Market Insights Health Medical Technology

Medical Devices - Pakistan

Pakistan

In Pakistan, the Medical Devices market market is set to achieve a projected revenue of US$615.20m in 2024.
Among the various markets within this market, Cardiology_Devices stands out as the largest, with a projected market volume of US$65.15m in the same year.
Looking ahead, the revenue in this sector is expected to exhibit a compound annual growth rate (CAGR 2024-2029) of 8.42%, resulting in a market volume of US$921.70m by 2029.
It is worth noting that, in a global context, the United States is anticipated to generate the highest revenue, amounting to US$181.00bn in 2024.
Pakistan is seeing a growing demand for affordable medical devices, as the country strives to improve access to healthcare for its population.

Key regions: Germany, Spain, Japan, United Kingdom, United States

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Analyst Opinion

The Medical Devices market in Pakistan is experiencing significant growth and development.

Customer preferences: Customers in Pakistan are increasingly demanding high-quality and advanced medical devices. They are seeking devices that are reliable, efficient, and cost-effective. Additionally, there is a growing demand for innovative medical devices that can improve patient outcomes and enhance the overall healthcare system in the country.

Trends in the market: One of the key trends in the Medical Devices market in Pakistan 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 bridge the gap between healthcare providers and patients, especially in remote areas where access to healthcare services is limited. The COVID-19 pandemic has further accelerated the adoption of digital health technologies in Pakistan, as it has highlighted the need for remote healthcare solutions. Another trend in the market is the growing focus on preventive healthcare. There is a shift towards early diagnosis and treatment, as well as the prevention of diseases through lifestyle modifications. This has led to an increased demand for medical devices that can aid in the early detection and monitoring of diseases, such as diagnostic imaging devices, blood pressure monitors, and glucose meters.

Local special circumstances: Pakistan has a large population, which presents both challenges and opportunities for the Medical Devices market. On one hand, the high population provides a large customer base for medical device manufacturers and suppliers. On the other hand, it also poses challenges in terms of providing healthcare services to such a large population, especially in remote areas. This has led to an increased demand for medical devices that can be used in primary healthcare settings and can be easily operated by healthcare professionals with limited training.

Underlying macroeconomic factors: The Medical Devices market in Pakistan is influenced by several macroeconomic factors. The country has been experiencing economic growth, which has resulted in an increase in disposable income and a rise in the middle class. This has led to an increased affordability of medical devices and a higher demand for healthcare services. Additionally, the government of Pakistan has been taking initiatives to improve the healthcare infrastructure and promote the use of medical devices in the country. This includes the establishment of medical device manufacturing zones and the implementation of regulations to ensure the quality and safety of medical devices. In conclusion, the Medical Devices market in Pakistan is witnessing growth and development due to the increasing demand for high-quality and advanced medical devices, the adoption of digital health technologies, the focus on preventive healthcare, the large population of the country, and the underlying macroeconomic factors. These factors are shaping the market and driving the demand for medical devices in Pakistan.

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.