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Other Medical Devices - Papua New Guinea

Papua New Guinea
  • The projected revenue in the Other Medical Devices market market in Papua New Guinea is expected to reach US$16.08m in 2024.
  • The market is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.00%, leading to a market volume of US$18.65m by 2029.
  • When compared globally, the United States is expected to generate the highest revenue of US$58.90bn in 2024.
  • Papua New Guinea's market for Other Medical Devices in the Medical Technology sector is seeing a rising demand for advanced surgical instruments.

Definition:
The market Other Medical Devices covers revenues for areas that are not specifically mentioned in the other submarkets, such as endoscopy, drug delivery, dental medicine, wound management, diabetes care, nephrology, neurology, and ENT.

In-Scope

  • Drug delivery
  • Wound management

Out-Of-Scope

  • Medical devices covered in other markets
  • Pharmaceuticals
  • Services (i.e., treatment expenses)
  • Consumer technologies, e.g., fitness trackers
  • Blood and transplants derived from the human body
Medical Devices: market data & analysis - Cover

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Medical Devices: market data & analysis

Study Details

    Revenue

    Notes: Data shown is using current exchange rates and reflects market impacts of the Russia-Ukraine war.

    Most recent update: Aug 2024

    Source: Statista Market Insights

    Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.

    Most recent update: Mar 2024

    Analyst Opinion

    The Other Medical Devices market in Papua New Guinea is experiencing significant growth and development due to various factors. Customer preferences in the Other Medical Devices market in Papua New Guinea are influenced by several factors. Firstly, customers in Papua New Guinea have a growing demand for innovative and advanced medical devices that can improve healthcare outcomes. They are increasingly seeking devices that are user-friendly, reliable, and provide accurate results. Additionally, customers in Papua New Guinea value affordability and cost-effectiveness in medical devices, as they often have limited financial resources. Therefore, there is a preference for devices that offer good value for money without compromising on quality. Moreover, customers in Papua New Guinea prioritize devices that are easy to maintain and require minimal technical expertise for operation and maintenance. The market for Other Medical Devices in Papua New Guinea is witnessing several trends. One of the key trends is the increasing adoption of digital health technologies. This includes the use of telemedicine, remote patient monitoring devices, and mobile health applications. These technologies are helping to improve access to healthcare services, especially in remote areas of the country where access to healthcare facilities is limited. Another trend in the market is the growing focus on preventive healthcare. There is a shift towards early detection and prevention of diseases, which is driving the demand for screening and diagnostic devices. Additionally, there is a rising demand for home healthcare devices, as patients prefer to receive care in the comfort of their own homes. This trend is particularly relevant in the current COVID-19 pandemic, as people are hesitant to visit hospitals and clinics. Papua New Guinea has some unique local circumstances that influence the Other Medical Devices market. The country has a predominantly rural population, with limited access to healthcare facilities. This creates a need for portable and easy-to-use medical devices that can be used in remote areas. Additionally, Papua New Guinea faces challenges related to healthcare infrastructure, including a shortage of healthcare professionals and limited healthcare funding. Therefore, there is a need for cost-effective and efficient medical devices that can help overcome these challenges. Furthermore, the cultural diversity in Papua New Guinea also plays a role in shaping customer preferences. Different communities may have specific healthcare needs and preferences, which require tailored medical devices. The development of the Other Medical Devices market in Papua New Guinea is influenced by underlying macroeconomic factors. The country's healthcare sector is supported by government initiatives to improve healthcare infrastructure and services. The government is investing in healthcare facilities, training healthcare professionals, and implementing policies to enhance healthcare delivery. Additionally, the growing economy of Papua New Guinea is contributing to increased healthcare spending, which is driving the demand for medical devices. Furthermore, the increasing prevalence of chronic diseases and the aging population in Papua New Guinea are factors that are fueling the demand for medical devices. As the population ages, there is a greater need for devices that can assist in managing chronic conditions and improving quality of life. Overall, the Other Medical Devices market in Papua New Guinea is experiencing growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The demand for innovative and affordable medical devices, the adoption of digital health technologies, and the focus on preventive healthcare are driving the growth of the market. The unique local circumstances in Papua New Guinea, such as the rural population and healthcare infrastructure challenges, also influence the market. Additionally, government initiatives and the growing economy contribute to the development of the market.

    Global Comparison

    Most recent update: Aug 2024

    Source: Statista Market Insights

    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.

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    Medical Devices: market data & analysis - BackgroundMedical Devices: market data & analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Explore more high-quality data on related topic

    Medical technology industry - statistics & facts

    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.
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