ECOWAS: Pacemaker Market 2024

Pacemaker Market Size in ECOWAS

In 2021, after two years of decline, there was significant growth in the ECOWAS pacemaker market, when its value increased by 24% to $X. Over the period under review, consumption saw a temperate expansion. The level of consumption peaked at $X in 2016; however, from 2017 to 2021, consumption stood at a somewhat lower figure.

Pacemaker Production in ECOWAS

In value terms, pacemaker production soared to $X in 2021 estimated in export price. In general, production continues to indicate a pronounced increase. The growth pace was the most rapid in 2015 when the production volume increased by 106% against the previous year. The level of production peaked at $X in 2016; however, from 2017 to 2021, production stood at a somewhat lower figure.

Pacemaker Exports

Exports in ECOWAS

In 2021, exports of pacemakers for stimulating heart muscles (excl. parts and accessories) in ECOWAS dropped dramatically to X units, with a decrease of -95.5% on 2020 figures. Over the period under review, exports, however, showed a buoyant increase. The growth pace was the most rapid in 2015 when exports increased by 1,100%. Over the period under review, the exports attained the maximum at X units in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, pacemaker exports shrank dramatically to $X in 2021. Overall, exports continue to indicate a mild decrease. The pace of growth was the most pronounced in 2015 when exports increased by 749% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Nigeria (X units) represented roughly 100% of total exports in 2021.

Nigeria was also the fastest-growing in terms of the pacemakers for stimulating heart muscles (excl. parts and accessories) exports, with a CAGR of +8.0% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) also remains the largest pacemaker supplier in ECOWAS.

In Nigeria, pacemaker exports remained relatively stable over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per unit, which is down by -36.6% against the previous year. Over the period under review, the export price recorded a abrupt slump. The most prominent rate of growth was recorded in 2014 an increase of 158% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2015 to 2021, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Nigeria.

From 2012 to 2021, the rate of growth in terms of prices for Nigeria amounted to -8.8% per year.

Pacemaker Imports

Imports in ECOWAS

In 2021, after three years of growth, there was significant decline in purchases abroad of pacemakers for stimulating heart muscles (excl. parts and accessories), when their volume decreased by -46.4% to X units. In general, imports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2013 when imports increased by 239%. The volume of import peaked at X units in 2020, and then contracted markedly in the following year.

In value terms, pacemaker imports declined dramatically to $X in 2021. Over the period under review, imports, however, saw a resilient expansion. The growth pace was the most rapid in 2013 with an increase of 125% against the previous year. Over the period under review, imports hit record highs at $X in 2020, and then shrank remarkably in the following year.

Imports by Country

Nigeria (X units), Ghana (X units) and Senegal (X units) represented roughly 71% of total imports in 2021. Guinea (X units) held an 11% share (based on physical terms) of total imports, which put it in second place, followed by Burkina Faso (5.7%). The following importers - Cabo Verde (X units) and Cote d'Ivoire (X units) - each reached a 7.9% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Ghana (with a CAGR of +30.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported pacemakers for stimulating heart muscles (excl. parts and accessories) in ECOWAS, comprising 43% of total imports. The second position in the ranking was held by Ghana ($X), with a 19% share of total imports. It was followed by Senegal, with a 16% share.

In Nigeria, pacemaker imports expanded at an average annual rate of +121.4% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+28.0% per year) and Senegal (+12.3% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2021, with an increase of 8.2% against the previous year. Import price indicated noticeable growth from 2012 to 2021: its price increased at an average annual rate of +2.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, pacemaker import price increased by +36.8% against 2018 indices. The growth pace was the most rapid in 2014 an increase of 46% against the previous year. The level of import peaked in 2021 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Cote d'Ivoire ($X per unit), while Cabo Verde ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+15.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform