Africa Medical Devices Market Progresses for Huge Profits USD 7069.61 Million by 2023

Market Research Future adds new report of “Africa Medical Devices Market Research Report - Forecast to 2023” it contains Company information, geographical data and Table of Content

Competitive Analysis:

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
• Medtronic
• Johnson & Johnson

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

• 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

• On the basis of End Users; market is segmented hospitals, ambulatory and home

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Market Highlight:

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.

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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.

Taking all factors into consideration, 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 %.

Intended Audience:

• Medical Devices Manufacturers
• Medical Devices Suppliers
• Private Research Laboratories
• Research and Development (R&D) Companies
• Market Research and Consulting Service Providers
• Government Research Laboratories
• Contract Manufacturing Organizations

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Regional Analysis of Africa Medical Devices Market:

The healthcare sector of Africa is divided between private and state. The public healthcare expenditure accounts for approximately 48 % of total health expenditure in 2014 with variation in different countries. Local manufacturing represents a poor outlook which is limited to consumables and ordinary articles and there are a handful of high tech devices manufacturers. Africa is extremely dependent on imports for medical devices and imports account for approximately 90 % of total market for medical devices and Chinese medical device suppliers dominate the scenario. Among the regions of Africa, South Africa and Egypt account for 40 % of market. Other important nations are Nigeria, Morocco and Algeria. Collaboration with large global companies and technical transfer will remain the key strategy for developing the regional African market as can be seen by the example of China.

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