Bahrain medical devices market to grow by 5.8% CAGR from 2022-2027

There is a downward revision due to slow economic growth.

Bahrain's medical devices CAGR rate will grow by 5.8% from 2022 to 2027, lower from 7.1% due to weak economic growth, Fitch Solutions' BMI Research said.

It will slow from a decade-high of nearly 5% in 2022 to 2.2% in 2023 and then will speed up slightly to 2.7% in 2024.

Bahrain relies on medical device imports to achieve its domestic demand.

"We believe a weaker economic backdrop over 2024 will reduce purchasing power for imported medical devices, which will moderate growth in the medical devices market over the near term. Our Country Risk team highlights increased political risks in Bahrain stemming from the Israel- Hamas conflict, however we believe this will have limited short-term impact on the medical devices market," said BMI Research.

Despite macroeconomic and political challenges, the medical devices market will be backed by increased investment in healthcare by the government, which aims to rollout a universal health coverage scheme by 2023. We expect Bahrain’s total healthcare expenditure will reach US$2.2b by 2027, from US$1.8b in 2022.