The growth in the Healthcare industry of South Africa can be attributed to the increasing and ageing population, rise in consumption of healthcare facilities due to increase in average spending on healthcare.
South Africa is the biggest economies in Africa after Nigeria. The access to basic healthcare services has improved in the country; however, the pressure on public healthcare facilities (hospitals, clinics, diagnostic laboratories etc.) has increased substantially in recent years. There is a stark divide in healthcare between the rich and the poor of South Africa. The public healthcare system is large, under-resourced and overburdened, whereas the private healthcare sector in the country is well funded and well equipped. The private sector is highly concentrated and dominated by the presence of a few big players; Netcare Limited, The life Healthcare Group Limited and Mediclinic Southern Africa.
South Africa is one of the best regions in Africa for manufacturing of pharmaceutical availability of cheap labour, world class infrastructure and introduction of South African Health Products Regulatory Authority (SAHPRA). SAHPRA has replaced MCC and will work towards reducing the time taken to launch a product in the market. The indigenous pharmaceutical companies majorly manufacture generic drugs. International companies in the country majorly operate in partnership with a local company. The medical devices market is majorly dependant on imports. The medical devices in public hospitals, clinics and diagnostic labs require to be updated. The private healthcare establishment on the other hand uses the latest equipments and contributes substantial revenue to the overall market. Devices for imaging and orthopedic devices contribute a major share of revenue to the market. The number of hospitals has gradually increased in the country. Most of the hospitals and clinics in the country are run by the government and they are not adequate to cope up with the demand of the ever increasing population. Similar to the hospitals and clinics, most of the diagnostic laboratories in South Africa are owned and operated by the government. With the rise in population of the country there has been a significant increase in demand for diagnostic tests. The number of private labs is increasing and private investment into the sector is expected to increase in the future.
The report titled “South Africa Healthcare Market by Industry Type (Hospitals & Clinics, Diagnostic Labs, Pharmaceutical and Medical Devices) –Outlook to 2022” by Ken Research suggested a growth at a positive CAGR in revenues in South Africa Healthcare market in the next 5 years till 2022, due to ever increasing and ageing population, development of both; public and private healthcare infrastructure and increase in average spending on healthcare.
For more information on the research report, refer to below link:
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