Diabetes Care Devices - Nigeria | Statista Market Forecast

Revenue in the Diabetes Care Devices market market in Nigeria is anticipated to reach US$50.32m in 2024.
The revenue is forecasted to exhibit an annual growth rate (CAGR 2024-2029) of 15.76%, leading to a market volume of US$104.60m by 2029.
In a global context, the majority of revenue will be produced the United States, with a projected figure of US$11.71bn in 2024.
In Nigeria, the rising prevalence of diabetes is driving demand for innovative diabetes care devices, as healthcare accessibility and technology adoption improve.

Definition:
The Diabetes Care Devices market, a medical technology market, includes medical devices used in the management and treatment of diabetes. These devices range from blood glucose meters and continuous glucose monitoring systems to insulin pumps, insulin pens, and other related accessories. It is important to note that the market does not include pharmaceutical products used in the treatment of diabetes, such as insulin and oral hypoglycemic agents.

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), and governments (B2G). Revenues are allocated to the country where the money is spent.

Key players in the market include Medtronic, Abbott Laboratories, and Roche Diagnostics. Further information on the key players can be found in the Market Shares boxes.

Blood glucose monitoring devices
Insulin delivery devices

Diabetes drugs
Diabetes supplements

The Diabetes Care Devices Market in Nigeria is witnessing considerable growth, fueled by rising diabetes prevalence, increased healthcare investment, and growing awareness of diabetes management technologies among patients and healthcare providers.

Customer preferences: Consumers in Nigeria are increasingly favoring advanced diabetes care devices that offer integrated monitoring solutions, reflecting a desire for personalized health management. There is a growing preference for smart glucose meters and continuous glucose monitoring systems, driven by the need for convenience and real-time data. Additionally, cultural factors such as community support and shared experiences among patients have fostered a collaborative approach to diabetes management, encouraging the adoption of mobile health applications that facilitate communication with healthcare providers.

Trends in the market: In Nigeria, the Diabetes Care Devices market is experiencing a surge in the adoption of smart glucose meters and continuous glucose monitoring systems, reflecting an increasing demand for real-time data and personalized health management. This trend is significant as it empowers patients to take control of their health, leading to better outcomes and adherence to treatment. Furthermore, the integration of mobile health applications is fostering enhanced communication between patients and healthcare providers, encouraging collaborative management of diabetes. Industry stakeholders must adapt to these evolving preferences, investing in innovative solutions that cater to the growing emphasis on convenience and personalized care.

Local special circumstances: In Nigeria, the Diabetes Care Devices market is influenced by a unique interplay of geographical and cultural factors, including a diverse population with varying access to healthcare services. The rise in urbanization has led to increased awareness of diabetes management, driving demand for advanced monitoring devices. Additionally, cultural beliefs surrounding health and wellness shape patient attitudes toward technology adoption. Regulatory frameworks are evolving, with the government prioritizing healthcare innovation, fostering an environment conducive to the growth of diabetes care solutions tailored to local needs.

Underlying macroeconomic factors: The Diabetes Care Devices market in Nigeria is significantly shaped by macroeconomic factors such as national economic stability, healthcare funding, and global economic trends. The ongoing economic diversification efforts and government investments in healthcare infrastructure are vital for enhancing access to diabetes management technologies. Furthermore, inflation rates and currency fluctuations can affect the affordability of medical devices, impacting market penetration. Global trends in diabetes prevalence and advancements in medical technology also drive local demand. As awareness of diabetes complications rises, effective fiscal policies and public health initiatives are crucial for fostering an environment conducive to innovation and growth in diabetes care solutions.

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.