Industry Insights

Healthcare Overview : Nigeria

According to a report by Fitch Solutions, healthcare expenditure in Nigeria is predicted to reach NGN 5,762.061 billion by 2021 growing at a CAGR of 8.35% Y.O.Y. This is up from an estimated NGN 5,318.061 billion in 2020. By 2021, healthcare spending is estimated to make up 2.94% of the country’s GDP. While the government is expected to spend NGN 1,477.77 billion by 2021, the private sector will spend NGN 4,284.469 billion in the same period. This is up from NGN 1,190.71 billion and NGN 3,709.120 billion respectively in 2019.

Medical Devices Market Overview

According to a report by Fitch Solutions, 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.