01-12-2018 06:55 PM CET - Business, Economy, Finances, Banking & Insurance

Africa medical devices market to reach around $ 7069.61 million by 2023

Press release from: Market Research Future

Africa Medical Devices Market Information, by Product type (Monitoring Devices, Diagnostic devices, Diagnostic Molecular Devices, Drug delivery devices, Surgical Devices, Bio implants and Stimulation Devices, Automation and Robotics and Others), by Therapeutic Application (General Surgery, Diagnostic Imaging, Respiratory, Orthopedics, Cardiovascular, Dental, Neurology, Ophthalmology, Ear-Nose-Throat (ENT), Nephrology and Urology, and Others) and by End User (Hospitals, Ambulatory and Home) - Forecast to 2023

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

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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 %.

Study Objectives Africa Medical Devices Market:

To provide detail analysis of the market structure along with forecast for the next 6 years of the various segments and sub-segments of the Africa medical devices market
To provide insights about factors affecting the market growth
To analyze the market based on various factors- price analysis, supply chain analysis, porters five force analysis etc.
To provide historical and forecast revenue of the market segments and sub-segments for Africa medical devices market
To provide country level analysis of the market with respect to the current market size and future prospective
To provide country level analysis of the market for segments by product type, by therapeutic applications, by end users and other sub segments.
To provide overview of key players and their strategic profiling in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments globally.

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Key Players for Africa Medical Devices Market:
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 and others.

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.

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.

The report for Africa Medical Devices Market of Market Research Future comprises extensive primary research along with the detail analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides detail information and strategies of the top key players in the industry. The report also gives a broad study of the different markets segments and regions.

About us
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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