The Russian economy was devastated by the collapse of the Russian ruble in the second half of 2014, but optimism for future growth remains after greater investment in human capital and services.

Russia’s healthcare market has suffered in the past but GlobalData forecasts growth of 4.5 percent throughout future years.

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Amidst the 2014 economic crisis, the Russian medical devices market was estimated to be worth $6.034bn but is expected to grow to $7.833bn by 2020.

Russia’s growth would improve further if economic restraints are lifted, and the government invests more in its labour and health programs.

The now notorious relationship between the US Trump administration and the 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.

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By GlobalData