The Federation of Africa Medical Equipment, Disposal and Devices is projecting that the medical devices market will expand by $ 7.1 billion by close of 2023.
The Federation attributes the projection to the growing population of the African continent.
Speaking at the India-Ghana Pharma Business Summit in Accra, the Chief Executive Officer of the Federation of Africa Medical Equipment Disposal and Devices, Anthony Ameka urged stakeholders within the healthcare delivery system to commit more funds to the local industry.
“The African medical devices market is expected to reach $7.1 billion by the end of 2023 up from $4.9 billion in 2017. South Africa and Egypt accounts for 40% of the market and Nigeria and Morocco follow as larger markets,” he said.
He however raised concerns that a great number of these medical devices are not locally manufactured.
“There is limited local manufacturing of medical devices on the continent, with imports accounting for over 90% of all medical devices,” he noted.
He further called on stakeholders to make attempts to the close the gap between demand for and access to quality healthcare for all as the population for the continent will experience a significant jump by 2050.
“African healthcare presents a large range of growth opportunities in medical devices, consumables, services and digital technologies. It is estimated that the African healthcare market will be worth $ 259 billion by 2030. Africa will present 14% of health and wellbeing business opportunities, only second to North America holding 21% of the opportunities,” he disclosed.
“Currently, although the continent accounts for approximately 17% of the world’s population, it accounts for 25% of the world’s population burden of disease. This will be further affected by the fact that Africa’s population is growing and is expected to nearly double,” he said.
