Medical Technology

The Medical Technology market market in Gambia is estimated to generate a revenue of US$4.10m in 2024.
Among the various markets, Medical Devices emerge as the largest market, with a projected market volume of US$3.50m in 2024.
Over the period of 2024-2029, the revenue is anticipated to exhibit an annual growth rate of 6.14%, leading to a market volume of US$5.52m by 2029.
When compared globally, the United States is expected to generate the highest revenue, amounting to US$211.10bn in 2024.
Gambia's medical technology market is thriving with the adoption of telemedicine and mobile health solutions for remote healthcare delivery.

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 Gambia is experiencing significant growth and development in recent years.

Customer preferences: Customers in Gambia are increasingly seeking advanced medical technology solutions to improve healthcare outcomes. There is a growing demand for medical devices and equipment that can provide accurate diagnoses, efficient treatment, and improved patient care. Customers are also looking for cost-effective solutions that can be easily integrated into the existing healthcare infrastructure.

Trends in the market: One of the key trends in the Medical Technology market in Gambia is the adoption of telemedicine and remote patient monitoring solutions. This trend has been accelerated by the COVID-19 pandemic, which has highlighted the need for remote healthcare services. Telemedicine allows healthcare professionals to remotely diagnose and treat patients, reducing the need for in-person visits and improving access to healthcare in remote areas. Remote patient monitoring solutions enable healthcare providers to monitor patients' vital signs and health conditions remotely, allowing for early intervention and personalized care. Another trend in the market is the increasing focus on point-of-care testing devices. These devices enable rapid and accurate diagnosis at the point of care, eliminating the need for sending samples to laboratories and waiting for results. Point-of-care testing devices are particularly beneficial in resource-constrained settings like Gambia, where access to laboratory facilities may be limited. These devices are portable, user-friendly, and provide quick results, allowing healthcare providers to make timely treatment decisions.

Local special circumstances: Gambia faces unique challenges in its healthcare system, including limited healthcare infrastructure, shortage of healthcare professionals, and inadequate access to healthcare services in rural areas. These circumstances have driven the demand for medical technology solutions that can help overcome these challenges. The adoption of telemedicine and point-of-care testing devices, for example, can help bridge the gap in access to healthcare services and improve healthcare outcomes in remote areas.

Underlying macroeconomic factors: The development of the Medical Technology market in Gambia is also influenced by underlying macroeconomic factors. The government's focus on improving healthcare infrastructure and services, as well as the increasing healthcare expenditure, are driving the growth of the market. Additionally, the growing awareness among healthcare professionals and patients about the benefits of medical technology is contributing to the market's development. In conclusion, the Medical Technology market in Gambia is witnessing significant growth and development due to customer preferences for advanced medical technology solutions, such as telemedicine and point-of-care testing devices. The local special circumstances, including limited healthcare infrastructure and inadequate access to healthcare services, are driving the adoption of these solutions. Furthermore, underlying macroeconomic factors, such as government initiatives and increasing healthcare expenditure, are also contributing to the market's growth.

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.