Africa Medical Devices Market size and share is expected to reach USD 7.06 billion with CAGR of 6.3% owing to booming proliferation of hospitals, growing number of medical tourists, expanding middle-income group, favorable government programs and initiatives Till 2023
Pune, India - August 16, 2019 /MarketersMedia/ —
Market Trends and Dynamics:
The Africa Medical Devices Market size and share is estimated to grow at a CAGR of 6.3% over the forecast period of 2018 to 2023. The valuation of the African medical devices market was further stated to surpass its previous valuation of USD 4,900 million back in 2017 to reach a projected figure of USD 7,069.61 million by the end of 2023. Increasing Government support and favorable laws to drive the African Medical Devices Market
The African medical devices market is moving at a gradual pace due to a number of key reasons. Primarily, the market is seeing an upward growth due to the expanding middle-income group, booming proliferation of hospitals, growing number of medical tourists, favorable government programs and initiatives, and increasing prevalence of lifestyle-based diseases. Add to this, the government is also introducing various laws in order to maintain the medical device quality.
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However, there are a number of key challenges for the African medical devices market as well. Most notably, the low per capita income and the lack of proper infrastructure and connectivity in the region is expected to be a barrier for the African market over the forecast period.
Africa Medical Devices Market Competitive Landscape:
A majority of the global and regional medical devices market players like Siemens AG (Germany), Johnson & Johnson (U.S.), GE Healthcare (U.K), Koninklijke Philips Electronics NV (Netherlands), Mindray Medical International Limited (China), Cardinal Health, Inc. (U.S.), Toshiba Medical Systems Corporation (Japan), Saudi Pharmaceutical Industries & Medical Appliances Corporation (Africa), Baxter International Inc. (U.S.), Medtronic Public Limited (U.S.), and Al Faisaliah Medical Systems (Africa) are making considerable efforts in minimizing the existing gap between demand and supply of advance medical devices and stretching the profit sharing ratio.
Among the mentioned companies, Medtronic Public Limited, Koninklijke Philips Electronics NV, Siemens AG, and GE Healthcare already have a profound presence in the African region. This is due to the various collaborations they have made with regional players and strategies they have employed to expand their sales network therein. The competitive landscape in Africa for medical devices is in an expanding phase and shaping to be a major region in the global market. Even though most of the products are imported in the region, the government herein is laying its focus on developing these products in their premises in order to curb down the cost of medical devices.
Africa Medical Devices Market Segmentation:
The African medical devices market has been segmented in terms of product type, end-user, and therapeutic application.
By product type, the market includes diagnostic devices, monitoring devices, bio implants and stimulation devices, diagnostic molecular devices, automation and robotics, drug delivery devices, surgical devices, and others.
By therapeutic application, the market segments into diagnostic imaging, general surgery, dental, neurology, respiratory, orthopedics, nephrology and urology, ophthalmology, cardiovascular, ear-nose-throat (ENT), and others.
By end-users, the market comprises ambulatory, hospitals, and home.
Africa Medical Devices Market Regional Analysis:
The African medical devices market is geographically segmented to get a better understanding concerning the same. The healthcare industry of Africa is branched into private and public ownership. The public healthcare expenditure held approximately 48% of the total healthcare expenditure back in 2014. The region is primarily dependent on imports for medical devices and imports comprised 90% of the total market.
The Chinese medical device suppliers held the dominant share in the import landscape. Among the regional distribution in Africa, Egypt and South Africa accounted for 40% of the total market. Aside from this, some of the important nations herein include Morocco, Nigeria, and Algeria. Continuous collaborations with global companies and technical transfer is slated to remain as one of the key strategies when it comes to developing the African medical devices market.
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