Nigeria Cardiac Surgery Instruments Market Analysis

Nigeria Cardiac Surgery Instruments Market Analysis


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The Nigeria Cardiac Surgery Instruments Market is expected to witness growth from $2 Mn in 2022 to $3 Mn in 2030 with a CAGR of 7.60% for the forecasted year 2022-2030. The market for instruments used in cardiac surgery is significantly influenced by the elevated rate of heart disease in Nigeria. The market is segmented by type, application and by end user. Some key players in this market include JNC International, GBioMed Nigeria, LivaNova, B. Braun, Medline Industries, KLS Martin, and STILLE.

ID: IN10NGMD004 CATEGORY: Medical Devices GEOGRAPHY: Nigeria AUTHOR: Jigyasu Bhandari

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Nigeria Cardiac Surgery Instruments Healthcare Market Executive Analysis

The Nigeria Cardiac Surgery Instruments Market size is at around $2 Mn in 2022 and is projected to reach $3 Mn in 2030, exhibiting a CAGR of 7.60% during the forecast period. 3.75% of Nigeria's $495 billion GDP goes toward public healthcare. By 2050, Nigeria's 206 Mn people will have nearly doubled in number. The Nigerian government has made $254.6 million in state credit facilities accessible to businesses that provide healthcare services, pharmaceutical firms, and product manufacturers. Compared to the sub-Saharan average of 35%, the typical family pays for 72% of its medical expenses out of pocket. In a similar vein, insurance only pays 5% of medical expenses.

In Nigeria, 11% of fatalities are caused by Cardiovascular Diseases (CVDs), which are also a significant cause of morbidity and mortality. The form of CVD with the highest prevalence is ischemic heart disease. The incidence of CVDs has been increasing in Nigeria over time as a result of lifestyle modifications, urbanization, and population ageing. Hypertension, a major risk factor for CVDs, was present in 46.4% of Nigerian adults. Additional CVD risk factors in Nigeria include elevated cholesterol, diabetes, obesity, inactivity, and smoking. Diabetes was present in 44.4% of Nigerians with heart failure in 2019.

In Nigeria, surgical methods for the treatment of cardiovascular diseases often use cardiac surgery instruments. Cardiothoracic doctors' use of these essential tools is crucial and essential to achieving positive results. Heart valve injuries can be repaired or replaced using cardiac surgery instruments. The tools give surgeons precise access to the heart and the ability to carry out challenging operations. Coronary artery bypass graft surgery involves the creation of new blood vessels that go around blocked or congested coronary arteries using cardiac surgical instruments. This increases the heart's blood flow and lowers the chance of heart attacks. Aneurysms are protrusions in the blood artery walls that are treated with cardiac surgery instruments. The tools enable doctors to reach the aneurysm and treat it, lowering the chance of bleeding and rupture. Pacemakers, which control the pulse, are implanted using tools used in cardiac surgery. The equipment enables highly accurate entry to the heart for pacemaker implantation. By increasing the success rate of cardiovascular surgeries, the use of cardiac surgery instruments can enhance patient outcomes. The danger of complications during surgery is decreased by the use of precise and high-quality cardiac surgery instruments. Cardiothoracic surgery instruments enable doctors to carry out minimally invasive procedures, which reduces hospital stays and speeds up recovery.

Nigeria Cardiac Surgery Instruments Market Analysis

Market Dynamics

Market Growth Drivers

The market for instruments used in cardiac surgery is significantly influenced by the elevated rate of heart disease in Nigeria. The demand for cardiac surgery equipment is anticipated to increase as the prevalence of heart illnesses in the nation continues to rise. The market is expanding as a result of the creation of innovative and cutting-edge cardiac surgery instruments. Robotic-assisted surgery and minimally invasive surgery are two examples of new technologies that are enhancing patient outcomes and speeding up healing. In Nigeria, there is an increase in knowledge and instruction about heart diseases, which is fueling demand for equipment used in cardiac surgery. The demand for cardiac surgery equipment is expected to rise as more people become aware of the advantages of early detection and treatment of heart diseases.

Market Restraints

The market for cardiac surgery instruments in Nigeria is highly competitive due to low-cost substitutes like refurbished equipment or products from unregulated makers. The development potential for established manufacturers may be constrained as a result. The Nigerian regulatory climate can be difficult for companies that produce instruments for cardiac surgery. It may be challenging for businesses to get regulatory approval for their goods, which may restrict their ability to offer in the market.

Competitive Landscape

Key Players

  • JNC International (NG)
  • GBioMed Nigeria (NG)
  • LivaNova
  • B. Braun
  • KLS Martin
  • Medline Industries
  • STILLE

Healthcare Policies and Regulatory Landscape

The National Health Act, which was made into law in 2014, offers a structure for the management and growth of the Nigerian healthcare industry. The National Health Insurance Scheme (NHIS) is created by the Act, which also governs how medical services are delivered in Nigeria. New guidelines for cardiac surgery instruments in Nigeria were released by the National Agency for Food and Drug Administration and Control (NAFDAC) in 2017. Manufacturers are required by the rules to register their products with NAFDAC and adhere to a set of safety and quality requirements. In order to encourage domestic production and manufacturing of medical tools, including instruments for cardiac surgery, the Nigerian government has implemented a number of procurement policies. Public organizations are required by these regulations to favour instruments made locally. Nigeria's NAFDAC has released new medical device regulations. Manufacturers are required by the rules to register their devices with NAFDAC and adhere to a set of safety and quality requirements.

1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Cardiac Surgery Instruments Market Segmentation

By Type (Revenue, USD Billion):

The market is divided into segments in this study based on the goods, applications, end users, and geographical areas. The market is divided into forceps, scissors, needle holders, clamps, and other cardiac surgery instruments based on the product. In 2017 the forceps category led the market, and it is anticipated that it will increase at the fastest rate going forward. The rise in heart surgeries and the frequent usage of forceps in most cardiac procedures are credited with the segment's strong growth.

  • Forceps
  • Vascular Forceps
  • Grasping Forceps
  • Other Forceps
  • Needle Holders
  • Scissors
  • Clamps
  • Other Cardiac Surgical Instruments

By Application (Revenue, USD Billion):

The market is further segmented by application into paediatric cardiac surgery, heart valve surgery, coronary artery bypass graft (CABG), and other applications. The Nigeria market's largest and fastest-growing application segment is CABG. This is mostly explained by the increased prevalence of heart illnesses and the consequent rise in surgical treatments. The second-largest category is heart valve surgery.

  • Coronary Artery Bypass Graft (CABG)
  • Heart Valve Surgery
  • Pediatric Cardiac Surgery
  • Other Applications

By End User (Revenue, USD Billion):

Based on the end user, the market is segmented into hospitals and cardiac centers, and ambulatory surgery centers. The hospitals and cardiac centers segment is expected to dominate the market for cardiac surgery instruments. Growth in this end-user segment can be attributed to the increasing incidence of cardiac and heart valve diseases and the subsequent increase in the number of cardiac surgery procedures.

  • Hospitals and Cardiac Centers
  • Ambulatory Surgery Centers

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

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Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

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We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
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Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

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The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 30 March 2023
Updated by: Dhruv Joshi

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