Medical Devices - Guinea | Statista Market Forecast

The revenue of the Medical Devices market market in Guinea is estimated to reach US$34.03m in 2024.
Among the various markets within the market, Cardiology_Devices is projected to be the largest, with a market volume of US$5.00m in 2024.
The market is expected to experience a compound annual growth rate (CAGR 2024-2029) of 7.22%, resulting in a market volume of US$48.20m by 2029.
When compared globally, the United States is anticipated to generate the highest revenue, amounting to US$181.00bn in 2024.
Guinea's medical device market is experiencing a surge in demand for advanced diagnostic equipment to improve healthcare outcomes.

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 Guinea has been experiencing significant growth in recent years.

Customer preferences: Customers in Guinea have shown a growing preference for advanced medical devices that offer accurate and efficient diagnostics and treatment options. With an increasing focus on improving healthcare infrastructure and services, there is a rising demand for medical devices that can provide accurate and reliable results. Customers are also looking for devices that are user-friendly and cost-effective, as affordability is a key consideration in Guinea's healthcare system.

Trends in the market: One of the key trends in the Medical Devices market in Guinea is the increasing adoption of digital health technologies. This includes the use of mobile health applications, telemedicine, and remote patient monitoring devices. These technologies have the potential to improve access to healthcare services, especially in remote areas where access to healthcare facilities is limited. The use of digital health technologies also allows for better management of chronic diseases, which is a growing concern in Guinea. Another trend in the market is the growing demand for minimally invasive surgical devices. These devices offer several advantages over traditional surgical procedures, including reduced pain, faster recovery time, and lower risk of complications. As the healthcare system in Guinea continues to develop, there is an increasing focus on improving surgical procedures and reducing the burden on patients. Minimally invasive surgical devices play a crucial role in achieving these goals.

Local special circumstances: Guinea faces several unique challenges in its healthcare system, which have a direct impact on the Medical Devices market. One of the key challenges is the limited healthcare infrastructure, particularly in rural areas. This poses a significant barrier to accessing healthcare services and medical devices. However, the government of Guinea has been making efforts to improve healthcare infrastructure and expand access to medical devices, especially in underserved areas. Another special circumstance is the prevalence of infectious diseases in Guinea. The country has experienced outbreaks of diseases such as Ebola and Lassa fever in recent years. This has led to an increased focus on infection prevention and control measures, including the use of medical devices such as sterilization equipment and personal protective equipment. The demand for these devices is expected to continue to grow as Guinea strengthens its healthcare system to better respond to infectious disease outbreaks.

Underlying macroeconomic factors: The growth of the Medical Devices market in Guinea is also influenced by underlying macroeconomic factors. The country has been experiencing steady economic growth in recent years, which has led to an increase in healthcare spending. This has allowed for investments in healthcare infrastructure and the procurement of medical devices. Additionally, Guinea has a young and growing population, which is driving the demand for healthcare services and medical devices. As the population continues to grow, there will be an increasing need for medical devices to meet the healthcare needs of the population. In conclusion, the Medical Devices market in Guinea is developing due to customer preferences for advanced and cost-effective devices, the adoption of digital health technologies, the demand for minimally invasive surgical devices, local special circumstances such as limited healthcare infrastructure and the prevalence of infectious diseases, and underlying macroeconomic factors such as economic growth and a growing population.

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.