Market Research Future (MRFR) in its recently published study report asserts that the already booming market of Africa Medical Devices is expected to gain prominence over the forecast period. The market is forecasted to reach $ 7069.61 Million by the end of 2023, growing at a CAGR of ~ 6.3 % during 2017-2023.
The Africa Medical Devices Market is growing with a steady pace; mainly due to the rapidly growing middle income group, increasing healthcare expenditure, increasing number of medical tourists, proliferation of hospitals, government programs and support, and increasing incidence of life style diseases. Moreover rising economic growth also drive the market in this region. We expect the Africa Medical Devices Market to reach around $ 7069.61 million from $ 4900 million in 2017, by the end of the forecast period at a CAGR of ~ 6.3 %.
A Medical Device is any instrument, appliance including any software, biologic or non-biologic material, to be used for the diagnostic or therapeutic use for management of diseases and disorders. Africa presents both opportunities and challenges which are very different from the rest of world. The socioeconomic drivers include a guaranteed customer base as Africa has a disproportionate number of young people. It is estimated that 62% of the population in Africa is under 25 years as compared to Europe whose workforce is expected to shrink from 63% in 2010 to 51% in 2050. The second factor is the rising middle class of Africa. The regions with the greatest middle class population are South Africa, Nigeria, Algeria, Egypt and Morocco.
However there exists huge barriers too. The most formidable barrier is the low per capita income and the poor connectivity and infrastructure of Africa. Although Africa has a large middle class consumer base there exists the reality that approx. 60% of population survives on less than USD 2 a day. Thus two things should be noted
- African medical devices market is very price sensitive and opportunities lie at the lower end with devices with lower cost and features to dominate the segment.
- The first mover advantage is everything, as it is extremely difficult to dislodge the market leader due to lower profit margin on low cost devices and the smaller customer base. Thus the company which will dominate the market first will have a stranglehold on the market due to high switching costs and low competitors.
The other market barriers include high cost of imported medical devices and high sales tariffs, challenging and dynamic regulatory framework, low penetration of medical devices in Africa and differential connectivity in regions of Africa are factors restraining the growth of the market. Further political turmoil, the weak African currencies and their dependence on primary exports particularly mining are economic threats to the market. While technology and product development remain strong market strategies for medical devices the cost sensitivities of African market needs to be considered.
Development of stronger biocompatible materials, growth of healthcare mobile applications, cloud integration are the leading themes. The other drivers of medical device market are rising cost of healthcare which stimulated development of innovative connected products such as wearable medical devices, demand for early detection and noninvasive therapies, growing awareness and spread of information technology, development of user friendly devices etc.
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Africa Medical Devices Market – Key Players
Some of the key players in this market are:
- Mindray Medical International Limited
- Koninklijke Philips Electronics NV.
- Siemens Ltd
- Toshiba Medical Systems Corporation
- GE Healthcare
- Johnson & Johnson
Africa Medical Devices Market – Segments
Africa medical devices market has been segmented on the basis of product type which comprises monitoring devices, diagnostic devices, diagnostic molecular devices, drug delivery devices, surgical devices, bio implants and stimulation devices, automation and robotics and others. On the basis of therapeutic application; market is segmented into general surgery, diagnostic imaging, respiratory, orthopedics, cardiovascular, dental, neurology, ophthalmology, ear-nose-throat (ENT), nephrology and urology, and others. On the basis of end users; market is segmented hospitals, ambulatory and home.
Africa Medical Devices Market – Regional Analysis
The market of medical devices is growing rapidly in Africa region owing to upgrade of hospitals, introduction of health insurance policy, and rapidly growing middle income group. Government is focussing more to improve the life of their citizen, thus they are more focusing on the establishment of best hospitals in the region. This region are more focusing towards new technology and advance treatment option, thus the local players are focusing more into mergers and acquisition and research and development programs for the development of Medical devices. These are the factors which are fuelling the growth of the market of medical devices with the significant rates in this region.
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Major Table of Content
1.2 Scope of Study
1.3 Research Objective
1.4 Assumptions & Limitations
1.5 Market Structure:
2 Research Methodology
2.1 Research Process
2.2 Primary Research
2.3 Secondary Research
3 Market Dynamics
3.5 Macroeconomic Indicators
4 Market Factor Analysis
List of Tables
Table 1 Africa Medical Devices Market, 2013-2022 (USD Million)
Table 2 Africa Medical Devices Market, By Product Type, 2013-2022 (USD Million)
Table 3 Africa Medical Devices Market, By Therapeutic Application, 2013-2022 (USD Million)
List of Figures
Figure 1 Research Process
Figure 2 Porters Five Forces Model
Figure 3 Africa Medical Devices Market, By Product Type
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