Nigeria is the most populous country in Africa, with a total population of 219 million, accounting for 16% of Africa’s total population. The annual population growth rate is 3.2%, and it is expected to reach 440 million people by 2050. It is expected to become the third most populous country in recent years, after China and India.
Nigeria is the country with the largest economic output (GDP) in Africa, and is gradually growing into a huge potential medical device market with a large population base. The demand for healthcare services in Nigeria will continue to increase in the future, and it is expected that by the end of 2023, the revenue of Nigeria’s healthcare market will reach 7.6276 billion US dollars, leading Israel. The expected compound annual growth rate of revenue (CAGR 2023-2027) is 11.3%, and the market size will reach 11.707 billion US dollars by 2027. According to data, the global healthcare service market has grown from $76 trillion in 2016 to $10.1 trillion in 2022, and is expected to reach $14.3 trillion in 2027, with an average annual growth rate of approximately 5.4%. The latest data shows that from February 2023 to July 2023, the average growth rate of China’s total import and export of medical devices was 24.97%; The average growth rate of export value is 25.86%; The average import volume increased by 24.13%.
Nigeria heavily relies on imported medical equipment. 99% of the medical devices and equipment used in the country are imported from abroad, and local production is very low. China is the largest medical device supplier in Nigeria, and in the past few years, China has performed better than all other suppliers in various categories.
According to the latest data from China Customs, in the first half of 2022, China’s exports to Nepal reached 11.01 billion US dollars, a year-on-year increase of 10.2%; Nigeria continues to maintain its position as the largest foreign country and third largest trading partner in Africa (with South Africa and Angola as the top two trading partners).
At this exhibition, Sejoy’s export team will bring star products from the POCT series to booth 2. B32 and look forward to your arrival!
Post time: Mar-15-2024