Nigeria Medical Device Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The Nigeria Medical Devices Market is expected to reach $0 billion by 2024, and is forecast to retain this value until 2032, at a compound annual growth rate of 0% between 2023 and 2032. This is a period of stability rather than growth, which suggests that the market is facing obstacles to expansion, such as regulatory barriers, access to advanced technology and a lack of economic resources for medical expenditure. The market is influenced by several factors. The growing burden of chronic diseases, the growing demand for advanced health solutions and the lack of access to advanced medical devices, all of which may be the potential drivers of the market, could be addressed to drive growth. The development of telemedicine and mobile health applications is also a trend that could change the market. Several industry players, such as Siemens Healthineers and GE Healthcare, have entered into strategic alliances with local companies to enhance their presence in the market and meet the unique needs of the Nigerian health system. However, unless the conditions of the market change significantly, the forecast period of stability may continue.

Regional Market Size

Regional Deep Dive

The medical devices market in Nigeria is characterized by a rapidly changing environment, driven by increasing health care needs, rising population, and increasing investments in medical devices. The market is influenced by a combination of local and international players, which are focused on increasing access to medical devices and technology. The government is promoting the development of the local industry and regulatory framework, which is expected to drive innovation and the quality of medical devices in the country.

Europe

• European companies are increasingly investing in Nigeria's medical device sector, with partnerships aimed at local production to meet the growing demand for affordable healthcare solutions.
• The European Union has initiated programs to support healthcare infrastructure development in Nigeria, which includes the provision of medical devices and training for local healthcare professionals.

Asia Pacific

• Asian manufacturers, particularly from China and India, are expanding their presence in Nigeria by offering cost-effective medical devices, which are crucial for the country's healthcare system.
• Innovations in telemedicine and mobile health technologies from Asia are being integrated into Nigeria's healthcare delivery, improving access to medical services in remote areas.

Latin America

• Latin American companies are exploring opportunities in Nigeria's medical device market, particularly in areas such as surgical instruments and diagnostic equipment, driven by the need for improved healthcare solutions.
• Collaborative projects between Nigerian and Latin American universities are focusing on research and development of medical technologies that cater to the unique health challenges faced in Nigeria.

North America

• Recent collaborations between Nigerian medical device manufacturers and North American companies have led to the introduction of advanced diagnostic tools tailored for local healthcare challenges.
• The U.S. FDA has been engaging with Nigerian regulatory bodies to streamline the approval process for medical devices, which is expected to enhance the availability of innovative products in the Nigerian market.

Middle East And Africa

• The African Union has launched initiatives to enhance regional cooperation in medical device regulation, which is expected to benefit Nigeria by harmonizing standards and facilitating trade.
• Local startups in Nigeria are leveraging technology to develop low-cost medical devices, addressing specific health challenges such as maternal and child health.

Did You Know?

“Nigeria has one of the highest rates of medical device imports in Africa, with over 70% of medical devices used in the country being sourced from international markets.” — World Health Organization (WHO)

Segmental Market Size

In the medical devices market in Nigeria, the diagnostic imaging equipment segment is growing at a fast pace. This plays a critical role in improving the quality of health care. This segment is growing due to increasing demand for accurate diagnosis, as well as supportive government policies to improve the health care infrastructure. The technological advancements in the MRI and CT scanning equipment, for example, are driving the market further, as they are enabling early disease detection and management. The diagnostic imaging equipment market in Nigeria is currently in the commercialisation stage. The leading players in this market are GE Healthcare and Siemens Healthineers. These companies are expanding their presence in Nigeria, especially in the urban centres, where health care facilities are improving their capabilities. In the hospitals and diagnostic centres, these equipment are essential for early disease detection and treatment planning. The macroeconomic indicators, such as the increasing emphasis on universal health coverage and government initiatives to improve access to health care, are also boosting the growth of this market. The innovations in tele- and remote diagnostics are shaping the future of medical imaging in Nigeria.

Future Outlook

The Medical Devices Market in Nigeria is set to grow at a CAGR of over 7% between 2024 and 2032, owing to the increasing health care expenditure, the growing population, and the growing demand for advanced medical devices. The government has been prioritizing the development of medical facilities and the health care system. The expansion of health insurance and the establishment of public-private collaborations to improve the health care system will also drive the market growth. The technological advancements, especially in telemedicine and digital health, will transform the landscape of the medical devices market in Nigeria. Artificial intelligence and machine learning will improve the diagnostic accuracy and the efficiency of the health care system. Also, the rising prevalence of chronic diseases and the need for novel solutions to manage chronic diseases will boost the demand for a wide range of medical devices, such as diagnostic equipment and wearable health monitors. In this evolving market, the key players will need to stay agile to capitalize on the emerging trends and align themselves with the regulatory frameworks that promote safe and effective medical devices.