Medical Technology

In Nigeria, the revenue of the Medical Technology market market is expected to reach US$699.40m in 2024.
Among the various markets, Medical Devices is anticipated to be the largest market, with a projected market volume of US$595.00m in the same year.
Looking ahead, the revenue is expected to exhibit a compound annual growth rate (CAGR 2024-2029) of 10.08%, resulting in a market volume of US$1.13bn by 2029.
When compared globally, the United States is predicted to generate the highest revenue, amounting to US$211.10bn in 2024.
Nigeria's medical technology market is experiencing a surge in demand for telemedicine solutions due to its vast geographical landscape and limited healthcare infrastructure.

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 Nigeria is experiencing significant growth and development due to various factors.

Customer preferences: Customers in Nigeria are increasingly demanding advanced medical technology products and services. They are looking for innovative solutions that can improve healthcare outcomes and provide better patient care. This includes a wide range of medical devices, equipment, and digital health solutions. Customers are also seeking products that are affordable and accessible, as healthcare costs can be a significant burden for many Nigerians.

Trends in the market: One of the key trends in the Medical Technology market in Nigeria is the increasing adoption of digital health solutions. This includes telemedicine, electronic health records, mobile health apps, and remote patient monitoring. These technologies are helping to bridge the gap between healthcare providers and patients, especially in remote areas where access to healthcare services may be limited. The COVID-19 pandemic has further accelerated the adoption of digital health solutions, as they enable remote consultations and reduce the risk of infection. Another trend in the market is the growing demand for diagnostic and imaging equipment. As the prevalence of chronic diseases such as diabetes and cardiovascular diseases increases in Nigeria, there is a need for advanced diagnostic tools to detect and monitor these conditions. This includes imaging modalities such as ultrasound, X-ray, and MRI machines. Additionally, there is a rising demand for point-of-care testing devices, which allow for quick and accurate diagnosis at the patient's bedside.

Local special circumstances: Nigeria has a large population, with over 200 million people, and a significant portion of the population lacks access to quality healthcare services. This creates a huge market opportunity for medical technology companies to provide solutions that can improve healthcare delivery and outcomes. Additionally, the Nigerian government has been investing in the healthcare sector, with initiatives aimed at improving infrastructure, training healthcare professionals, and expanding access to healthcare services. These efforts are creating a conducive environment for the growth of the Medical Technology market.

Underlying macroeconomic factors: Nigeria is the largest economy in Africa, and its healthcare sector is expected to grow significantly in the coming years. The government has recognized the importance of the healthcare sector in driving economic growth and has been implementing policies to attract investment in the sector. Additionally, the rising middle class in Nigeria has increased disposable income and the ability to spend on healthcare, including medical technology products and services. This, coupled with the increasing prevalence of chronic diseases, is driving the demand for advanced medical technology solutions in the country. In conclusion, the Medical Technology market in Nigeria is experiencing growth and development due to customer preferences for advanced medical technology solutions, including digital health and diagnostic equipment. The local special circumstances, such as a large population and government investment in healthcare, are also contributing to the market's growth. Additionally, underlying macroeconomic factors, such as Nigeria's status as the largest economy in Africa and the rising middle class, are driving the demand for medical technology products and services.

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.