Endoscopic Devices - Nigeria | Statista Market Forecast

Revenue in the Endoscopic Devices market market in Nigeria is anticipated to reach US$39.94m in 2024.
This revenue is projected to exhibit an annual growth rate (CAGR 2024-2029) of 10.82%, which will lead to a market volume of US$66.77m by 2029.
In a global context, the highest revenue will be generated the United States, which is expected to amount to US$10.39bn in 2024.
The Nigerian market for endoscopic devices is witnessing a growing demand driven by advancements in minimally invasive surgical techniques and increased healthcare investments.

Definition:
The Endoscopic Devices market, a medical technology market, includes the sale of endoscopic devices. Endoscopy involves the use of an endoscope to examine the inside of a hollow organ or body cavity. The market includes various types of endoscopes, such as gastroscopes, laparoscopes, bronchoscopes, and colonoscopes.

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 Olympus Corporation, Boston Scientific Corporation, and Stryker Corporation. Further information on the key players can be found in the Market Shares boxes.

Endoscopic devices
Implants such as stents

pharmaceuticals for endoscopic procedure

The Endoscopic Devices Market within the Medical Devices sector in Nigeria is witnessing moderate growth, influenced by factors such as increasing healthcare investments, rising demand for minimally invasive procedures, and technological advancements in medical imaging.

Customer preferences: In Nigeria, there is a growing preference for advanced medical technologies, particularly in the realm of endoscopic devices, as patients seek less invasive treatment options that promise quicker recovery times and reduced hospital stays. This trend is bolstered by an increasingly informed population, driven by improved access to health information through digital platforms. Additionally, the rise of urbanization and a burgeoning middle class are contributing to a demand for high-quality healthcare services, further propelling the adoption of cutting-edge endoscopic solutions.

Trends in the market: In Nigeria, the Endoscopic Devices Market is experiencing significant growth driven by a shift towards minimally invasive surgical options. Patients increasingly prefer procedures that offer reduced pain and faster recovery, leading to a greater demand for innovative endoscopic solutions. This trend is supported by advancements in technology and increased healthcare investment, fostering collaboration between local and global manufacturers. As urbanization continues to rise and more Nigerians enter the middle class, the market for high-quality healthcare expands, presenting lucrative opportunities for industry stakeholders to enhance service delivery and improve patient outcomes.

Local special circumstances: In Nigeria, the Endoscopic Devices Market is being shaped by a combination of local factors, including a diverse patient population and varying access to healthcare services across regions. Cultural perceptions of surgery influence patient willingness to adopt minimally invasive procedures, while a lack of specialized training in some areas limits the availability of advanced endoscopic techniques. Regulatory efforts to improve medical device standards are enhancing market confidence, attracting foreign investment, and encouraging local innovation. These dynamics create a unique landscape that presents both challenges and opportunities for stakeholders in the medical technology sector.

Underlying macroeconomic factors: The Endoscopic Devices Market in Nigeria is significantly influenced by macroeconomic factors such as the national economic health, healthcare investment, and global economic trends. Economic growth in Nigeria, albeit fluctuating, has led to increased healthcare spending, enhancing access to advanced medical technologies. Favorable fiscal policies aimed at boosting local manufacturing and reducing import tariffs for medical devices are attracting foreign investments. Additionally, a rising prevalence of gastrointestinal disorders necessitates the adoption of minimally invasive surgical techniques, further driving demand for endoscopic devices. These elements collectively shape a dynamic environment for growth within the medical technology sector.

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.