Market Insights Health Medical Technology

Medical Devices - Ethiopia

Ethiopia

The projected revenue for the Medical Devices market market in Ethiopia is expected to reach US$261.80m in 2024.
Among the various markets within this market, Cardiology_Devices is the largest, with a projected market volume of US$37.29m in 2024.
Looking ahead, the revenue is expected to demonstrate a steady annual growth rate (CAGR 2024-2029) of 10.05%, resulting in a market volume of US$422.50m by 2029.
In a global comparison, the United States is expected to generate the highest revenue, amounting to US$179.80bn in 2024.
Ethiopia's medical device market is experiencing a growing demand for affordable and portable diagnostic devices to cater to its rural population.

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

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Analyst Opinion

The Medical Devices market in Ethiopia is experiencing significant growth and development due to several factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the expansion of the industry. Customer preferences in Ethiopia are shifting towards more advanced and innovative medical devices. As the country continues to develop and improve its healthcare infrastructure, there is a growing demand for high-quality medical equipment that can provide accurate diagnoses and effective treatments. Customers are increasingly seeking technologically advanced devices that can improve patient outcomes and enhance the overall quality of healthcare services. Trends in the market also play a crucial role in the development of the Medical Devices industry in Ethiopia. The country is witnessing an increase in the prevalence of non-communicable diseases, such as cardiovascular diseases and diabetes. This has led to a greater demand for medical devices that can help in the diagnosis, monitoring, and treatment of these conditions. Additionally, there is a rising awareness among healthcare professionals and patients about the benefits of early detection and preventive healthcare, which has further fueled the demand for medical devices. Local special circumstances in Ethiopia, such as a growing population and an increasing middle class, have contributed to the expansion of the Medical Devices market. With a population of over 100 million people, the demand for healthcare services and medical devices is on the rise. The middle class, in particular, has more disposable income and is willing to invest in better healthcare options, including advanced medical devices. Underlying macroeconomic factors also play a significant role in the development of the Medical Devices market in Ethiopia. The country has been experiencing steady economic growth over the past decade, which has led to an increase in healthcare spending. The government has also implemented various policies and initiatives to improve access to healthcare services, which has further boosted the demand for medical devices. In conclusion, the Medical Devices market in Ethiopia is developing at a rapid pace due to customer preferences for advanced devices, trends in the market, local special circumstances, and underlying macroeconomic factors. As the country continues to invest in healthcare infrastructure and improve access to healthcare services, the demand for medical devices is expected to grow even further.

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.