Medical Technology

Senegal's Medical Technology market market is expected to witness significant growth, with projected revenue reaching US$68.25m in 2024.
Among the various markets within the market, Medical Devices hold the largest share, projected to reach a market volume of US$58.17m in 2024.
This market is anticipated to exhibit a steady annual growth rate of 7.99% from 2024 to 2029, resulting in a market volume of US$100.20m by 2029.
When compared globally, it is worth noting that the United States will generate the highest revenue, amounting to US$211.10bn in 2024.
Senegal is experiencing an increase in the adoption of medical technology, particularly in telemedicine, to improve access to healthcare in remote 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 Senegal is experiencing significant growth and development, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Medical Technology market in Senegal are shifting towards more innovative and advanced healthcare solutions. Customers are increasingly seeking medical devices and technologies that offer improved accuracy, efficiency, and patient comfort. This preference is driven by the growing awareness and demand for high-quality healthcare services, as well as the need to address the challenges posed by the country's healthcare infrastructure. Trends in the market indicate a growing demand for medical devices and technologies in Senegal. The increasing prevalence of chronic diseases, such as diabetes and cardiovascular diseases, has created a need for advanced diagnostic and treatment solutions. Additionally, the rising geriatric population and the growing focus on preventive healthcare have further fueled the demand for medical technology products in the country. Moreover, the government's initiatives to improve healthcare infrastructure and services have also contributed to the growth of the Medical Technology market in Senegal. Local special circumstances in Senegal have played a crucial role in the development of the Medical Technology market. The country's healthcare system faces challenges such as limited access to healthcare facilities, especially in rural areas, and a shortage of healthcare professionals. These circumstances have created a need for innovative medical technologies that can bridge the gap in healthcare delivery. The government has recognized the importance of medical technology in addressing these challenges and has taken steps to promote the adoption of advanced healthcare solutions. Underlying macroeconomic factors have also contributed to the growth of the Medical Technology market in Senegal. The country's stable economic growth, coupled with increasing disposable incomes, has led to a rise in healthcare spending. This has provided individuals and healthcare institutions with the financial means to invest in medical technology products. Additionally, the government's focus on diversifying the economy and promoting sectors such as healthcare has created a favorable business environment for medical technology companies. In conclusion, the Medical Technology market in Senegal is experiencing significant growth and development due to customer preferences for innovative healthcare solutions, trends in the market such as the rising prevalence of chronic diseases, local special circumstances that necessitate advanced medical technologies, and underlying macroeconomic factors such as stable economic growth and increased healthcare spending. These factors are driving the adoption of medical technology products and shaping the future of the market in Senegal.

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.