Market Insights Health Medical Technology

Medical Devices - Africa

Africa

The projected revenue in the Medical Devices market market in Africa is expected to reach US$9.34bn in 2024.
Within this market, the largest market is Cardiology_Devices, which is projected to have a market volume of US$1.41bn in 2024.
Looking ahead, the revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 6.70%, resulting in a market volume of US$12.92bn by 2029.
In comparison to the global market, the United States is expected to generate the highest revenue with US$181.00bn in 2024.
The demand for medical devices in Africa is rapidly increasing, driven by the need to improve healthcare infrastructure in developing nations.

Key regions: Germany, Spain, Japan, United Kingdom, United States

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Analyst Opinion

The Medical Devices market in Africa is experiencing significant growth and development due to various factors.

Customer preferences: Customers in Africa are increasingly demanding advanced medical devices that can provide accurate and efficient healthcare solutions. They are seeking devices that are user-friendly, cost-effective, and can cater to the specific healthcare needs of the African population. Additionally, there is a growing demand for portable and wearable medical devices that can be easily accessed and used in remote areas with limited healthcare infrastructure.

Trends in the market: One of the key trends in the Medical Devices market in Africa is the increasing adoption of digital health technologies. This includes the use of telemedicine, mobile health applications, and remote patient monitoring devices. These technologies are helping to bridge the gap between patients and healthcare providers in remote areas, improving access to healthcare services and enabling early detection and prevention of diseases. Another trend in the market is the focus on developing locally manufactured medical devices. African countries are striving to reduce their dependence on imported medical devices and are investing in local manufacturing capabilities. This not only helps in creating job opportunities but also ensures the availability of affordable and customized medical devices that are suitable for the local healthcare context.

Local special circumstances: Africa is a diverse continent with unique healthcare challenges. The lack of adequate healthcare infrastructure, shortage of skilled healthcare professionals, and limited access to quality healthcare services are some of the special circumstances that impact the Medical Devices market in Africa. In response to these challenges, there is a growing emphasis on developing innovative and low-cost medical devices that can address the specific healthcare needs of the African population.

Underlying macroeconomic factors: Several macroeconomic factors are contributing to the development of the Medical Devices market in Africa. Economic growth, increasing healthcare expenditure, and government initiatives to improve healthcare infrastructure are some of the key drivers. Additionally, the rising burden of non-communicable diseases, such as diabetes and cardiovascular diseases, is creating a demand for advanced medical devices for diagnosis, treatment, and monitoring. In conclusion, the Medical Devices market in Africa is witnessing significant growth and development driven by customer preferences for advanced and user-friendly devices, the adoption of digital health technologies, the focus on local manufacturing, and the unique healthcare challenges in the region. The underlying macroeconomic factors, such as economic growth and increasing healthcare expenditure, are also contributing to the market's growth.

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.