Discover the healthcare landscape in Africa, notably in West Africa and Nigeria, where inadequate infrastructure and resource disparities persist. The report emphasizes the pivotal role of accessible technology in addressing these challenges, showcasing digital healthcare's progress and potential. AfroPHC's upcoming policy framework, "Building Primary Health Care Teams for Universal Health Coverage in Africa," takes center stage.

The healthcare market in West Africa is experiencing substantial growth and offers immense potential for investment. This comprehensive report provides valuable insights into the market's size, expansion, healthcare service demand, infrastructure, investment prospects, and healthcare providers.With a focus on countries such as Nigeria, Ghana, Benin, and Niger and Cameroon, the analysis delves into the region's healthcare and laboratory landscape, highlighting key trends and opportunities for stakeholders. 

As per a research report by Researchand Markets, Africa In Vitro Diagnostics (IVD) market isexpected to grow at a CAGR of 4.8% from 2022 to 2029 toreach $1.78 billion by 2029. Demand for Healthcare services: Laboratory equipment andsupplies are in high demand in West Africa. Investing in firmsthat provide laboratory supplies and equipment can prove tobe a profitable enterprise.With a rising population and increased demand for healthcareservices, West Africa need well-equipped medical testingfacilities. Investing in such labs might be advantageous,especially in nations with underdeveloped healthcare systems.

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.

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.