Market Insights Health Medical Technology Medical Devices

Other Medical Devices - Ghana

Ghana

The projected revenue in the Other Medical Devices market market in Ghana is estimated to reach US$38.57m in the year 2024.
It is expected that the revenue will show an annual growth rate (CAGR 2024-2029) of 5.33%, leading to a market volume of US$50.00m by the year 2029.
In comparison to other countries worldwide, the United States is anticipated to generate the highest revenue, amounting to US$58,900.00m in the year 2024.
Ghana's market for other medical devices in the medical technology sector is experiencing a surge in demand due to an increase in healthcare infrastructure development.

Key regions: United Kingdom, China, Netherlands, Europe, Italy

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Analyst Opinion

The Other Medical Devices market in Ghana is experiencing steady growth due to increasing customer preferences for advanced medical technologies and the government's efforts to improve healthcare infrastructure.

Customer preferences: Customers in Ghana are increasingly demanding advanced medical devices that can provide accurate and reliable diagnostics and treatments. This is driven by the growing awareness about the benefits of early detection and treatment of diseases. Additionally, the rising disposable income and the expanding middle class in Ghana are also contributing to the increasing demand for high-quality medical devices.

Trends in the market: One of the key trends in the Other Medical Devices market in Ghana is the adoption of digital health technologies. This includes the use of mobile health applications, telemedicine, and remote patient monitoring devices. These technologies enable healthcare providers to deliver healthcare services to remote areas and improve access to healthcare for the population. Additionally, the market is also witnessing an increased demand for minimally invasive surgical devices, as they offer several advantages such as reduced scarring, shorter recovery time, and lower risk of complications.

Local special circumstances: Ghana has a rapidly growing population, which is driving the demand for healthcare services and medical devices. The government has recognized the importance of improving healthcare infrastructure and has implemented various initiatives to enhance the healthcare system. These include the construction of new hospitals and clinics, as well as the expansion of existing healthcare facilities. Furthermore, the government has also implemented policies to attract foreign investment in the healthcare sector, which is expected to further boost the growth of the Other Medical Devices market in Ghana.

Underlying macroeconomic factors: Ghana's economy has been growing steadily in recent years, which has led to an increase in healthcare spending. The government has allocated a significant portion of its budget to the healthcare sector, which has allowed for the procurement of advanced medical devices. Additionally, the country has a favorable business environment, with a stable political climate and a growing private sector. This has attracted foreign medical device manufacturers to invest in Ghana, further driving the growth of the market. In conclusion, the Other Medical Devices market in Ghana is experiencing growth due to increasing customer preferences for advanced medical technologies, the adoption of digital health technologies, the government's efforts to improve healthcare infrastructure, and the favorable macroeconomic factors. This trend is expected to continue in the coming years as Ghana continues to invest in its healthcare sector and improve access to healthcare services for its population.

Methodology

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.