Medical Technology

In Fiji, the revenue in the Medical Technology market market is estimated to reach US$28.27m in 2024.
The largest market within this market is Medical Devices, with a projected market volume of US$23.70m in the same year.
It is expected that the revenue will experience an annual growth rate of 5.52% (CAGR 2024-2029), resulting in a market volume of US$36.98m by 2029.
When compared to other countries globally, the United States is expected to generate the highest revenue, amounting to US$211.10bn in 2024.
Fiji's medical technology market is witnessing a surge in demand for telemedicine solutions to improve healthcare access in its remote island communities.

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 Fiji is experiencing steady growth due to increasing customer preferences for advanced healthcare solutions, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Fiji are shifting towards more advanced and innovative medical technology solutions. Patients are becoming more aware of the benefits of modern medical devices and are demanding access to the latest technologies. This is driving healthcare providers to invest in state-of-the-art medical equipment to meet the growing demand and provide better healthcare services to the population. Trends in the market indicate a growing adoption of telemedicine and remote patient monitoring solutions in Fiji. The geographical challenges of the country, with many remote islands and limited access to healthcare facilities, make telemedicine an attractive option for patients. This trend is expected to continue as technological advancements make telemedicine more accessible and reliable. Another trend in the market is the increasing focus on medical devices that enhance patient comfort and improve treatment outcomes. Fiji's healthcare providers are investing in devices that reduce pain, minimize invasiveness, and improve overall patient experience. This includes the adoption of minimally invasive surgical devices, advanced imaging systems, and personalized medicine solutions. Local special circumstances in Fiji, such as the limited availability of healthcare facilities in remote areas and the high prevalence of non-communicable diseases, are driving the demand for medical technology. The government of Fiji is actively investing in healthcare infrastructure and promoting public-private partnerships to improve access to quality healthcare services. This creates opportunities for medical technology companies to expand their presence in the country and cater to the specific healthcare needs of the population. Underlying macroeconomic factors, such as a growing population, increasing disposable income, and government initiatives to improve healthcare services, are contributing to the growth of the Medical Technology market in Fiji. As the population continues to grow, the demand for healthcare services and medical technology solutions is expected to increase. Rising disposable income allows individuals to afford advanced healthcare solutions, while government initiatives provide support and incentives for healthcare providers to invest in modern medical technology. In conclusion, the Medical Technology market in Fiji is developing due to customer preferences for advanced healthcare solutions, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for innovative medical technology solutions is expected to continue growing as Fiji's healthcare sector expands and evolves to meet the needs of the population.

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.