Medical Technology

Lesotho's Medical Technology market market is forecasted to achieve a revenue of US$20.41m by 2024.
The dominant sector within this market is Medical Devices, projected to reach a market volume of US$17.33m by 2024.
Furthermore, the revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 6.49%, resulting in a market volume of US$27.96m by 2029.
In comparison to other countries, the United States is expected to generate the highest revenue, amounting to US$211.10bn in 2024.
Lesotho's medical technology market is experiencing a surge in demand for mobile health solutions to overcome geographical barriers and improve healthcare access.

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 Lesotho is experiencing steady growth due to increasing customer preferences for advanced healthcare solutions, as well as favorable local special circumstances.

Customer preferences: Customers in Lesotho are increasingly seeking advanced medical technology solutions to address their healthcare needs. This is driven by a growing awareness of the benefits of medical technology in improving diagnosis, treatment, and overall patient care. Customers are looking for innovative medical devices and equipment that can provide accurate and efficient results, enhance patient comfort, and enable healthcare professionals to deliver better outcomes. Additionally, there is a rising demand for telemedicine solutions that can provide remote healthcare services, especially in rural areas where access to healthcare facilities may be limited.

Trends in the market: One of the key trends in the Medical Technology market in Lesotho is the adoption of digital health solutions. This includes the use of electronic health records (EHRs), telemedicine platforms, mobile health applications, and wearable devices. These technologies enable healthcare providers to streamline their operations, improve patient care, and enhance communication between healthcare professionals and patients. The increasing availability of smartphones and internet connectivity in Lesotho has further facilitated the adoption of digital health solutions. Another trend in the market is the growing demand for diagnostic imaging equipment. This includes X-ray machines, ultrasound devices, and computed tomography (CT) scanners. The need for accurate and timely diagnosis is driving the demand for these devices, as they enable healthcare professionals to detect and monitor various medical conditions. The increasing prevalence of chronic diseases, such as cardiovascular diseases and cancer, is also contributing to the demand for diagnostic imaging equipment.

Local special circumstances: Lesotho has a relatively small population and limited healthcare infrastructure, which creates a unique set of circumstances for the Medical Technology market. The government of Lesotho has recognized the importance of healthcare technology in improving healthcare outcomes and has been actively promoting the adoption of medical technology solutions. This includes initiatives to enhance healthcare infrastructure, train healthcare professionals, and improve access to medical technology in rural areas.

Underlying macroeconomic factors: The growth of the Medical Technology market in Lesotho is also influenced by underlying macroeconomic factors. The country has been experiencing stable economic growth, which has resulted in increased healthcare spending. The government has allocated a significant portion of its budget to healthcare, including investments in medical technology. Additionally, Lesotho is heavily dependent on international aid and partnerships, which have facilitated the acquisition of medical technology equipment and expertise. In conclusion, the Medical Technology market in Lesotho is developing due to increasing customer preferences for advanced healthcare solutions, such as digital health solutions and diagnostic imaging equipment. The favorable local special circumstances, including government initiatives and stable economic growth, further contribute to the growth 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.