West Africa’s healthcare expenditure continues to rise, with Nigeria reportedly at the forefront with an expected expenditure of $18.51 billion this year according to Informa Markets.
Exhibition director of Medic West Africa, Ryan Sanderson, said Nigeria’s large investment is in part, due to the federal government’s continued efforts to push its health insurance scheme and expand the population’s access to healthcare.
The company disclosed this while highlighting key growth enablers for healthcare sector as part of its plans for the eighth edition of the Medic West Africa Conference hosting more than 280 regional and international exhibitors from 25 countries in Lagos.
According to a report by Fitch Solutions, healthcare expenditure in Nigeria is predicted to reach N5.762 trillion by 2021 growing at a compound annual growth rate (CAGR) of 8.35 per cent year-on-year from an estimated N5.318 trillion in 2020.
By 2021, healthcare spending is estimated to make up 2.94 per cent of the country’s gross domestic product (GDP). From state-of-the-art imaging equipment to the most cost-effective disposables; developments in surgery to advances in prosthetics, Medic West Africa will spotlight the latest healthcare and laboratory products and services.
According to him, the event will welcome over 4,500 attendees, including dealers, distributors, buyers, laboratory specialists and healthcare professionals, from both the public and private sector.
The three-day event aims to keep participants engaged by displaying the latest innovations that will drive positive transformation in the region’s healthcare sector. Education and knowledge-sharing are some of the core principles of Medic West Africa.
The event will also offer attendees an opportunity to network, discuss and deliberate with leadership from West African Ministries, authorities, healthcare providers, distributors and solution providers.
Sanderson, said, “Informa Markets is thrilled to usher in this year’s conference and exhibition in our host city, Lagos. As a leader in Africa’s healthcare sector, we are charged with the responsibility of discovering promising innovations and solutions that cater to the many facets of the healthcare value chain in Nigeria and beyond.
“All our exhibitors and guest speakers are passionately committed to the future of healthcare and registered attendees will hear from key thought-leaders from across the region on how to continuously drive quality healthcare services, not only in Nigeria but across the West African region.”
Sanderson highlighted that with these numerous growth opportunities, Nigeria’s medical device market has a promising future ahead, saying “This year, Medic West Africa ensures that all stakeholders are encouraged to take advantage of the strong business leads the event provides.”
Medic West Africa is supported by numerous trade associations as well as government agencies such as the Nigeria Federal Ministry of Health, Healthcare Federation of Nigeria and the Nigeria Medical Association.
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