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Nigeria Medical Device Market Trends

ID: MRFR//11135-HCR | 128 Pages | Author: Rahul Gotadki| July 2024

Nigeria Medical Device Market Overview

The medical device market industry is projected to grow from USD significant by 2032, exhibiting a compound annual growth rate (CAGR) of moderate during the forecast period (2023 - 2032). Two major market drivers driving the medical device market are the rising incidence of respiratory ailments and the effective development of technology. The medical device market has growth prospects as a result of major players in the industry collaborating and acquiring one another.

Nigeria Medical Device Market

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Medical Device Market Trends

  • Demand for Portable Devices Will Increase with a Shift toward Homecare Settings, thus Driving the Market Growth

The treatment of people with chronic illnesses and the increasing incidence of these problems are placing a great deal of strain on Nigeria's healthcare facilities. As a result, the cost of treating these disorders increased significantly. Extended hospital stays come with a greater financial burden, and the overall expenditures of treating a patient in an inpatient hospital setting are much higher. Furthermore, there has been a paradigm shift in the people's preferences toward home healthcare services as a result of the mounting financial strain and the growth of the over-60 population. Furthermore, the usage of home healthcare services is expanding quickly in Nigeria due to the increased efforts of major companies and healthcare organizations to create and introduce novel, user-friendly medical equipment, such as wearable and portable devices, for the treatment of chronic diseases.

There is a growing demand for fitness trackers due in large part to the increased emphasis on fitness among adults in Nigeria and the expanding attention of national and regional healthcare authorities toward monitoring and diagnosis. Fitness trackers and activity monitors are still highly preferred due to their ease of use and benefits, even with wearable technology's drawbacks such security and privacy issues. The COVID-19 pandemic and growing public health concerns drove up demand for these gadgets in the market. This offers both established companies and new ones a great chance to expand by concentrating on this market and introducing new wearables to meet the increasing demand for these devices. Thus, driving the medical device market revenue.

Medical Device Market Segment Insights

Medical Device Product Type Insights

The Nigeria medical device market segmentation, based on product type includes Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging, IVD, MIS, Wound Management, Diabetes Care, Ophthalmic, Dental, Nephrology, General Surgery, and Others. The cardiovascular devices segment dominated the market. The primary drivers propelling the growth of this market are the rising frequency of various cardiovascular ailments, the growing desire for less invasive procedures, and rapid technological advancements. The leading cause of cardiovascular death is the rising prevalence of heart conditions like cardiomyopathy and stroke. In Nigeria, cardiovascular diseases are among the most common medical conditions.

Medical Device End User Insights

The Nigeria medical device market segmentation, based on end user, includes Hospitals and ASCs, Clinics, and Others. The clinics category generated the most income. Clinics are medical establishments that offer outpatient medical services and treatments. There are various kinds of clinics, from smaller private ones to bigger specialized ones, with differences in size and expertise. These clinics play a significant role in the medical device industry by offering a variety of equipment for use in various clinical settings, including blood pressure monitors and ultrasound machines.

Figure 1: Nigeria Medical Device Market, by End User, 2022 & 2032 (USD Billion)

Nigeria Medical Device Market, by End User, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Medical Device Regional Insights

The Nigeria medical device market area will grow at a significant rate because of elements including the prevalence of important players, the rising cost of healthcare, and the burden of chronic illnesses. Over the projected period, the growing elderly population is also anticipated to contribute to the market's growth. Moreover, the increasing emphasis of corporations on creating cutting-edge products and implementing diverse business tactics, such partnerships and acquisitions, to maintain their market share, is also fostering market expansion.  The presence of an established healthcare infrastructure and advantageous reimbursement policies have also played a role in the growth of the medical device market in the region.

Medical Device Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the medical device market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their  footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, medical device industry must offer cost-effective items.

Key Companies in the medical device market include

  • Medtronic (Ireland)

  • Stryker (USA)

  • Johnson and Johnson Services, Inc. (USA)

  • Fresenius SE & Co. KGaA (Germany)

  • Koninklijke Philips N.V. (Netherlands)

  • Hoffman-La Roche Ltd. (Switzerland)

  • General Electric Company (USA)

  • Siemens Healthineers AG (Germany)

  • BD (USA)

  • Boston Scientific Corporation (USA)

Medical Device Market Segmentation

Medical Device Product Type Outlook

  • Orthopedic Devices

  • Cardiovascular Devices

  • Diagnostic Imaging

  • IVD

  • MIS

  • Wound Management

  • Diabetes Care

  • Ophthalmic

  • Dental

  • Nephrology

  • General Surgery

  • Others

Medical Device End User Outlook

  • Hospitals and ASCs

  • Clinics

  • Others

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