ECOWAS: Diagnostic Equipment Market 2024

Diagnostic Equipment Market Size in ECOWAS

The ECOWAS diagnostic equipment market soared to $X in 2023, surging by X% against the previous year. Over the period under review, consumption posted prominent growth. As a result, consumption attained the peak level of $X. From 2020 to 2023, the growth of the market remained at a lower figure.

Diagnostic Equipment Production in ECOWAS

In value terms, diagnostic equipment production rose markedly to $X in 2023 estimated in export price. The total production indicated strong growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2022 to 2023, production growth remained at a somewhat lower figure.

Diagnostic Equipment Exports

Exports in ECOWAS

After three years of growth, overseas shipments of electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus decreased by X% to X units in 2023. In general, exports showed a deep contraction. The growth pace was the most rapid in 2018 with an increase of X%. Over the period under review, the exports reached the peak figure at X units in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

In value terms, diagnostic equipment exports plummeted to $X in 2023. Over the period under review, exports continue to indicate a perceptible shrinkage. The pace of growth appeared the most rapid in 2018 with an increase of X%. As a result, the exports reached the peak of $X. From 2019 to 2023, the growth of the exports remained at a lower figure.

Exports by Country

Benin was the key exporter of electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus in ECOWAS, with the volume of exports accounting for X units, which was approx. X% of total exports in 2023. Sierra Leone (X units) held the second position in the ranking, distantly followed by Senegal (X units), Cabo Verde (X units) and Mali (X units). All these countries together took near X% share of total exports. The following exporters - Niger (X units) and Cote d'Ivoire (X units) - each amounted to a X% share of total exports.

From 2012 to 2023, the biggest increases were recorded for Cabo Verde (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Sierra Leone ($X), Cote d'Ivoire ($X) and Benin ($X) constituted the countries with the highest levels of exports in 2023, together comprising X% of total exports.

Cote d'Ivoire, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2023, falling by X% against the previous year. Over the period under review, the export price, however, saw a strong increase. The pace of growth was the most pronounced in 2013 an increase of X%. Over the period under review, the export prices attained the peak figure at $X per unit in 2019; however, from 2020 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per unit), while Benin ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%), while the other leaders experienced more modest paces of growth.

Diagnostic Equipment Imports

Imports in ECOWAS

In 2023, supplies from abroad of electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus increased by X% to X units, rising for the second consecutive year after two years of decline. Overall, imports continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2019 with an increase of X%. As a result, imports attained the peak of X units. From 2020 to 2023, the growth of imports remained at a lower figure.

In value terms, diagnostic equipment imports totaled $X in 2023. Over the period under review, imports showed modest growth. The pace of growth was the most pronounced in 2019 with an increase of X%. As a result, imports attained the peak of $X. From 2020 to 2023, the growth of imports remained at a lower figure.

Imports by Country

Nigeria prevails in imports structure, finishing at X units, which was near X% of total imports in 2023. It was distantly followed by Togo (X units), making up an X% share of total imports. Burkina Faso (X units), Senegal (X units), Benin (X units) and Ghana (X units) held a minor share of total imports.

Nigeria was also the fastest-growing in terms of the electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus imports, with a CAGR of X% from 2012 to 2023. At the same time, Senegal (X%), Benin (X%), Togo (X%) and Burkina Faso (X%) displayed positive paces of growth. By contrast, Ghana (X%) illustrated a downward trend over the same period. Nigeria (X p.p.) significantly strengthened its position in terms of the total imports, while Burkina Faso and Ghana saw its share reduced by X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Ghana ($X), with a X% share of total imports. It was followed by Senegal, with an X% share.

From 2012 to 2023, the average annual growth rate of value in Nigeria amounted to X%. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Senegal (X% per year).

Import Prices by Country

In 2023, the import price in ECOWAS amounted to $X per unit, falling by X% against the previous year. In general, the import price saw a abrupt contraction. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. As a result, import price attained the peak level of $X per unit. From 2018 to 2023, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Ghana ($X per unit), while Togo ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Burkina Faso (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform