ID: MRFR/MED/2102-HCR | February 2023 | Region: Global | 84 Pages
Africa medical devices market to reach around $ 7069.61 million in 2027, by the end of the forecast period at a CAGR of ~ 6.3 %
$7069.61 million
6.3%
Africa
2020-2027
The Africa medical devices market is projected to register a CAGR of 6.3% from 2020 to 2027. The expansion of the market is a direct result of the rising number of technical developments that are bettering the quality of life for patients and the general public alike. In addition, the rising popularity of mobile platforms and AI, and 5G will fuel the market's expansion. The Africa medical devices market size is expected to reach approximately USD 7069.61 million by 2030.Moreover, the rising prevalence of chronic diseases and increased mortality rates are major areas of concern among people and government organizations. Thus, healthcare providers offer personalized care, including continuous and remote patient monitoring. Also, these can be worn for 24 hours without affecting routine life. Hence, considering its various advantages, the demand for wearable medical devices is projected to boost over the forecast period.
COVID-19 Impact Analysis
The COVID-19 pandemic has resulted in a decline in elective surgeries and hospital emergency room visits. Among the procedures considered less serious or not life-threatening, such as dental procedures, orthopedic surgeries witnessed a significant decline in the number of surgeries during the pandemic. Furthermore, the market players were offering devices prominently used for elective procedures, including orthopedic, dental procedures, and other critical surgeries, along with diagnostic imaging equipment, which witnessed a considerable decline in revenues in 2020 compared to 2019.
Africa Medical Devices Market Dynamics
Increasing investment in R&D activity by medical technology companies for developing new and advanced medical devices and easy approval for those devices by the regulatory authorities are expected to propel the market growth for medical devices over the upcoming years. Increasing demand for innovative therapies, along with the technological advancements in medical devices to overcome the unmet requirements in the healthcare sector, is considered the prime factor in supporting the growth of medical devices during the forthcoming years. However, data security threats may hamper the market growth for medical devices as an internet connection is required for transferring patient data from remote devices to physicians. Hence, this increases the threat to data security. The rising trend for connected devices makes them attractive and thus increases the risk of data breaches or hacks.
Market Drivers
There are several limitations of wearable devices, including security concerns and concerns associated with data privacy. Despite these restrictions, there is still a significantly high preference for fitness trackers and activity monitors owing to their easy usability and advantages. The growing emphasis on fitness among adults and the increasing focus of regional and national healthcare agencies on monitoring and diagnosis have been pivotal in the higher demand for fitness trackers. Also, introducing advanced models with new features and reduced prices by market players has increased the device's customer pool. This presents a huge opportunity for new entrants firms and established players to focus on this segment and launch new wearable devices to cater to these devices' growing demand.
Market Restraints:
The industry has shown noteworthy developments in the past decade related to implementing new technologies and recent design modifications. However, these devices are pricey, which includes a comparatively higher acquisition expense, and subsequent maintenance costs, thereby leading to an overall increased device cost and ownership. Some advanced devices are associated with various other components, such as chips, batteries, sensors, and other accessories, which require periodic replacement. Thus, the high cost has been responsible for the comparatively limited adoption of medical devices in Africa.
Market Opportunities:
The growing prevalence of chronic medical conditions and the treatment of patients suffering from these diseases exert huge pressure on Africa's healthcare systems. This has led to a substantial enhancement in the economic burden of treating these diseases. The overall price of treating a patient in a hospital inpatient setting is significantly higher, and longer hospital stays are associated with a higher economic burden.
There is an enhancement in the prevalence of chronic disorders, including diabetes, cancer, and other infectious diseases, owing to the adoption of sedentary lifestyles and other factors. Also, healthcare agencies in various countries focus on increasing the diagnosis and treatment rates through rising awareness programs. With the growing prevalence and awareness of such conditions, the patient population requiring diagnostic procedures and tests is also increasing. Also, a rapid enhancement in the geriatric population is increasing the demand for ophthalmic and orthopedic procedures due to the increasing incidence of impaired vision and joint fractures in the elderly. For instance, according to 2021 data published by Osteoarthritis Action Alliance, the annual incidence of knee osteoarthritis is highest between the age group of 45-65 years, and 45% of the people with osteoarthritis are aged 65 or above.
