Medical Devices - South Africa | Statista Market Forecast

In 2024, the projected revenue in the Medical Devices market market in South Africa is expected to reach US$2.72bn.
Among the various markets, Cardiology_Devices is anticipated to be the largest, with a projected market volume of US$414.40m in the same year.
Looking ahead, the revenue is expected to exhibit a compound annual growth rate (CAGR 2024-2029) of 4.71%, resulting in a market volume of US$3.42bn by 2029.
When comparing in South Africa to the global market, it is noteworthy that the United States is projected to generate the highest revenue, amounting to US$181.00bn in 2024.
Despite facing economic challenges, South Africa's medical device market is experiencing steady growth due to increasing demand for advanced healthcare solutions.

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 South Africa is experiencing steady growth due to various factors.

Customer preferences: Customers in South Africa are increasingly demanding advanced and innovative medical devices to meet their healthcare needs. They are particularly interested in devices that offer improved accuracy, efficiency, and ease of use. Additionally, there is a growing preference for portable and wearable medical devices that allow for remote monitoring and self-care. This is driven by the increasing focus on preventive healthcare and the need for continuous monitoring of chronic conditions.

Trends in the market: One of the key trends in the South African Medical Devices market is the adoption of digital health technologies. This includes the integration of medical devices with software and mobile applications, allowing for real-time data collection and analysis. This trend is driven by the need for more efficient healthcare delivery, improved patient outcomes, and cost savings. Another trend is the increasing use of artificial intelligence and machine learning in medical devices, which enables personalized and targeted treatments.

Local special circumstances: South Africa has a high burden of non-communicable diseases such as diabetes, cardiovascular diseases, and cancer. This has led to an increased demand for medical devices that can help in the diagnosis, treatment, and management of these conditions. Additionally, the country has a growing elderly population, which further drives the demand for medical devices such as mobility aids, hearing aids, and home healthcare devices.

Underlying macroeconomic factors: The South African government has been investing in the improvement of healthcare infrastructure and services, which has created a favorable environment for the growth of the Medical Devices market. The country has also witnessed an increase in healthcare spending, driven by the implementation of universal healthcare coverage and the rising middle-class population. Furthermore, South Africa is a hub for medical tourism, attracting patients from neighboring countries who require advanced medical treatments and devices. In conclusion, the Medical Devices market in South Africa is witnessing growth due to the increasing demand for advanced and innovative devices, the adoption of digital health technologies, the high burden of non-communicable diseases, and the government's investment in healthcare infrastructure. These factors, along with the rising healthcare spending and medical tourism, are driving the development of the market in South Africa.

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.