Medical Devices - Lesotho | Statista Market Forecast

Lesotho's Medical Devices market market is expected to achieve a revenue of US$17.33m in 2024.
Among the various markets, Cardiology_Devices is projected to dominate with a market volume of US$2.56m in the same year.
Looking ahead, the market is anticipated to display a compound annual growth rate (CAGR 2024-2029) of 6.97%, resulting in a market volume of US$24.27m by 2029.
It is worth noting that in terms of global comparison, the United States is poised to generate the highest revenue, amounting to US$181.00bn in 2024.
Lesotho's medical device market is experiencing a growing demand for advanced diagnostic equipment to improve healthcare services in the country.

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 Lesotho is experiencing significant growth and development. Customer preferences in the Medical Devices market in Lesotho are shifting towards advanced and innovative products. Customers are increasingly demanding medical devices that are technologically advanced, efficient, and cost-effective. They are also seeking devices that are easy to use and maintain, as well as those that provide accurate and reliable results. Customers in Lesotho are becoming more aware of the benefits of using medical devices for early detection, diagnosis, and treatment of various medical conditions. As a result, there is a growing demand for devices such as diagnostic imaging equipment, surgical instruments, and patient monitoring systems. Trends in the Medical Devices market in Lesotho are driven by several factors. One of the key trends is the increasing prevalence of chronic diseases and the need for effective medical devices to manage these conditions. The rising geriatric population in Lesotho is also contributing to the demand for medical devices, as older adults often require specialized devices for their healthcare needs. Additionally, the government of Lesotho has been focusing on improving healthcare infrastructure and services, which has further fueled the demand for medical devices. Local special circumstances in Lesotho also play a role in the development of the Medical Devices market. Lesotho is a landlocked country with limited access to healthcare facilities and resources. This has led to a growing need for medical devices that can be used in remote and rural areas, where access to healthcare is limited. The government of Lesotho has recognized this need and has been working towards improving healthcare services in these areas. This has created opportunities for medical device manufacturers to develop and market devices that are specifically designed for use in such settings. Underlying macroeconomic factors are also contributing to the growth of the Medical Devices market in Lesotho. The country has been experiencing steady economic growth, which has resulted in an increase in disposable income and healthcare expenditure. This has allowed individuals and healthcare facilities to invest in advanced medical devices. Furthermore, Lesotho has a favorable business environment, with supportive government policies and incentives for foreign investment in the healthcare sector. This has attracted international medical device manufacturers to enter the market and expand their presence in Lesotho. In conclusion, the Medical Devices market in Lesotho is growing and developing due to customer preferences for advanced and innovative products, the increasing prevalence of chronic diseases, the need for healthcare services in remote areas, and the favorable macroeconomic factors. The market is expected to continue to expand as the government of Lesotho focuses on improving healthcare infrastructure and services, and as the demand for medical devices continues to rise.

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.