Medical Devices - Jamaica | Statista Market Forecast

In 2024, the projected revenue in the Medical Devices market market in Jamaica is expected to reach US$123.90m.
Among the various markets within this market, Cardiology_Devices is the largest, with a projected market volume of US$20.00m in the same year.
Looking ahead, the market is expected to experience a steady annual growth rate of 4.76% from 2024 to 2029, resulting in a market volume of US$156.30m by the end of 2029.
When compared globally, it is worth noting that the United States is anticipated to generate the highest revenue in the Medical Devices market market, reaching US$181.00bn in 2024.
Jamaica's medical device market is witnessing a surge in demand for innovative and cost-effective solutions to improve healthcare accessibility on the island.

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 Jamaica has been experiencing steady growth in recent years, driven by customer preferences for advanced medical technology and the country's special circumstances.

Customer preferences: Customers in Jamaica are increasingly demanding advanced medical devices that offer accurate diagnosis and effective treatment options. This trend is driven by the growing awareness among Jamaican consumers about the benefits of modern medical technology. Patients are becoming more proactive in managing their health and are seeking out devices that can help them monitor their conditions and receive timely medical interventions. Additionally, healthcare professionals in Jamaica are also embracing innovative medical devices that can improve patient outcomes and streamline their workflows.

Trends in the market: One of the key trends in the Medical Devices market in Jamaica is the increasing adoption of telemedicine and remote patient monitoring devices. These technologies enable healthcare professionals to remotely monitor patients' vital signs, provide virtual consultations, and deliver personalized care. The COVID-19 pandemic has further accelerated the adoption of telemedicine in Jamaica, as it allows patients to receive medical care while minimizing the risk of exposure to the virus. Additionally, the market is witnessing a rise in the demand for wearable devices, such as fitness trackers and smartwatches, which can track various health parameters and provide real-time feedback to users.

Local special circumstances: Jamaica's healthcare system faces unique challenges, including limited resources and infrastructure in certain regions. As a result, there is a growing need for medical devices that are cost-effective, portable, and easy to use. Manufacturers are developing products specifically tailored to the Jamaican market, taking into consideration the local healthcare landscape and the needs of healthcare providers and patients. This localized approach is driving innovation in the Medical Devices market in Jamaica, as companies strive to meet the specific demands of the country.

Underlying macroeconomic factors: The growth of the Medical Devices market in Jamaica is also influenced by macroeconomic factors such as population demographics, healthcare expenditure, and government policies. Jamaica has a growing population, with an increasing number of elderly individuals who require medical devices for chronic disease management and age-related conditions. The government of Jamaica has been investing in healthcare infrastructure and promoting the adoption of advanced medical technology to improve the quality of healthcare services in the country. These investments, coupled with favorable government policies and regulations, are creating a conducive environment for the growth of the Medical Devices market in Jamaica. In conclusion, the Medical Devices market in Jamaica is experiencing growth due to customer preferences for advanced medical technology, the adoption of telemedicine and wearable devices, the country's special circumstances, and underlying macroeconomic factors. As the demand for medical devices continues to rise in Jamaica, manufacturers and healthcare providers are actively working together to meet the evolving needs 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.