Medical Devices - Ghana | Statista Market Forecast

The projected revenue in the Medical Devices market market in Ghana is estimated to be US$129.10m in 2024.
The largest market within this market is Cardiology_Devices, which is expected to have a market volume of US$19.49m in the same year.
Looking ahead, the revenue is anticipated to exhibit an annual growth rate of 6.58% (CAGR 2024-2029), resulting in a market volume of US$177.50m by 2029.
When compared on a global scale, the United States is projected to generate the highest revenue, amounting to US$181.00bn in 2024.
Ghana's medical device market is experiencing a surge in demand for innovative and cost-effective devices to address the country's healthcare challenges.

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 Ghana is experiencing significant growth and development, driven by various factors such as increasing healthcare expenditure, technological advancements, and growing awareness about the importance of healthcare. Customer preferences in the Medical Devices market in Ghana are shifting towards more advanced and innovative products. Customers are looking for devices that are efficient, accurate, and easy to use. They also value devices that offer remote monitoring capabilities, allowing healthcare providers to track patients' health conditions remotely. Additionally, there is a growing demand for portable and wearable medical devices that provide convenience and mobility to patients. Trends in the Medical Devices market in Ghana include the adoption of telemedicine and remote patient monitoring solutions. These technologies enable healthcare providers to remotely monitor patients' vital signs and provide virtual consultations, reducing the need for in-person visits and improving access to healthcare services, especially in rural areas. Another trend is the increasing use of artificial intelligence and machine learning in medical devices, which enhances their diagnostic capabilities and improves patient outcomes. Local special circumstances in Ghana, such as a shortage of healthcare professionals and limited access to healthcare facilities in rural areas, have also contributed to the development of the Medical Devices market. Medical devices that can be used by non-specialist healthcare providers or even by patients themselves are in high demand. These devices help bridge the healthcare gap by enabling early detection and monitoring of medical conditions, reducing the burden on healthcare professionals and improving overall healthcare outcomes. Underlying macroeconomic factors, such as the steady economic growth in Ghana and increasing government focus on healthcare infrastructure development, have also played a role in the development of the Medical Devices market. The government's commitment to improving healthcare access and quality has led to increased investments in healthcare infrastructure, including hospitals and clinics, creating a favorable environment for the growth of the Medical Devices market. In conclusion, the Medical Devices market in Ghana is witnessing growth and development driven by customer preferences for advanced and innovative products, trends such as telemedicine and remote patient monitoring, local special circumstances such as healthcare resource constraints, and underlying macroeconomic factors such as economic growth and government investments in healthcare infrastructure.

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.