Medical Devices - Papua New Guinea

The projected revenue in the Medical Devices market market in Papua New Guinea is expected to reach US$58.48m in the year 2024.
Among the various markets within the market, Cardiology_Devices is anticipated to be the largest, with a projected market volume of US$7.89m in the same year.
Looking ahead, the market is expected to witness a steady annual growth rate (CAGR 2024-2029) of 5.16%, resulting in a market volume of US$75.20m by 2029.
It is worth noting that, in a global context, the United States is projected to generate the highest revenue, amounting to US$181.00bn in the year 2024.
Papua New Guinea's medical device market is experiencing a surge in demand for advanced diagnostic equipment to improve healthcare services in remote areas.

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 Papua New Guinea is experiencing significant growth and development. Customer preferences in the market are shifting towards more advanced and innovative medical devices. This trend is driven by the increasing demand for better healthcare services and the need for improved medical equipment in the country. Customer preferences in Papua New Guinea are influenced by global trends in the medical devices market. As technology continues to advance, customers are seeking more advanced and innovative medical devices that can provide better healthcare outcomes. This includes devices such as advanced imaging systems, minimally invasive surgical instruments, and remote patient monitoring devices. Customers in Papua New Guinea are also looking for medical devices that are user-friendly and easy to operate, as well as those that are cost-effective and provide value for money. The market for medical devices in Papua New Guinea is also being driven by local special circumstances. The country has a growing population and an increasing burden of non-communicable diseases, such as diabetes and cardiovascular diseases. This has led to a greater demand for medical devices that can help diagnose and treat these conditions. Additionally, Papua New Guinea has a large rural population, which presents unique challenges in terms of access to healthcare services. As a result, there is a need for medical devices that can be used in remote and rural areas, such as portable diagnostic devices and telemedicine solutions. Underlying macroeconomic factors are also contributing to the development of the Medical Devices market in Papua New Guinea. The country has been experiencing economic growth in recent years, which has led to an increase in disposable income and healthcare expenditure. This has allowed individuals and healthcare facilities to invest in more advanced medical devices. Furthermore, the government has been investing in healthcare infrastructure and implementing policies to improve access to healthcare services. This has created a favorable environment for the growth of the medical devices market. In conclusion, the Medical Devices market in Papua New Guinea is developing due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. Customers are seeking more advanced and innovative medical devices, driven by the need for better healthcare outcomes. Local special circumstances, such as the growing population and the need for healthcare services in rural areas, are also contributing to the market's growth. Additionally, underlying macroeconomic factors, including economic growth and government investment in healthcare, are creating a favorable environment for the development of the market.

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.