2019 Medical Devices Market Overview

2019 Medical Devices Market Overview

According to a report by Fitch Solutions, the Nigerian medical device market will record double-digit growth in local currency and will grow at a 2017-2022 CAGR of 9.0% to reach US$ 184.4 million by 2022.

Although the market is predicted to benefit from an improved outlook for the economy and remains almost entirely reliant on imports, chronic underfunding and the chaotic management of public healthcare services, exacerbated by the insurgency in the northeast region, will continue to restrict market growth in the medium term.

However, the large population and highly underdeveloped healthcare sector will offer substantial long-term potential. Research & Markets also predicts that the Nigerian medical device market will witness a strong growth rate in the medium to longterm future driven by improved economic conditions and the introduction of a foray
of new companies with technological advancements.

With regards to imports, Fitch Solutions forecast that the recovering economy will support medical devices import growth, although further depreciation of the naira will be a restraining factor. Meanwhile, the Nigerian medical device exports will remain prone to sudden fluctuations indicating that some export activity may be due to one-off re-exports.

The establishment of a large syringe factory serving markets in West Africa will boost exports of consumables, but the overall level of exports will remain very low.

However, several challenges continue to restrict the growth in the medical device market in Nigeria including inadequate funding, with budgetary allocations for health remaining well below the level recommended by the 2001 African Union Abuja Declaration, as well as insurgency in the North
Eastern region will continue to hinder healthcare delivery with further strikes by healthcare workers threatening to exacerbate the situation.

Read the NigeriaMedicalDeviceMarketOverview

About Author

Victor Okeh is a graduate of Economics from Lagos State University. He is versatile in reporting business and economy, politics and finance, and entrepreneurship articles. He can be reached via – [email protected]

Comment here

This site uses Akismet to reduce spam. Learn how your comment data is processed.