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For the past number of years, growth in the medical imaging markets in West Africa has been restricted by the high cost of equipment. This is however changing as governments are increasingly investing in the revitalisation of outdated hospital equipment. The private sector has also experienced remarkable growth in the past year and will gain in importance in the medium-to-long term.
New analysis from Frost & Sullivan (medicaldevices.frost.com), Strategic Analysis of Medical Imaging Device Industries of Ghana and Nigeria, finds that the combined markets in these countries earned revenues of $105.0 million in 2007 and estimates this to reach $188.0 million in 2014.
If you are interested in a virtual brochure, which provides a brief synopsis of the research and a table of contents, then send an email to Patrick Cairns, Corporate Communications, at patrick.cairns[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, a brief brochure will be sent to you by email.
"The medical imaging industries in Ghana and Nigeria have grown considerably in recent years," states Frost & Sullivan Research Analyst Ishe Zingoni. "This has been spurred by the rising demand for newer equipment, especially in the public sector. Most of the equipment in hospitals in Nigeria and Ghana is outdated and not functional. Governments are, therefore, embarking on equipment replacement programmes to improve healthcare infrastructure."
The demand for new technology is set to promote growth over the next five years, as hospital funding increases. Digitisation, in particular, is a trend that will boost revenues for suppliers.
"Hospitals are increasingly converting from analogue equipment to digital, which offers benefits of better image quality and more efficient management of patient records," explains Zingoni. "Rising uptake of these technologies is poised to push the imaging market in the region."
However, major challenges remain in the form of high cost of imaging devices and funding that still falls short of requirements. Challenges for new equipment suppliers emanate from increased competition from refurbished equipment alternatives as well as cheaper, low quality brands from Asia.
West Africa is characterised by low purchasing power. Therefore, price is invariably the most important purchasing criteria. Refurbished equipment and low-cost imports thus offer alternatives attractive to end-users.
"Suppliers can offer improved servicing components to their total offering," advises Zingoni. "Refurbished equipment and cheaper imports are prone to breakdowns, resulting in customer dissatisfaction. Equipment suppliers can, therefore, take advantage of this and offer their products with technical support and maintenance contracts."
Strategic Analysis of Medical Imaging Device Industries of Ghana and Nigeria is part of the Medical Devices Growth Partnership Service programme, which also includes research in the following markets: South African Patient Monitoring, South African Medical Imaging Markets, Sub-Saharan Africa Ultrasound Markets and, Strategic Analysis of Oncology Services in Sub-Saharan African Countries. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best in class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 35 offices on six continents.
Strategic Analysis of Medical Imaging Device Industries of Ghana and Nigeria / M375
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