Medical Devices - Lebanon | Statista Market Forecast

The projected revenue in the Medical Devices market market in Lebanon is estimated to reach US$331.20m in 2024.
Among the various markets, Cardiology_Devices is expected to be the largest, with a projected market volume of US$53.33m in the same year.
Looking ahead, the market is anticipated to witness an annual growth rate (CAGR 2024-2029) of 2.51%, resulting in a market volume of US$374.90m by 2029.
In comparison to other countries, the United States is projected to generate the highest revenue in the global Medical Devices market market, with an estimated revenue of US$181.00bn in 2024.
Lebanon's medical device market is experiencing a surge in demand for advanced imaging technologies to improve diagnostic capabilities.

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 Lebanon is experiencing significant growth and development.

Customer preferences: Customers in Lebanon have shown a growing preference for technologically advanced medical devices. They are increasingly seeking devices that are innovative, efficient, and offer improved patient outcomes. This trend is driven by the desire for better healthcare services and the availability of a wide range of medical devices in the market.

Trends in the market: One of the key trends in the Medical Devices market in Lebanon is the increasing adoption of digital health technologies. This includes the use of telemedicine, remote patient monitoring, and mobile health applications. These technologies are helping to improve access to healthcare services, especially in rural areas, and are enabling healthcare providers to deliver more personalized and efficient care. Another trend in the market is the growing demand for minimally invasive medical devices. Patients in Lebanon are increasingly opting for less invasive procedures that offer faster recovery times and fewer complications. This has led to an increased demand for medical devices such as laparoscopic instruments, endoscopes, and robotic surgical systems.

Local special circumstances: Lebanon has a well-established healthcare system with a strong focus on medical education and research. This has created a favorable environment for the development and adoption of new medical devices. The country also has a high prevalence of chronic diseases, such as cardiovascular diseases and diabetes, which has further fueled the demand for medical devices.

Underlying macroeconomic factors: Lebanon has a growing economy with increasing healthcare expenditure. The government has been investing in the healthcare sector, which has led to the expansion of healthcare facilities and the procurement of advanced medical devices. Additionally, the country has a large population of expatriates who often seek healthcare services in Lebanon, further driving the demand for medical devices. In conclusion, the Medical Devices market in Lebanon is witnessing significant growth and development due to customer preferences for technologically advanced devices, the adoption of digital health technologies, and the increasing demand for minimally invasive procedures. The local special circumstances, such as the well-established healthcare system and the high prevalence of chronic diseases, further contribute to the growth of the market. The underlying macroeconomic factors, including the government's investment in the healthcare sector and the large population of expatriates, also play a significant role in driving the market growth.

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.