Government programs play huge role in growth of healthcare market in turkey, finds Frost & Sullivan
Merger and acquisition activities will increase as economy improves
Government funding, growth and consolidation of the middle class, and the rise in non-communicable diseases will enable Turkey to remain one of the sought-after countries for healthcare investment. Turkey offers immense potential for companies across the healthcare spectrum, from healthcare technology device suppliers to pharmaceutical and clinical diagnostic firms.
New analysis from Frost & Sullivan, Healthcare Landscape and Outlook in Turkey, finds that the market earned revenues of more than $23.29 billion in 2012 and estimates this to reach $29.62 billion in 2015.
The stability of the political environment and focus on hospital modernisation, funding and private sector expansion have aided the growth of the healthcare market in Turkey.
“The government has encouraged market development through public-private partnerships, establishing health facilities, research and development units, technology centres, and institutes of medical sciences in 29 cities,” says Frost & Sullivan Healthcare Research Analyst Hilal Cura. “Moreover, the government aims to standardise licensing criteria and accreditation systems by 2014 to improve healthcare accessibility and quality.”
Government incentives also support advancements in biotechnology-based drugs, which are fast becoming more popular than chemical drugs. Mobile health and homecare services will be another key area for growth. In fact, five million devices in the country, from patient monitors to doctors’ smart phones, will be connected through machine-to-machine systems by 2015.
The emergence of Turkey as a preferred medical travel destination due to quality medical facilities, the availability of specialists, capabilities in complex surgical procedures, cost competitiveness, and shorter waiting times for patients than most European countries, further spur revenues.
The emphasis on specialisation will provide added opportunities for healthcare providers. Several institutions such as Acıbadem, Florence Nightingale, Memorial and Dünya Göz Groups have already allocated resources to specialise in oncology, cardiovascular diseases and ophthalmology.
“Merger and acquisition activities will abound in the country due to the rapid growth of the economy and increasing innovation in local pharmaceutical, medical device and healthcare service enterprises,” remarks Cura.
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