Cardiology Devices - Nigeria | Statista Market Forecast

The Cardiology Devices market market in Nigeria is predicted to achieve a revenue of US$86.94m in 2024.
It is anticipated that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 12.61%, leading to a market volume of US$157.40m by 2029.
When compared globally, the United States is expected to generate the highest revenue of US$25.77bn in 2024.
In Nigeria, there is a growing demand for advanced cardiology devices, driven by an increasing prevalence of cardiovascular diseases and a rising awareness of the importance of early diagnosis and treatment.

Definition:
The Cardiology Devices market includes diagnostic, monitoring, and surgical devices that are used to treat heart diseases and heart-related problems.

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, Abbott Laboratories, Boston Scientific, Edwards Lifesciences.
Further information on the key players can be found in the Market Shares boxes.

Cardiology diagnostic & monitoring devices
Cardiology surgical devices
Implants such as pacemakers

Cardiology drugs
Cardiology supplements

The Cardiology Devices market in Nigeria is experiencing steady growth due to increasing customer preferences for advanced medical technologies and the rising prevalence of cardiovascular diseases in the country.

Customer preferences: Customers in Nigeria are increasingly demanding advanced cardiology devices that offer accurate diagnosis and effective treatment options. They prefer devices that are portable, user-friendly, and provide real-time monitoring capabilities. The demand for minimally invasive procedures is also on the rise, as patients prefer less invasive treatment options that offer faster recovery times and fewer complications.

Trends in the market: The market for cardiology devices in Nigeria is witnessing several trends that are driving its growth. One of the key trends is the increasing adoption of telemedicine and remote patient monitoring solutions. These technologies enable healthcare professionals to remotely monitor patients' cardiac health and provide timely interventions. This trend is particularly beneficial in a country like Nigeria, where access to healthcare services can be challenging in remote areas. Another trend in the market is the growing focus on preventive cardiology. With the rising prevalence of cardiovascular diseases in Nigeria, there is a shift towards early detection and prevention. This has led to an increased demand for screening devices that can detect cardiovascular risk factors at an early stage.

Local special circumstances: Nigeria faces unique challenges in its healthcare system, which impact the cardiology devices market. Limited access to healthcare facilities, especially in rural areas, poses a challenge in the timely diagnosis and treatment of cardiovascular diseases. Additionally, affordability of cardiology devices can be a barrier for many patients, as the cost of these devices can be high. However, the government and healthcare organizations are taking initiatives to improve access to healthcare services and make cardiology devices more affordable for the population.

Underlying macroeconomic factors: The growth of the cardiology devices market in Nigeria is also influenced by underlying macroeconomic factors. The country's economic growth, increasing disposable incomes, and improving healthcare infrastructure contribute to the market expansion. Additionally, the government's focus on healthcare reforms and investments in the healthcare sector create a favorable environment for the growth of the cardiology devices market. In conclusion, the Cardiology Devices market in Nigeria is driven by customer preferences for advanced technologies, increasing focus on preventive cardiology, and the adoption of telemedicine solutions. The market is also influenced by local special circumstances such as limited access to healthcare facilities and affordability concerns. The underlying macroeconomic factors, including economic growth and government initiatives, further contribute to the market's growth.

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.