Medical Devices - Nigeria | Statista Market Forecast

The projected revenue in the Medical Devices market market in Nigeria is expected to reach US$595.00m in 2024.
Among the various markets within the market, Cardiology_Devices is anticipated to be the largest, with a projected market volume of US$86.94m in 2024.
Over the period of 2024-2029, the revenue is expected to demonstrate an annual growth rate of 10.66%, resulting in a market volume of US$987.30m by 2029.
When compared globally, it is noteworthy that the United States is projected to generate the highest revenue, amounting to US$181.00bn in 2024.
The Nigerian 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 Nigeria is experiencing significant growth and development due to various factors.

Customer preferences: In Nigeria, customers are increasingly demanding high-quality and innovative medical devices. They are looking for products that can improve healthcare outcomes and provide effective solutions to medical challenges. Customers also value affordability and accessibility of medical devices, as the healthcare system in Nigeria is still developing and many people have limited access to medical facilities.

Trends in the market: One of the key trends in the Medical Devices market in Nigeria is the increasing adoption of digital health technologies. The use of mobile health apps, wearable devices, and telemedicine services is on the rise, as they offer convenient and cost-effective ways to deliver healthcare services. This trend is driven by the growing penetration of smartphones and internet connectivity in Nigeria, making it easier for healthcare providers to reach patients in remote areas. Another trend in the market is the focus on preventive healthcare. With a high burden of non-communicable diseases such as diabetes and hypertension, there is a growing awareness among Nigerians about the importance of early detection and management of these conditions. This has led to an increased demand for medical devices such as glucose monitors and blood pressure monitors, as well as screening and diagnostic equipment.

Local special circumstances: Nigeria has a large population, with a significant proportion of the population living in rural areas. This presents unique challenges in terms of healthcare delivery and access to medical devices. The government has been working to address these challenges by investing in healthcare infrastructure and increasing healthcare spending. However, there is still a need for innovative solutions that can reach the underserved population in remote areas.

Underlying macroeconomic factors: The Nigerian economy has been growing steadily in recent years, which has contributed to the growth of the Medical Devices market. Increased disposable income and urbanization have led to a higher demand for healthcare services and medical devices. Additionally, the government has implemented policies to promote local manufacturing of medical devices, which has attracted both domestic and foreign investments in the sector. In conclusion, the Medical Devices market in Nigeria is experiencing growth and development driven by customer preferences for high-quality and innovative products, the adoption of digital health technologies, and a focus on preventive healthcare. The market is also influenced by local special circumstances such as the need for healthcare access in rural areas. The underlying macroeconomic factors, including economic growth and government policies, are also contributing to the market's development.

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.