Medical Devices - Fiji | Statista Market Forecast

In Fiji, the revenue in the Medical Devices market market is forecasted to reach US$23.70m in 2024.
Among the various markets in this market, Cardiology_Devices is the largest, with a projected market volume of US$3.81m in the same year.
Looking ahead, the revenue is expected to exhibit an annual growth rate of 5.97% (CAGR 2024-2029), which would lead to a market volume of US$31.67m by 2029.
When compared globally, the United States is anticipated to generate the highest revenue, with US$181.00bn in 2024.
The Medical Devices market market plays a significant role in in Fiji's economy.
Fiji's medical device market is experiencing a surge in demand for advanced diagnostic equipment to improve healthcare services in remote areas.

Definition:
The Medical Devices market includes instruments and machines helping for the prevention, diagnosis, and treatment of diseases. This market is further broken down into 6 submarkets according to medical specialties or types of application. Medical devices that treat the heart, such as pacemakers, can be found in the Cardiology Devices market. The Diagnostic Imaging market covers machines and instruments for diagnosis of many different kinds of conditions. Devices for orthopedic applications, such as joint implants, are included in the Orthopedic Devices market. Ophthalmic Devices are devices used for conditions related to the eye. The General & Plastic Surgery Devices covers many different products required for surgeries. The Other Medical Devices market provides information on additional areas that are not covered by the main markets.

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, Johnson & Johnson, Siemens Healthineers.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Active medical devices (i.e., operating with electrical energy)

Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Products for laboratory testing (IVD)

The Medical Devices market in Fiji is experiencing steady growth and development, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Medical Devices market in Fiji are influenced by a variety of factors. One of the key customer preferences is the demand for high-quality and reliable medical devices. Customers in Fiji value medical devices that are durable, efficient, and easy to use. They also prioritize devices that offer advanced features and technologies, as well as those that are cost-effective and affordable. Additionally, customers in Fiji prefer medical devices that are compatible with their existing healthcare infrastructure and can be easily integrated into their healthcare systems. Trends in the Medical Devices market in Fiji are shaped by both global and regional market dynamics. One of the prominent trends is the increasing adoption of digital health technologies. This includes the use of telemedicine, remote patient monitoring devices, and mobile health applications. These technologies enable healthcare providers in Fiji to deliver healthcare services more efficiently and effectively, especially in remote areas where access to healthcare facilities is limited. Another trend is the growing focus on preventive healthcare and wellness. There is a rising awareness among customers in Fiji about the importance of maintaining good health and preventing diseases, which has led to an increased demand for medical devices that support preventive healthcare and wellness. Local special circumstances in Fiji also play a role in the development of the Medical Devices market. One such circumstance is the geographical distribution of healthcare facilities. Fiji is an archipelago consisting of multiple islands, which poses challenges in terms of accessibility to healthcare services. This has led to a greater reliance on medical devices that can be used in remote and rural areas, where healthcare infrastructure is limited. Additionally, the cultural and social factors in Fiji influence the demand for certain types of medical devices. For example, traditional medicine practices are still prevalent in some communities, which may impact the adoption of modern medical devices. Underlying macroeconomic factors also contribute to the development of the Medical Devices market in Fiji. Economic growth and increasing disposable incomes have led to a higher demand for healthcare services, including medical devices. The government's focus on improving healthcare infrastructure and expanding access to healthcare services has also created opportunities for the Medical Devices market. Furthermore, the aging population in Fiji is driving the demand for medical devices, as the elderly population requires more healthcare services and medical interventions. In conclusion, the Medical Devices market in Fiji is experiencing growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The demand for high-quality and reliable medical devices, the adoption of digital health technologies, the focus on preventive healthcare and wellness, the geographical distribution of healthcare facilities, and the government's initiatives to improve healthcare infrastructure are all contributing to the growth of the 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.