2020.

The research further shows that the medical devices market in Myanmar is anticipated to grow threefold by 2020. Meanwhile, eight out of ten of Myanmar's consumers are willing to spend more on healthcare products and services if they have access to better options.

The strong overall market growth is partly driven by the vast increase in government spending on pharmaceuticals and medical devices. Specialty products, in particular cardiovascular, diabetes and oncology products are expected to experience high growth rates for the next years.

Challenges to enter the Myanmar healthcare market however remain. Comparing the healthcare systems worldwide, Myanmar was recently ranked 190th and last by the World Health Organization (WHO). Rubicon's study confirms that collaborating with a local distribution partner is the only viable means of efficiently accessing the market in Myanmar. This is due to Myanmar's opaque regulatory environment, the abundance of counterfeit products, complex channels to market and the extremely fragmented point of sale network.

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