Market Insights Health Medical Technology

In Vitro Diagnostics - Africa

Africa

The In Vitro Diagnostics market market in Africa is expected to witness a significant rise in revenue, reaching a projected value of US$1.68bn by 2024.
This growth is anticipated to continue with an annual growth rate (CAGR 2024-2029) of 3.44%, ultimately leading to a market volume of US$1.99bn by 2029.
When compared on a global scale, it is worth noting that the United States is projected to generate the highest revenue in the In Vitro Diagnostics market market, with a staggering US$30,100.00m expected in 2024.
In Africa, the demand for In Vitro Diagnostics is rapidly increasing, driven by the need for accurate and timely disease diagnosis.

Key regions: China, France, Japan, Netherlands, Italy

Market

Region

Region comparison

Currency

Analyst Opinion

The In Vitro Diagnostics market in Africa is experiencing steady growth due to increasing customer preferences for advanced diagnostic technologies, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the In Vitro Diagnostics market in Africa are shifting towards more accurate and efficient diagnostic technologies. Customers are looking for tests that can provide quick and reliable results, as well as those that can detect a wide range of diseases and conditions. This preference is driving the demand for advanced diagnostic tools such as molecular diagnostics, point-of-care testing, and immunoassays. Trends in the market are also contributing to the growth of the In Vitro Diagnostics market in Africa. One of the major trends in the market is the increasing adoption of digital health technologies. These technologies allow for remote monitoring and management of patients, which is particularly beneficial in regions with limited access to healthcare facilities. Additionally, there is a growing trend towards personalized medicine, which requires advanced diagnostic tools to tailor treatments to individual patients. Local special circumstances in Africa are also influencing the development of the In Vitro Diagnostics market. The region has a high burden of infectious diseases such as malaria, HIV/AIDS, and tuberculosis. This has created a need for diagnostic tests that can accurately and quickly detect these diseases, leading to increased demand for in vitro diagnostic products. Underlying macroeconomic factors are also contributing to the growth of the In Vitro Diagnostics market in Africa. The region is experiencing economic growth, which has led to an increase in healthcare spending. This increased spending is driving the demand for advanced diagnostic technologies, as healthcare providers strive to improve the quality of healthcare services. In conclusion, the In Vitro Diagnostics market in Africa is growing due to customer preferences for advanced diagnostic technologies, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. As the region continues to develop and invest in healthcare infrastructure, the demand for in vitro diagnostic products is expected to increase further.

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.