Fitch Solutions anticipates a notable increase in Ghana’s healthcare budget, with projections indicating a rise to $16.5 billion in 2024, up from the recorded figure of $15.2 billion in 2023.
This anticipated expansion in funding underscores Ghana’s commitment to strengthening its healthcare infrastructure there’s more in the following.
According to a recent report from Fitch Solutions, the medical device market in Ghana is poised for significant growth, driven by increasing government investments in healthcare and post-pandemic economic recovery expected by 2024.
This projection comes at a crucial juncture when stakeholders in Africa’s Medical Equipment, Disposal, and Devices industry are expressing growing concerns about the heavy reliance on imported medical devices.
Fitch Solutions predicts robust growth across all segments of the medical devices market, with consumables and dental products leading the way in high double-digit growth in US dollar terms.
Consumables, accounting for over a quarter of Ghana’s total medical devices market, are projected to achieve an astonishing Compound Annual Growth Rate (CAGR) of 21.3% in US dollar terms over the next five years until 2027.
As Africa gears up for a post-pandemic era, the growth of the medical device market brings both opportunities and challenges.
The need for investment in local production capabilities is clear, as the region seeks to enhance its healthcare resilience and self-sufficiency.