Value of Ghana’s medical devices market projected to increase to GHS 1.8bn by 2027

Research firm Fitch Solutions says it forecasts that Ghana’s medical devices market will expand with a compound annual growth rate (CAGR) of 24.4% in local currency terms and 17.3% in US dollar terms from 2022 to 2027.

The growth it notes, projects a market worth of GHS 1.8 billion (USD 161.3 million) by 2027.

Among the medical device product categories, consumables, other medical devices, and diagnostic imaging will continue to be the largest, accounting for nearly 80% of the medical device market, asserts Fitch Solutions.

Adding that, hospital furniture will remain a key component of the ‘other medical devices’ segment, both in terms of market value and growth potential.

“We forecast that Ghana’s medical devices market will expand with a compound annual growth rate (CAGR) of 24.4% in local currency terms and 17.3% in US dollar terms from 2022 to 2027. This growth projects a market worth GHS 1.8 billion (USD 161.3 million) by 2027.

“We anticipate an increase in demand for consumables, hospital furniture and diagnostic products as a result of the country’s hospital infrastructure and UHC goals.

“Key drivers of the strong demand for these product categories include the growing number of hospitals, as well as broadening access to care throughout the country,” it opined.

According to Fitch Solutions, although it does not expect the Agenda 111 to meet its aim by 2025, it is of the view that a number of hospital facilities under the project will be completed. Hence it forecasts that the number of hospitals in Ghana will grow from 522 in 2022 to 549 in 2027.

Health budget allocations made in the 2024 budget amount to GHS 15.57bn, an increase from the GHS 15.28bn in 2023. Focus areas in the budget include expanding health infrastructure and advancing universal health coverage.