Market Insights Health Medical Technology Medical Devices

Other Medical Devices - Nigeria

Nigeria

The projected revenue for the Other Medical Devices market market in Nigeria is expected to reach US$219.80m by 2024.
It is anticipated that the market will experience an annual growth rate (CAGR 2024-2029) of 9.97%, leading to a market volume of US$353.50m by 2029.
When compared globally, the United States is forecasted to generate the highest revenue, with an estimated amount of US$72,780.00m in 2024.
Nigeria's Other Medical Devices market is experiencing a surge in demand due to the country's growing healthcare infrastructure and population.

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

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Analyst Opinion

The Other Medical Devices market in Nigeria is experiencing significant growth and development due to several factors.

Customer preferences: Customers in Nigeria are increasingly demanding high-quality medical devices that are reliable and effective. They are looking for products that can improve the quality of healthcare services and enhance patient outcomes. Additionally, customers are also seeking medical devices that are affordable and accessible to a wide range of healthcare facilities, including hospitals, clinics, and diagnostic centers.

Trends in the market: One of the key trends in the Other Medical Devices market in Nigeria is the increasing adoption of advanced technologies. Medical devices such as imaging equipment, surgical instruments, and diagnostic devices are being upgraded with the latest technologies to improve accuracy, efficiency, and patient comfort. For example, the use of digital imaging technology in X-ray machines and ultrasound devices has revolutionized the diagnosis and treatment of various medical conditions. Another trend in the market is the growing demand for home healthcare devices. As the population ages and chronic diseases become more prevalent, there is a need for medical devices that can be used at home for monitoring and managing health conditions. Devices such as blood glucose monitors, blood pressure monitors, and respiratory devices are in high demand among patients who prefer to receive healthcare services in the comfort of their own homes.

Local special circumstances: Nigeria has a large population with a high burden of disease, which creates a significant demand for medical devices. The country has a growing middle class that is increasingly able to afford healthcare services and medical devices. Additionally, the Nigerian government is making efforts to improve healthcare infrastructure and increase access to healthcare services, which is driving the demand for medical devices. However, the market for medical devices in Nigeria also faces challenges. There is a lack of awareness and understanding about the importance of medical devices among healthcare providers and patients. This hinders the adoption and utilization of medical devices, especially in rural areas. Additionally, there are regulatory challenges and import restrictions that can affect the availability and affordability of medical devices in the market.

Underlying macroeconomic factors: The Nigerian economy is experiencing steady growth, which is positively impacting the healthcare sector. As the economy grows, there is an increase in healthcare spending, which includes investment in medical devices. Additionally, the government is implementing healthcare reforms and policies to improve the healthcare system, which is creating opportunities for the medical device market. In conclusion, the Other Medical Devices market in Nigeria is growing and developing due to customer preferences for high-quality and affordable medical devices, the adoption of advanced technologies, and the increasing demand for home healthcare devices. Despite challenges such as a lack of awareness and regulatory restrictions, the market is driven by the growing population, increasing healthcare spending, and government initiatives to improve the healthcare system.

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.