Market Insights Health Medical Technology

Medical Devices - Kenya

Kenya

The projected revenue in the Medical Devices market market in Kenya is estimated to reach US$297.00m in 2024.
Among the various markets, the largest market in Kenya is the Cardiology_Devices market, which is projected to have a market volume of US$45.95m in 2024.
It is expected that the revenue in this market will grow at an annual growth rate of 6.20% from 2024 to 2029, resulting in a market volume of US$401.20m by 2029.
When compared globally, the United States is expected to generate the highest revenue, with an estimated amount of US$179.80bn in 2024.
Kenya's medical device market is experiencing a surge in demand due to the country's expanding healthcare infrastructure.

Key regions: Spain, Japan, United States, Europe, United Kingdom

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Analyst Opinion

The Medical Devices market in Kenya is experiencing steady growth due to increasing customer preferences for advanced healthcare technology and the country's special circumstances.

Customer preferences: Customers in Kenya are increasingly seeking advanced medical devices to improve healthcare outcomes. This is driven by a growing awareness of the benefits of using modern medical technology, such as improved accuracy in diagnosis and treatment, enhanced patient comfort, and reduced recovery time. Additionally, the demand for medical devices is also driven by the need to address the rising prevalence of chronic diseases in the country, such as cardiovascular diseases, diabetes, and cancer. As a result, there is a growing preference for medical devices that can monitor and manage these conditions effectively.

Trends in the market: One of the key trends in the Medical Devices market in Kenya is the adoption of digital health technologies. This includes the use of mobile health applications, wearable devices, and telemedicine solutions. These technologies enable remote patient monitoring, facilitate access to healthcare services in remote areas, and empower individuals to take control of their own health. The increasing penetration of smartphones and internet connectivity in the country has further fueled the adoption of digital health technologies. Another trend in the market is the focus on affordability and accessibility of medical devices. With a significant portion of the population in Kenya still living below the poverty line, there is a need for medical devices that are affordable and can be accessed by a wide range of people. This has led to the development of low-cost medical devices that are specifically designed for resource-constrained settings. Additionally, there is a growing emphasis on local manufacturing of medical devices to reduce dependence on imports and make healthcare more affordable.

Local special circumstances: Kenya's healthcare system faces several challenges, including limited healthcare infrastructure, shortage of skilled healthcare professionals, and unequal distribution of healthcare resources. These circumstances have created a need for innovative solutions, including the use of medical devices, to overcome these challenges. Medical devices play a crucial role in improving healthcare delivery in remote areas and addressing the shortage of healthcare professionals by enabling telemedicine and remote consultations.

Underlying macroeconomic factors: The growth of the Medical Devices market in Kenya is also influenced by underlying macroeconomic factors. The country has experienced stable economic growth in recent years, which has led to an increase in healthcare spending. The government has also implemented policies to promote investment in the healthcare sector, including the development of medical device manufacturing hubs and the provision of tax incentives for local production. These factors have attracted both domestic and foreign investments in the Medical Devices market in Kenya, further driving its growth. In conclusion, the Medical Devices market in Kenya is witnessing growth due to increasing customer preferences for advanced healthcare technology, the adoption of digital health technologies, the focus on affordability and accessibility of medical devices, and the country's special circumstances. The market is expected to continue expanding as the government and healthcare stakeholders work towards improving healthcare infrastructure, addressing healthcare challenges, and promoting local manufacturing of medical devices.

Methodology

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.