NewswireToday - /newswire/ -
Cape Town, South Africa, 2009/02/09 - Orthopaedic implants markets in West Africa, particularly Nigeria, are taking off due to heavy government investment in orthopaedic facilities. New surgical techniques are also being introduced at major orthopaedic centres.
Such positive trends will be reinforced by an ageing population, ensuring the market remains resilient.
New analysis from Frost & Sullivan (medicaldevices.frost.com) Key West African Orthopaedic Implants Markets, finds that the orthopaedic implants market in Nigeria earned revenues of $798,000 in 2007 and estimates this to more than triple by 2013 reach $2,695,000.
"Joint replacement operations are highly expensive and therefore largely funded by the government," notes Frost & Sullivan Research Analyst Ishe Zingoni. "In addition, the key orthopaedic facilities in Nigeria are state owned, which means the market is still largely driven by government spending. The government has already invested heavily in the upgrade of orthopaedic facilities and spending will remain strong."
The main restraint to market growth is the high cost of orthopaedic operations. Although government funding has risen, to some extent, it still falls short.
"Implant devices are also largely imported and therefore exchange rate risk remains a major challenge due to the volatility of the local Naira)," explains Zingoni. "This is not unique to Nigeria, as it is the case with most emerging market currencies."
The market for orthopaedic implants in Nigeria is still in its early growth stage. In order to promote market expansion, suppliers can, in the short term, charge lower prices or minimise price increases. Strategic relationships with teaching hospitals are also important to encourage product uptake in the long term.
If you are interested in a virtual brochure, which provides manufacturers, end users and other industry participants with an overview of the key West African orthopaedic implants markets, 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, an overview will be sent to you by email.
Key West African Orthopaedic Implants Markets is part of the Medical Devices Growth Partnership Services Programme, which also includes research in the following markets: Competitive Dynamics in the South African Medical Imaging Market, The Regulatory environment for Pharmaceutical Products and Medical Devices in Key Sub-Saharan African Countries and Strategic Analysis of the Oncology Services in Sub-Saharan Africa. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
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Key West African Orthopaedic Implants Markets