The Russian economy was devastated by the 2014 economic crisis, but institutions like the World Bank remain optimistic for future growth after greater investment in human capital and services. The country’s healthcare market has suffered in the past but GlobalData forecasts growth of 4.5% throughout future years. GlobalData estimated that Europe’s overall growth rate is 4.3%.
Amidst the 2014 economic crisis, the Russian medical devices market was estimated to be worth $6,034 M. GlobalData estimates that the current market is $6,767 M, and is forecast to reach a value of $7,833 M by 2020. Russia’s growth would improve further if economic restraints are lifted, and the government invests more in its labor and health programs. The Trump administration’s notorious relationship with Russian leadership has left investors hopeful that economic sanctions will be lifted in the coming year, further improving the economy. Under Vladimir Putin, national healthcare systems have been put under severe stress while elites enjoy top of the line care. Economic growth could allow the administration to address many of its integral problems while providing a huge opportunity for growth in the medical devices industry.