Diagnostic Imaging Devices - Nigeria

The Diagnostic Imaging Devices market market in Nigeria is anticipated to witness a significant growth in revenue, with projections indicating a staggering amount of US$64.38m in 2024.
This growth is expected to continue, with an estimated annual growth rate (CAGR 2024-2029) of 8.74%.
As a result, the market volume is projected to reach an impressive US$97.90m by 2029.
In a global context, it is worth noting that the United States is expected to generate the highest revenue in the Diagnostic Imaging Devices market market, with a staggering amount of US$11.93bn in 2024.
Nigeria's diagnostic imaging device market is experiencing a surge in demand due to the country's growing healthcare infrastructure and increasing focus on early disease detection.

Definition:
The market covers diagnostic imaging devices such as X-ray systems, ultrasound systems, computed tomography scanners, Magnetic resonance imaging (MRT) systems, and related components.

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: Siemens Healthineers, General Electric, Philips, Fujifilm Holdings. Further information on the key players can be found in the Market Shares boxes.

X-ray systems
Computed tomography (CT) scanners
Magnetic resonance imaging (MRT) systems
Positron emission tomography (PET) scanners

Non-imaging diagnostics
In vitro diagnostics (IVD)

The Diagnostic Imaging Devices market in Nigeria is experiencing significant development and growth due to various factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the positive trajectory of this market. Customer preferences in Nigeria are shifting towards advanced diagnostic imaging devices. As the healthcare sector in the country continues to improve, there is a growing demand for accurate and efficient diagnostic tools. Patients and healthcare providers are seeking devices that can provide detailed and reliable imaging results, allowing for better diagnosis and treatment planning. This preference for advanced imaging devices is driving the market growth in Nigeria. Several trends are also contributing to the development of the Diagnostic Imaging Devices market in Nigeria. Technological advancements in imaging devices have led to the introduction of more compact and portable devices. This trend is particularly beneficial in a country like Nigeria, where access to healthcare facilities can be limited in remote areas. Portable imaging devices allow for easier transportation and accessibility, ensuring that patients in rural areas can receive timely and accurate diagnoses. Another trend in the market is the increasing adoption of digital imaging technologies. Digital imaging offers several advantages over traditional film-based imaging, including faster processing times, easier storage and retrieval of images, and the ability to share images electronically. Healthcare providers in Nigeria are recognizing these benefits and are transitioning from analog to digital imaging systems. This trend is driving the demand for digital diagnostic imaging devices in the country. Local special circumstances also play a role in the development of the Diagnostic Imaging Devices market in Nigeria. The country has a large population, which translates to a high demand for healthcare services. The government is investing in the healthcare sector, including the procurement of diagnostic imaging devices, to meet the growing healthcare needs of the population. Additionally, partnerships between local healthcare providers and international manufacturers are facilitating the availability and affordability of diagnostic imaging devices in Nigeria. Underlying macroeconomic factors are also contributing to the growth of the market. Nigeria's economy is experiencing steady growth, which has resulted in increased healthcare spending. As the country's middle class expands, more individuals have the financial means to access quality healthcare services, including diagnostic imaging. This growing middle class is driving the demand for advanced diagnostic imaging devices in Nigeria. In conclusion, the Diagnostic Imaging Devices market in Nigeria is experiencing significant development and growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards advanced imaging devices, the adoption of portable and digital imaging technologies, the government's investment in healthcare, and the country's growing middle class all contribute to the positive trajectory of this 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.