Medical Technology

The projected revenue in the Medical Technology market market in Ghana is expected to reach US$151.00m in 2024.
Within this market, the largest market is Medical Devices, which is projected to have a market volume of US$129.10m in the same year.
It is anticipated that the revenue in this market will display an annual growth rate (CAGR 2024-2029) of 6.14%, resulting in a market volume of US$203.50m by 2029.
In comparison to other countries, the United States is projected to generate the highest revenue in the Medical Technology market market, with an estimated amount of US$211.10bn in 2024.
Ghana's medical technology market is rapidly expanding, driven by increasing government investment and a growing demand for innovative healthcare solutions.

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 Ghana 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 Ghana are shifting towards more advanced and innovative medical technology solutions. Patients are increasingly seeking access to state-of-the-art medical devices and equipment that can provide accurate diagnoses, effective treatments, and improved patient outcomes. This preference is driven by a growing awareness of the benefits of advanced medical technology and a desire for high-quality healthcare services. Trends in the market indicate a growing demand for medical technology in Ghana. The country's healthcare infrastructure is expanding, with new hospitals and healthcare facilities being established to cater to the growing population. This has led to an increased need for medical devices and equipment to support the delivery of healthcare services. Additionally, there is a rising trend of medical tourism in Ghana, with patients from neighboring countries seeking specialized medical treatments. This trend further drives the demand for advanced medical technology in the country. Local special circumstances in Ghana also contribute to the development of the Medical Technology market. The country has a high burden of disease, with a significant prevalence of communicable diseases such as malaria and HIV/AIDS. This necessitates the use of medical technology for accurate diagnosis, treatment, and prevention of these diseases. Furthermore, Ghana has a growing middle class with increasing disposable income, which enables individuals to afford advanced healthcare solutions and drives the demand for medical technology. Underlying macroeconomic factors also play a role in the development of the Medical Technology market in Ghana. The country's economy has been growing steadily in recent years, which has led to an increase in healthcare spending. The government has also recognized the importance of investing in healthcare infrastructure and has implemented policies to promote the adoption of medical technology. Additionally, Ghana has a favorable business environment with supportive regulations and incentives for foreign investment, which attracts global medical technology companies to enter the market. In conclusion, the Medical Technology market in Ghana is experiencing growth due to customer preferences for advanced healthcare solutions, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for medical technology is driven by a growing awareness of its benefits, expanding healthcare infrastructure, medical tourism, high burden of disease, increasing disposable income, and favorable business environment. These factors create opportunities for both local and international medical technology companies to tap into the Ghanaian market and contribute to the improvement of healthcare services in the country.

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.