The Africa Medical Devices Market
size is growing with a steady pace; mainly
due to the rapidly growing middle-income group, increasing healthcare
expenditure, increasing number of medical tourists, proliferation of hospitals,
government programs and support, and increasing incidence of lifestyle
diseases.
Johnson & Johnson (U.S.), Mindray
Medical International Limited (China), Koninklijke Philips Electronics NV
(Netherlands), Siemens AG (Germany), Toshiba Medical Systems Corporation
(Japan), GE Healthcare (U.K), Medtronic Public Limited (U.S.), Baxter
International Inc. (U.S.), Cardinal Health, Inc. (U.S.), Saudi Pharmaceutical
Industries & Medical Appliances Corporation (Africa), and Al Faisaliah
Medical Systems (Africa) are some of the leading players at the cutting edge of
the competition in the Africa Medical Devices Market
Moreover, rising economic growth also
drive the market in this region. According to the World Bank Group, in 2016,
GDP of the Middle East & North Africa experienced the growth in GDP by
4.89%. It is expected that Africa’s macroeconomic climate over the next decade
will expand the health care gap, as higher incomes will create new demand for
the medical devices market. Additionally, government also introduces some laws
for maintaining the quality of medical devices. According to a report published
by the International Diabetes Federation, in 2017, more than 16 million people
are suffering with diabetes in the AFR Region. Increasing number of incidences
are the main factors which drag the attention of players towards this region.
Any instrument, apparatus, implement,
implant, reagent that is used for human beings, for diagnosis, detecting,
restoring, correcting, prevention, monitoring, treatment of disease and injury
are known as medical devices. Technological advancement plays an important role
in the growth of any sector. Most of the market players play an important role
to develop the market of medical devices in Africa. For instance, in 2015,
Elekta and ministry of health working together in almost a dozen African
nations to develop their radiation therapy infrastructures for curing lives.
Companies are continuously engaged in
merger and acquisition activities for the development of the best medicine to
cure affected population. Although the government stick rule hindering the
growth of the market. In May 2017, Baxter International Inc. and Mayo Clinic
announced a collaboration for the research and development to advance a
spectrum of therapeutic areas to minimize the unmet patient needs. These
collaborations help market players to lead the market of Africa. Most of the
players from this region involve in the collaboration with global players to
get advanced technology, which help them to maximize the market share in this
region. Although limited infrastructure, lack of physicians, and restricted
funding and reimbursement policy are the restraints factor for the growth of
the market.
Most of the major players such as Johnson
& Johnson (U.S.), Mindray Medical International Limited (China),
Koninklijke Philips Electronics NV (Netherlands), Siemens AG (Germany), Toshiba
Medical Systems Corporation (Japan), GE Healthcare (U.K), Medtronic Public
Limited (U.S.), Baxter International Inc. (U.S.), Cardinal Health, Inc. (U.S.),
Saudi Pharmaceutical Industries & Medical Appliances Corporation (Africa),
and Al Faisaliah Medical Systems (Africa) are looking forward in this region to
minimize the gap of between demand and supply of advance medical devices and
maximize the profit sharing ration. Company such as Koninklijke Philips
Electronics NV, Siemens AG, Medtronic Public Limited, and GE Healthcare have
already a huge presence in Africa region owing to the collaboration they made
and strategy of expanding their sales network within the region. The markets of
Africa region are very different and still shaping and growing. Although most
of the products are imported within the region, but the government is focusing
to develop these equipment in their premises to minimize the cost of medical
devices.
The medical devices market
is growing rapidly in Africa region owing to upgrade of hospitals, introduction
of health insurance policy, and rapidly growing middle-income group. Government
is focussing more to improve the life of their citizen, thus they are more
focusing on the establishment of best hospitals in the region. This region is
more focusing towards new technology and advance treatment option, thus the
local players are focusing more into mergers and acquisition and research and
development programs for the development of Medical devices. These are
the factors which are fuelling the growth of the market of medical devices with
the significant rates in this region.
Meralgia Paresthetica Market Research Report - Forecast to 2023 | MRFR
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