Medical Technology

In Papua New Guinea, the Medical Technology market market is expected to witness a significant increase in revenue, projected to reach US$67.80m in the year 2024.
Among the various markets within this market, Medical Devices hold the largest share, with a projected market volume of US$58.48m in the same year.
This market is anticipated to display a steady growth rate of 4.71% annually (CAGR 2024-2029), resulting in a market volume of US$85.36m by the year 2029.
When compared on a global scale, it is noteworthy that the United States is expected to generate the highest revenue in the Medical Technology market market, reaching US$211.10bn in the year 2024.
Papua New Guinea is experiencing a growing demand for medical technology solutions to improve healthcare access in remote and underdeveloped areas.

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 Papua New Guinea is experiencing significant growth and development.

Customer preferences: Customers in Papua New Guinea are increasingly demanding advanced medical technology solutions to improve healthcare outcomes. They are seeking innovative and high-quality medical devices and equipment that can enhance the diagnosis, treatment, and monitoring of various medical conditions. Customers are also looking for cost-effective solutions that can be easily integrated into the existing healthcare infrastructure in the country.

Trends in the market: One of the key trends in the Medical Technology market in Papua New Guinea is the increasing adoption of digital health solutions. Healthcare providers are leveraging technology to improve patient care, streamline processes, and enhance efficiency. This includes the use of telemedicine, electronic medical records, mobile health applications, and remote patient monitoring systems. These digital health solutions enable healthcare professionals to deliver timely and personalized care to patients, especially in remote areas where access to healthcare services is limited. Another trend in the market is the growing demand for medical imaging equipment. As the healthcare system in Papua New Guinea continues to develop, there is an increasing need for advanced imaging technologies such as X-ray machines, ultrasound systems, and CT scanners. These imaging devices play a crucial role in the diagnosis and treatment of various medical conditions, allowing healthcare professionals to make accurate and informed decisions.

Local special circumstances: Papua New Guinea is a developing country with a significant healthcare infrastructure gap. The country faces challenges in terms of limited healthcare facilities, shortage of skilled healthcare professionals, and inadequate access to medical services, especially in rural and remote areas. These special circumstances create a unique market environment where there is a strong demand for medical technology solutions that can bridge the healthcare gap and improve access to quality healthcare services.

Underlying macroeconomic factors: The development of the Medical Technology market in Papua New Guinea is influenced by several macroeconomic factors. The country's growing population, increasing healthcare expenditure, and government initiatives to improve healthcare infrastructure are driving the demand for medical technology solutions. Additionally, the rising prevalence of chronic diseases and the need for early diagnosis and treatment are further fueling the growth of the market. Furthermore, the government's focus on improving healthcare outcomes and achieving universal healthcare coverage is creating opportunities for medical technology companies to expand their presence in the country. In conclusion, the Medical Technology market in Papua New Guinea is experiencing growth and development driven by customer preferences for advanced medical technology solutions, trends such as the adoption of digital health solutions and the demand for medical imaging equipment, local special circumstances including the healthcare infrastructure gap, and underlying macroeconomic factors such as population growth, increasing healthcare expenditure, and government initiatives.

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.