Published on : Feb 22, 2018
ALBANY, New York, Feb 22, 2018: The South Africa medical device market has been prognosticated to achieve its growth potential with support gained from the growth in aging population and new health insurance schemes introduced by the government. In a report added by ResearchMoz.us, other factors such as private-public partnerships to set up hospitals could also play a significant role to uplift the market in the coming years. The report bears the title “South Africa Medical Device Market, Rules & Regulation, By (Syringe, Needle & Catheter Device, Electro-diagnostic, Imaging Parts & Accessories, Fixation Devices, Dental Products Device, Radiation Apparatus, Dental Instruments & Supplies, Ultra Sound, Medical X-ray Film, Scintigraphic Apparatus, CT Scanners, Ostomy Products & Dental Drills).”
According to the publication mentioned above, the South Africa medical device market could rise at an 8.97% CAGR between 2018 and 2024. The rise of multinational healthcare firms in South Africa has been anticipated to majorly contribute toward the growth of the market while accounting for a nearly 90.0% of the total market contribution. By 2050, the country’s aging population could double from the current ballpark figure. Domains such as patient aids, prosthetics, consumables, and orthopedics are projected to create opportunities in the market. However, some medical device buyers could take to cost cutting measures when operating in the industry.
Out of the several segments of the South Africa medical device market, syringe, needle, and catheter device could take a dominating position in the near future. However, its growth could see a steady decline during the forecast tenure. Over half of the total share of the market had been secured by three leading segments in 2017, viz. imaging parts and accessories, electrodiagnostic, and syringe, needle, and catheter device. In the same year, there had been a single-digit market contribution made by other segments including dental x-ray, medical x-ray film, ultrasound, dental instruments and supplies, radiation apparatus, and dental products.
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The South Africa medical device market is expected to be influenced by the establishment of new regulations. For instance, in August 2017, there had been new licensing rules set by South African Medicines Control Council (MCC). As per one of the rules, by February 2018, i.e. within the specified deadline, every domestic medical device distributor and company needs to register with MCC. All medical device importers are required to obtain MCC licenses, although the rule does not apply to multinational healthcare firms.
Rising healthcare expenditure could be a major factor augmenting the demand for medical device in South Africa. Yet, there are more factors studied in the report which could up the growth of the South Africa medical device market in the foreseeable future. The report has also shed light on market challenges that players could face when looking to secure a competitive position. Nevertheless, the market is forecast to offer scores of opportunities which could help players to rise above the challenges.
The report has offered a comprehensive account on a range of aspects deemed significant to gain knowledge of when operating in the South Africa medical device market. These include transitional arrangements related to unregistered in vitro diagnostic device (IVD) and medical devices and also unlicensed wholesalers, distributors, and manufacturers. Readers could also get information on the transmission of medical devices or IVDs through South Africa and their importation into the country. Other topics such as vigilance for IVDs and medical devices and reporting of adverse events have also been studied in the report.
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