Nigeria is home to Africa’s largest population.
By 2020, Nigeria’s population is projected to cross the 200 Million threshold.
The Health needs of the population is also expected to soar.
Medical Device companies and suppliers consider Nigeria a major market destination for their products.
A New Industry report, as released by Medic West Africa confirms that 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.
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.
According to Fitch Solutions, China is the leading supplier of medical devices to Nigeria, with a 47% share of the import total in 2016.
China was the main supplier of consumables, patient aids, dental products and other medical devices with a particularly dominant position in bandages & dressings, syringes, needles & catheters and therapeutic appliances.
The EU-28 accounted for nearly a quarter of imports in 2016, led by France, which was the leading supplier of radiation apparatus and Germany, which was the leading supplier of imaging parts & accessories.
The position of smaller suppliers is subject to volatility due to the impact of one-off shipments.
In 2016, the UAE was the third largest supplier with a 7% share, overall, heading the orthopaedics & prosthetics product area and the portable aids segment of the patient aids product area.
In fifth place, India supplied around 5% of the import total, primarily syringes, needles & catheters. The US supplied 4% of imports and Japan 3%.
Countries 2017 Market share
- China US$ 40.22mn 36%
- Germany US$ 11.11mn 10%
- France US$ 9.6mn 9%
- India US$ 8.94mn 8%
- USA US$ 6.6mn 6%
- Belgium US$ 6.55mn 6%
- United Kingdom US$ 5.32mn 5%
- Netherlands US$ 4.99mn 4%
- South Africa US$ 1.91mn 2%
- Ireland US$ 1.84mn 2%
- Turkey US$ 1.8mn 2%
- Japan US$ 1.6mn 1%
- Austria US$ 1.45mn 1%
- Hong Kong US$ 1.2mn 1%
- Italy US$ 0.95mn 1%
- Spain US$ 0.85mn 1%
- Israel US$ 0.84mn 1%
- Switzerland US$ 0.81mn 1%
- Pakistan US$ 0.66mn 1%
- Denmark US$ 0.66mn 1%
- All other US$ 3.02mn 3%
Grand Total US$ 110.93mn 100%