Medical Technology

The Medical Technology market market in Lebanon is expected to achieve a revenue of US$401.60m by the year 2024.
Among the various markets, Medical Devices hold the largest market share, with a projected market volume of US$331.20m in the same year.
The market is anticipated to witness a steady annual growth rate of 2.20% from 2024 to 2029, resulting in a market volume of US$447.70m by 2029.
In comparison to other countries, the United States is expected to generate the highest revenue, amounting to US$211.10bn in 2024.
Lebanon is experiencing a surge in demand for advanced medical technology solutions to address the growing healthcare needs of its population.

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 Lebanon is experiencing significant growth and development.

Customer preferences: Customers in Lebanon are increasingly demanding advanced medical technology solutions to improve healthcare outcomes. They are seeking innovative medical devices and equipment that can enhance diagnosis, treatment, and patient care. This includes a wide range of products such as imaging systems, surgical instruments, patient monitoring devices, and telemedicine solutions. Customers also value affordability and accessibility of medical technology, as well as the ability to integrate these solutions into existing healthcare infrastructure.

Trends in the market: One of the key trends in the Medical Technology market in Lebanon is the adoption of digital health solutions. This includes the use of electronic health records, telemedicine, mobile health applications, and remote patient monitoring systems. These technologies enable healthcare providers to deliver care more efficiently and effectively, while also improving patient engagement and access to healthcare services. The COVID-19 pandemic has further accelerated the adoption of telemedicine and remote monitoring solutions, as they provide a safe and convenient way to deliver healthcare services. Another trend in the market is the increasing focus on personalized medicine. Healthcare providers in Lebanon are recognizing the importance of tailoring treatments to individual patients based on their genetic makeup, lifestyle, and other factors. This has led to the development and adoption of advanced diagnostic tools, such as genetic testing and molecular diagnostics, which enable more precise and targeted therapies. Additionally, there is a growing demand for wearable devices and mobile health applications that allow individuals to monitor their health and track their progress in real-time.

Local special circumstances: Lebanon has a well-established healthcare system with a strong network of hospitals, clinics, and healthcare professionals. However, the country has faced significant economic and political challenges in recent years, which have impacted the healthcare sector. The ongoing economic crisis and currency devaluation have resulted in financial constraints for healthcare providers, making it difficult to invest in new medical technology. Additionally, political instability and regional conflicts have created uncertainties and disruptions in the healthcare supply chain.

Underlying macroeconomic factors: Despite the challenges, there are several underlying macroeconomic factors that are driving the development of the Medical Technology market in Lebanon. The government has recognized the importance of investing in healthcare infrastructure and technology to improve healthcare outcomes and attract medical tourism. There is also a growing awareness among healthcare providers and patients about the benefits of advanced medical technology in delivering high-quality care. Furthermore, international collaborations and partnerships are playing a crucial role in bringing new medical technology solutions to the Lebanese market. In conclusion, the Medical Technology market in Lebanon is experiencing growth and development driven by customer preferences for advanced medical technology solutions, the adoption of digital health and personalized medicine, and underlying macroeconomic factors. Despite the challenges posed by the economic and political situation, there are opportunities for healthcare providers and medical technology companies to innovate and meet the evolving needs 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.