Medical Devices - Gambia | Statista Market Forecast

The Medical Devices market market in Gambia is expected to achieve a revenue of US$3.50m in 2024.
Among the various markets, Cardiology_Devices is anticipated to be the largest with a projected market volume of US$521.90k in 2024.
Looking ahead, the revenue is forecasted to exhibit a compound annual growth rate (CAGR 2024-2029) of 6.60%, leading to a market volume of US$4.82m by 2029.
When compared globally, the United States is projected to generate the highest revenue, reaching US$181.00bn in 2024.
Despite limited resources, Gambia sees a growing demand for affordable medical devices, driving innovation in the local medical technology market.

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 Gambia is showing steady growth and development, driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Medical Devices market in Gambia are shifting towards more advanced and innovative products. Customers are becoming more aware of the benefits of using medical devices and are seeking products that offer better accuracy, ease of use, and improved patient outcomes. This preference for advanced medical devices is driving the demand for technologically advanced products in the market. Trends in the market are also contributing to the development of the Medical Devices market in Gambia. One of the key trends is the increasing adoption of digital health technologies. This includes the use of telemedicine, remote patient monitoring, and mobile health applications. These technologies are enabling healthcare providers to deliver more efficient and accessible healthcare services, especially in remote areas of the country. The demand for medical devices that support these digital health technologies is therefore increasing. Another trend in the market is the growing focus on preventive healthcare. There is an increasing emphasis on early detection and prevention of diseases, which is driving the demand for medical devices such as diagnostic tools and screening devices. These devices enable healthcare providers to detect diseases at an early stage, leading to better treatment outcomes and reduced healthcare costs. Local special circumstances in Gambia are also influencing the development of the Medical Devices market. The country has a growing population, with an increasing number of people requiring medical devices for various healthcare needs. Additionally, the government has implemented policies to improve healthcare infrastructure and services, which is further driving the demand for medical devices. Underlying macroeconomic factors are also playing a role in the development of the Medical Devices market in Gambia. The country's economic growth and increasing disposable income levels are contributing to the affordability and accessibility of medical devices. As people have more financial resources, they are able to invest in healthcare and purchase medical devices. In conclusion, the Medical Devices market in Gambia is developing due to customer preferences for advanced products, trends in the market such as the adoption of digital health technologies and the focus on preventive healthcare, local special circumstances including population growth and government policies, and underlying macroeconomic factors such as economic growth and increasing disposable income levels.

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.