Medical Technology

In Zimbabwe, the Medical Technology market market is expected to see a significant increase in revenue, projected to reach US$83.11m by 2024.
Among the various markets within the market, the largest market share is held by Medical Devices, with a projected market volume of US$69.75m in the same year.
This market is anticipated to have a steady annual growth rate of 2.05% between 2024 and 2029, resulting in a market volume of US$92.01m by 2029.
When compared to the global market, it is worth noting that the United States is expected to generate the highest revenue, amounting to US$211.10bn in 2024.
Zimbabwe's medical technology market is experiencing a surge in demand for telemedicine solutions to bridge the gap between urban and rural healthcare 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 Zimbabwe is experiencing significant growth and development.

Customer preferences: Customers in Zimbabwe are increasingly demanding advanced medical technology solutions to meet their healthcare needs. They are looking for innovative and efficient medical devices that can improve patient outcomes and enhance the overall quality of healthcare services. Additionally, customers are seeking affordable and accessible medical technology solutions that can be easily integrated into the existing healthcare infrastructure.

Trends in the market: One of the key trends in the Medical Technology market in Zimbabwe is the increasing adoption of telemedicine and digital health solutions. With limited access to healthcare facilities in rural areas, telemedicine offers a convenient and cost-effective way to provide medical consultations and monitor patients remotely. This trend is driven by the increasing penetration of mobile phones and internet connectivity in the country. Another trend in the market is the growing demand for diagnostic imaging equipment. As the prevalence of chronic diseases such as cancer and cardiovascular diseases continues to rise, there is a need for advanced imaging technologies for early detection and accurate diagnosis. This trend is supported by the government's efforts to improve healthcare infrastructure and enhance diagnostic capabilities.

Local special circumstances: Zimbabwe faces unique challenges in its healthcare sector, including limited funding, inadequate infrastructure, and a shortage of skilled healthcare professionals. These challenges have hindered the development and adoption of medical technology in the country. However, the government has recognized the importance of healthcare technology and has taken initiatives to address these issues. For example, they have introduced policies to attract foreign investment in the healthcare sector and have partnered with international organizations to improve healthcare infrastructure and capacity.

Underlying macroeconomic factors: The development of the Medical Technology market in Zimbabwe is influenced by several macroeconomic factors. The country has been experiencing economic growth in recent years, which has led to an increase in healthcare spending. This, coupled with a growing middle class and rising disposable incomes, has contributed to the demand for advanced medical technology solutions. Furthermore, the government's focus on universal healthcare coverage and the implementation of health insurance schemes have also played a role in driving the growth of the Medical Technology market. These initiatives have increased access to healthcare services and created a favorable environment for the adoption of medical technology. In conclusion, the Medical Technology market in Zimbabwe is experiencing significant growth and development. Customer preferences for advanced and affordable medical technology solutions, coupled with the adoption of telemedicine and digital health solutions, are driving the market. Despite the challenges in the healthcare sector, the government's initiatives and favorable macroeconomic factors are supporting the growth of the market.

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.