Development of the Latvian medical devices' market

Manufacturing of medical devices does not require large investments in natural resources, so the development of this industry could stimulate economy of the small countries, Latvia being one among them. On the other hand, manufacturing and turnover of medical devices is one of the most strictly regulated fields in the world. In Latvia, only 23 companies out of 142, listed in the national registry in the field of the medical equipment and devices, are actual local manufacturers of medical devices. The development of medical devices in Latvia in general is in line with the European trend. The industry merely recovered after 2008 recession; nevertheless, there are some traces of slowdown in development. The turnover of medical devices manufacturers amounted to 2.7 million euros in 2015, with the average market yield of 10%.