Africa Medical Devices Market – Overview
The Anti-Venom Market 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 life style diseases. 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.
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.
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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
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.
Africa Medical Devices Market - Regional Analysis
The market of medical devices 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 are 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.
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.
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