Medical Technology

In 2024, the projected revenue in the Medical Technology market market in Angola is estimated to reach US$197.80m.
Among the various markets in this market, Medical Devices is expected to be the largest, with a projected market volume of US$163.50m in the same year.
Looking ahead, the revenue in this market is anticipated to display an annual growth rate (CAGR 2024-2029) of 5.56%, resulting in a market volume of US$259.20m by 2029.
It is worth noting that in a global comparison, the United States is expected to generate the highest revenue, with US$211.10bn projected in 2024.
Angola's medical technology market is witnessing a surge in demand for advanced diagnostic imaging systems.

Definition:
The Medical Technology market covers devices and products used for prevention, diagnosis, and treatment of diseases. Next to pharmaceuticals, they form the most important category of medical products. The most well known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants.

Structure:
The Medical Technology market consists of two markets, In Vitro Diagnostics (IVD) and Medical Devices. The IVD market covers products used for medical laboratory testing of specimens derived from the human body. The Medical Devices market covers a broad range of products which are further marketed into medical specialties or types of application: Cardiology Devices, Diagnostic Imaging Devices, Orthopedic Devices, Ophthalmic Devices, and General & Plastic Surgery Devices. The Other Medical Devices market provides information on additional areas that are not covered by the main markets.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Medtronic, Johnson & Johnson, Abbott Laboratories, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Products for laboratoy testing (IVD)
Active medical devices (i.e., operating with electrical energy)

Pharmaceuticals
Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Blood and transplants derived from the human body

The Medical Technology market in Angola is experiencing significant growth and development in recent years.

Customer preferences: Angolan customers are increasingly demanding advanced medical technology products and services. They are looking for innovative solutions that can improve the quality of healthcare and enhance patient outcomes. This includes a growing demand for medical devices, diagnostic equipment, and digital health solutions. Customers in Angola are also seeking products that are cost-effective and can be easily integrated into the existing healthcare infrastructure.

Trends in the market: One of the key trends in the Medical Technology market in Angola is the adoption of digital health solutions. This includes the use of telemedicine, electronic health records, and mobile health applications. These technologies are helping to improve access to healthcare services, especially in remote areas where there is a shortage of healthcare professionals. The use of digital health solutions also enables better patient monitoring and management, leading to improved healthcare outcomes. Another trend in the market is the increasing demand for medical devices and equipment. As the healthcare sector in Angola continues to grow, there is a need for advanced medical devices and equipment to support the delivery of healthcare services. This includes surgical instruments, imaging equipment, and laboratory equipment. The demand for these products is driven by the need for accurate diagnosis, effective treatment, and improved patient care.

Local special circumstances: Angola is experiencing rapid urbanization and population growth, which is leading to an increased demand for healthcare services. This is driving the growth of the Medical Technology market in the country. The government of Angola is also investing in the healthcare sector, with a focus on improving healthcare infrastructure and expanding access to healthcare services. This is creating opportunities for medical technology companies to enter the market and provide their products and services.

Underlying macroeconomic factors: The growth of the Medical Technology market in Angola is also influenced by macroeconomic factors. The country has experienced economic growth in recent years, which has led to an increase in disposable income and healthcare expenditure. This has created a favorable environment for the development of the Medical Technology market. Additionally, the government of Angola is implementing healthcare reforms to improve the quality and accessibility of healthcare services. These reforms are creating a conducive environment for the growth of the Medical Technology market in the country. In conclusion, the Medical Technology market in Angola is experiencing significant growth and development. This is driven by customer preferences for advanced medical technology products and services, the adoption of digital health solutions, and the increasing demand for medical devices and equipment. The local special circumstances, such as rapid urbanization and population growth, and the underlying macroeconomic factors, including economic growth and healthcare reforms, are also contributing to the growth of the market.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.