Market Entry - Wearable Medical Devices Industry in Nigeria: Analysis of Growth, Trends and Progress (2020 - 2025)

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About the Market

The global wearable medical device market was valued at USD 4 billion, while North America's market was worth USD 1.83 billion, in 2015. Demand for wireless monitoring devices, dealing with chronic diseases and healthy lifestyle drive the market. They can be categorized by their applications as home healthcare, remote patient monitoring, and sports & fitness. Based on the site of application, the wearable devices market is segmented into handheld, shoe sensors, headband, strap/clip/bracelet etc. Strap/clip/bracelet or wrist-worn devices hold over 40% of the market. Cost effective monitoring and lack of awareness are major challenges the industry faces in developing countries as compared to developed ones. North America is estimated to hold majority shares due to quick acceptance by consumers of technologically advanced products and their increasing demand for on-the-move diagnostic products; while Asia-Pacific is witnessing the fastest growth. Google, Nike, Apple, and Fitbit Inc. are few tech giants involved in the launch of innovative products that are predicted to boost growth.

About the Geography

Nigeria is a presidential republic located in West Africa. It is the second largest economy and the highest producer of oil & gas in Africa. Nigeria has the third largest FDI stock in Africa,since the country remains Africa's largest producer of oil.

Nigeria has a privatized economy, low cost of labor, and abundant natural resources. The government promotes public-private partnerships and has liberal economic policies, which help maintain good relations with foreign firms. Being the seventh largest population in the world it is also the largest market in Africa. Foreign companies can own 100% of the business in all sectors except for industries critical to the nation’s security. Widespread corruption, poor infrastructure, terrorism, inefficient judicial system, and political instability have reduced the influx of foreign investment.

Despite these challenges, Nigeria received USD 80 billion in FDI in 2015. Bilateral trade agreements and treaties with many countries and tax incentives in all major industries have motivated investors to invest here.

                                           Component Name

Unit

GDP (USD billion)

481

GDP Annual Growth Rate

-2.06

GDP Per Capita

2548

Unemployment Rate

13.3

Inflation Rate

17.6

Consumer Price Index (CPI)

206

Interest Rate

14

Balance of Trade (USD billion)

0.0932

Business Confidence

-24.1

Ease of Doing Business

169

Competitiveness Rank

127

Corruption Rank

136

Consumer Confidence

-28.2

Consumer Spending (USD billion)

38.502

Bank Lending Rate (Consumers)

17.18

Corporate Tax Rate

30

Sales Tax Rate

5

 

The Market Entry Series

Exploring global markets is now recognized as the shortest way to ensure high time to efficiency conversion, when trying to expand revenues past domestic markets, for firms both large and small. Our market entry series, priced suitably low contains the essentials of all the parameters (Refer: Table of Contents) you must be apprised of before you can have a well informed contemplation of a business opportunity in your choice of industry, in your choice of geography.

 

1. Introduction

                1.1 Scope of the Report

                1.2 Regional Analysis

                                1.2.1 PESTLE Analysis

                                1.2.2 Analysis of Ease of Doing Business

2. Market Dynamics

                2.1 Drivers

                2.2 Restraints

                2.3 Opportunities

3. Market Demand Analysis

                3.1 Socio-Economic Segmentation

                3.2 Demographic Strengths & Weaknesses

                3.3 Spending Patterns

                3.4 Target Market Identification

4. Market Size of Wearable Medical Devices (USD millions)

                4.1 By Type

                4.2 By Segment

5. Market Entry

                5.1 Market Entry: The Strategy

                                5.1.1 Types of Entry Modes, by Market Entry Objectives

                                5.1.2 Competition Analysis

                                                5.1.2.1 Market Share

                                                5.1.2.2 Strategies Adopted, Recent Events 

                                5.1.3 Pricing Strategy

                                5.1.4 Supply Chain Analysis

                                                5.1.4.1 Trade (Import-Export Analysis)

                                                5.1.4.2 Distribution Network & Retail Analysis

                5.2 Market Entry: The Administration

                                5.2.1 How to Register a Company (Flowchart)

                                5.2.2 Registration Processes 

                                                5.2.2.1 Ministries Involved

                                                5.2.2.2 Criteria and Conditions

                                5.2.3 List of Forms & Documents

                                5.2.4 Product Control Guidelines specified by the Government

6. Sources

7. Disclaimer

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