Experts call for investment in medical sector, project market to hit $23 billion by 2033

Experts at a session today (10 April) urged investors to explore opportunities in Bangladesh's medical sector, highlighting its robust growth potential.

They projected that the market volume will reach $23 billion by 2033, driven by rising demand for medical consumables and advanced diagnostic tools.

The projection was made during a session titled "Unlocking Healthcare Investment Potential in Bangladesh" at the Bangladesh Investment Summit 2025, held at a city hotel.

Md Saidur Rahman, secretary of the Health Services Division, spoke at the session, while Sylvana Quader Sinha, founder, chair, and CEO of Praava Health, delivered the keynote address on the same theme.

In his speech, Saidur Rahman outlined the remarkable growth of the country's health sector and encouraged investors to take advantage of its potential.

"It is projected that the market volume of Bangladesh's health sector will reach $23 billion by 2033. It's clear that there is huge potential for investors in this sector," he said.

Sylvana Quader Sinha noted that the medical equipment and devices market is also witnessing strong growth, projected to reach $3 billion by 2030, fueled by increasing demand for medical consumables and advanced diagnostics.

"The sector is heavily reliant on imports, creating significant opportunities for local manufacturing—especially as the country moves towards self-sufficiency in critical healthcare products. Investment potential exists in establishing manufacturing units for essential consumables, such as in vitro diagnostic kits and low-risk health monitoring devices. There is also growing demand for OT support and ICU equipment, making this a highly lucrative segment for investment," she added.

She emphasised that healthcare has become one of the largest sectors of the Bangladeshi economy in terms of revenue, growing at a CAGR of 10.3% since 2010 and directly employing nearly 300,000 people.

"Several factors are driving this growth: an aging population, a growing middle and affluent class, and the rising prevalence of non-communicable diseases. Bangladesh's healthcare industry comprises five key subsectors: Healthcare Facilities, Pharmaceuticals, Medical Equipment and Devices, Digital Healthcare, and Medical Biotechnology," she said.

Sylvana also highlighted the expansion of private healthcare facilities, including hospitals, clinics, and diagnostic centers.

"Public-private partnerships (PPPs) and government incentives—such as tax exemptions for private hospitals outside major cities—are further encouraging investment. The growing demand for tertiary and specialized healthcare in urban areas, alongside primary healthcare in rural regions, positions the sector as a key area for investment," she added.

She further noted that the pharmaceutical sector, recognized as a Pharmerging Market, is projected to reach US$ 6 billion by 2025, growing at a 12% CAGR.

"The industry is known for its strong base in branded generics, especially in gastrointestinal, antibiotic, and antipyretic therapies, meeting nearly all domestic demand," she said.

Sylvana also discussed how digital transformation is accelerating growth in the healthcare sector.

"Since COVID-19, digital health has emerged as a key area of innovation. The government's Digital Healthcare Strategy 2023–2027 aims to integrate tools like cloud-based Electronic Health Records (EHRs) and telehealth platforms to improve healthcare delivery and reduce costs," she explained.

She concluded by highlighting investment opportunities in cloud-based services, interoperable health systems, and remote patient monitoring, and stressed the importance of partnerships with foreign tech firms to drive healthcare innovation in Bangladesh.