Medical Technology - Africa

Africa

The revenue in the Medical Technology market market in Africa is estimated to reach US$11.02bn in 2024.
The largest market within this industry is Medical Devices, which is projected to have a market volume of US$9.34bn in 2024.
The revenue is anticipated to grow at an annual rate of 6.23% (CAGR 2024-2029), resulting in a market volume of US$14.91bn by 2029.
In global comparison, the United States is expected to generate the highest revenue with US$211.10bn in 2024.
In Africa, the medical technology market is experiencing rapid growth and innovation, with countries like South Africa leading the way in advanced medical devices and telemedicine solutions.

Key regions: United States, Germany, China, Japan, France

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Analyst Opinion

The Medical Technology market in Africa is experiencing significant growth and development due to several key factors.

Customer preferences: Customers in Africa are increasingly demanding access to advanced medical technology and healthcare solutions. As the population grows and becomes more aware of the benefits of modern healthcare, there is a greater demand for medical devices, equipment, and services. Additionally, with the rise in chronic diseases and the need for better diagnostic tools, there is a growing market for medical technology in Africa.

Trends in the market: One of the key trends in the medical technology market in Africa is the increasing adoption of digital health solutions. Mobile health applications, telemedicine, and remote patient monitoring are becoming more prevalent, especially in rural areas where access to healthcare facilities is limited. These technologies are enabling healthcare providers to reach a larger population and provide better care. Another trend in the market is the focus on affordability and accessibility. Many medical technology companies are developing products and solutions that are specifically tailored to the needs and budget constraints of the African market. This includes low-cost medical devices, point-of-care diagnostics, and innovative healthcare delivery models.

Local special circumstances: Africa is a diverse continent with unique healthcare challenges in each country. For example, some countries have a high burden of infectious diseases, while others are dealing with a rise in non-communicable diseases. These local special circumstances require medical technology companies to adapt their products and solutions to meet the specific needs of each country.

Underlying macroeconomic factors: The economic growth in Africa has led to an increase in disposable income and healthcare spending. As more people are able to afford healthcare services, there is a greater demand for medical technology. Additionally, governments in many African countries are investing in healthcare infrastructure and implementing policies to improve healthcare outcomes. This creates a favorable environment for the growth of the medical technology market. In conclusion, the Medical Technology market in Africa is developing rapidly due to customer preferences for advanced healthcare solutions, the adoption of digital health technologies, the focus on affordability and accessibility, local special circumstances, and underlying macroeconomic factors. As the healthcare landscape in Africa continues to evolve, there will be further opportunities for the growth and innovation of the medical technology market.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.