Africa Medical Devices Market Segmentation
Product Type Inisghts
The Africa medical devices market segmentation, based on product type, is monitoring devices, diagnostic devices, diagnostic molecular devices, drug delivery devices, surgical devices, bio implants & stimulation devices, and automation & robotics. The Africa medical devices market growth was prominently high under the monitoring devices category in 2021 owing to the increasing uptake of real-time diagnostic tests for precise diagnosis of chronic and infectious diseases such as diabetes, cancer, and HIV/AIDS. However, automation & robotics is to be the fastest growing category in the coming years due to growing technological advancements in surgical robots and their increasing usage by healthcare providers.
Therapeutic Application Inisghts
The Africa medical devices market segmentation, based on therapeutic application, is general surgery, diagnostic imaging, respiratory, orthopedics, cardiovascular, dental, neurology, ophthalmology, ear-nose-throat (ENT), and nephrology and urology. In 2021, diagnostic imaging accounted for the largest share of the African market due to the increasing prevalence of chronic disease and the need for precise and efficient testing kits for diseases such as malaria, HIV/AIDS, diabetes, and cancer. However, the dental category is to register the highest growth rate during the forecast period due to the growing prevalence of dental diseases.
End User Inisghts
Based on end user, the market is divided into hospitals, ambulatory, and home. The ambulatory category dominated the market for medical devices in 2021 due to increasing funding by public and private players in small & medium-sized clinics and long-term care centers to improve healthcare infrastructure. The hospitals category will witness significant growth over the forecast period due to the increasing number of multispecialty and community hospitals.
Africa Medical Devices Market Overview,by Country
The market is segmented into South Africa, Egypt, and the Rest of Africa, based on country. The growth is due to the increasing prevalence of diseases, such as cardiovascular disorders, infectious diseases, dental disorders, and diabetes, along with the increasing focus of market players to expand their direct presence in emerging countries and fulfill the demand of patients in this region. The increasing per capita income and growing health concerns among the people. Increasing regional healthcare infrastructure investment is anticipated to further boost the market for medical devices over the analysis period. The increasing adoption of technologically advanced smart wearables and image-guided therapy systems, coupled with the ongoing trends of accurate and real-time monitoring, is anticipated to drive market growth. Rising awareness regarding the benefits of advanced medical devices, such as increased mobility, is also attributed to the surging adoption of medical devices in hospitals and other healthcare settings. Moreover, rising health concerns, increasing prevalence of chronic diseases, and increasing healthcare expenditure have driven the market. The advancement in brain monitoring devices and the significant technological advancement in the medical device coupled with the significant improvements in commercial aspects have positively anticipated propelling the Africa medical devices market.
Africa Medical Devices Market Competitive Landscape
The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have regional reach with diverse product portfolios. Companies such as Mindray Medical International Limited, Koninklijke Philips Electronics NV., Siemens Ltd, Toshiba Medical Systems Corporation, and GE Healthcare dominate the market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting research and development. Furthermore, they embrace strategic growth initiatives, such as development, product introduction, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base.
Prominent players in the Africa medical devices market research include Fresenius Medical Care AG & Co., Cardinal Health, Medtronic, Johnson & Johnson, and Siemens Ltd, among others.
Scope of the Africa Medical Devices Market Report
Product Type Outlook
Therapeutic Application Outlook
End User Outlook
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Africa Medical Devices MarketForecast & Size:
To identify and estimate the market size for Africa medical devices market report segmented by product type, therapeutic application, and end-user by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the Africa medical devices market forecast between 2022 and 2030
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges in the Africa medical devices market growth
Market Influencing Factors:
To find out the factors which are affecting the Africa medical devices market size among consumers
Impact of COVID-19:
To identify and understand the various factors involved in the market affected by the pandemic
Company Profiling:
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Intended Audience
Report Attribute/Metric | Details |
---|---|
Market Size | 2027: USD 7069.61 million |
CAGR | 6.3% CAGR (2020-2027) |
Base Year | 2019 |
Forecast Period | 2020-2027 |
Historical Data | 2018 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Usage, Design, Material, Type, Application, and Distribution Channel |
Geographies Covered | |
Key Vendors | Mindray Medical International Limited, Koninklijke Philips Electronics NV., Siemens Ltd, Toshiba Medical Systems Corporation, and GE Healthcare |
Key Market Opportunities | Rising prevalence of chronic diseases |
Key Market Drivers | Growing customer preference for wearable devices |
The Africa medical devices market forecast period is 2020-2027
The market is expected to register a CAGR of ~6.3% over the next 10 years, according to the Africa medical devices market research.
The market size is expected to be USD 7069.61 millionby 2027.
Mindray Medical International Limited, Koninklijke Philips Electronics NV., Siemens Ltd, Toshiba Medical Systems Corporation, and GE Healthcare are the major companies operating in the market.