Medical Technology

The projected revenue in the Medical Technology market market in Niger is estimated to reach US$83.34m in 2024.
This market is mainly dominated by Medical Devices, which is expected to have a market volume of US$70.97m in the same year.
Looking ahead, the revenue is anticipated to experience an annual growth rate (CAGR 2024-2029) of 9.04%, leading to a market volume of US$128.50m by 2029.
It is worth noting that in a global context, the United States is expected to generate the highest revenue of US$211.10bn in 2024.
Niger is experiencing a surge in demand for medical technology as the country aims to improve healthcare infrastructure and access.

Definition:
The Medical Technology market covers devices and products used for prevention, diagnosis, and treatment of diseases. Next to pharmaceuticals, they form the most important category of medical products. The most well known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants.

Structure:
The Medical Technology market consists of two markets, In Vitro Diagnostics (IVD) and Medical Devices. The IVD market covers products used for medical laboratory testing of specimens derived from the human body. The Medical Devices market covers a broad range of products which are further marketed into medical specialties or types of application: Cardiology Devices, Diagnostic Imaging Devices, Orthopedic Devices, Ophthalmic Devices, and General & Plastic Surgery Devices. 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, Abbott Laboratories, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Products for laboratoy testing (IVD)
Active medical devices (i.e., operating with electrical energy)

Pharmaceuticals
Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Blood and transplants derived from the human body

The Medical Technology market in Niger is experiencing significant growth and development due to several key factors.

Customer preferences: Customers in Niger are increasingly demanding advanced medical technologies to improve healthcare outcomes and access to quality healthcare services. There is a growing awareness among the population about the benefits of medical technology in the diagnosis, treatment, and management of various health conditions. As a result, there is a rising demand for medical devices and equipment that can provide accurate and efficient healthcare solutions.

Trends in the market: One of the major trends in the Medical Technology market in Niger is the increasing adoption of telemedicine and digital health solutions. This trend has been accelerated by the COVID-19 pandemic, which has highlighted the importance of remote healthcare services. Telemedicine allows healthcare professionals to remotely diagnose and treat patients, reducing the need for physical visits to healthcare facilities. The use of digital health solutions such as mobile health apps and wearable devices is also on the rise, enabling individuals to monitor their health and access healthcare services from the comfort of their homes. Another trend in the market is the growing demand for diagnostic imaging equipment. As the healthcare system in Niger continues to develop, there is an increasing need for advanced imaging technologies such as X-ray machines, ultrasound scanners, and MRI machines. These technologies play a crucial role in the early detection and diagnosis of diseases, enabling healthcare professionals to provide timely and effective treatment.

Local special circumstances: Niger faces unique challenges in its healthcare system, including limited healthcare infrastructure and a shortage of skilled healthcare professionals. These circumstances have created a need for innovative medical technologies that can overcome these challenges. For example, portable and cost-effective medical devices are in high demand, as they can be easily transported to remote areas and used by healthcare workers with limited resources. Additionally, the development of locally manufactured medical devices is gaining traction, as it can help address the issue of affordability and accessibility of medical technologies.

Underlying macroeconomic factors: Niger is experiencing economic growth, which is driving investments in the healthcare sector. The government is increasing its healthcare expenditure to improve healthcare infrastructure and services, including the procurement of medical technologies. Additionally, international organizations and development partners are providing financial support and technical assistance to enhance the healthcare system in Niger. These investments and collaborations are contributing to the growth of the Medical Technology market in the country. In conclusion, the Medical Technology market in Niger is witnessing significant growth and development driven by customer preferences for advanced healthcare solutions, the adoption of telemedicine and digital health, the demand for diagnostic imaging equipment, local special circumstances, and underlying macroeconomic factors. These trends and factors are shaping the market and creating opportunities for both domestic and international medical technology companies to expand their presence in Niger.

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.