In Nigeria, the Medical Technology market is projected to generate revenue of US$783.90 million in 2025, according to Statista Market Insights.
Among its various segments, Medical Devices is expected to be the largest, with a market volume of US$672.70 million in the same year.
Looking ahead, the market is forecasted to grow at a compound annual growth rate (CAGR) of 9.57% from 2025 to 2029, reaching US$1.13 billion by 2029.
Globally, the United States is anticipated to lead in revenue generation, with an estimated US$221.00 billion in 2025.
Meanwhile, Nigeria’s medical technology market is witnessing a rising demand for telemedicine solutions, driven by the country’s vast geographical landscape and limited healthcare infrastructure.
Dr. Debo Odulana is the CEO of Cedarcrest Hospital in Abuja, a Nigerian medical doctor, healthcare consultant, and entrepreneur committed to revitalizing Nigeria’s healthcare system in addressing various challenges and improving the overall healthcare landscape in the country.
His passion for Africa’s development extends beyond healthcare, as he is dedicated to contributing to the growth and progress of the continent through various initiatives.
In an exclusive interview with Nairametrics, Dr. Odulana discusses the transformative impact of technology on Nigeria’s healthcare system. From AI-driven diagnostics to telemedicine, he highlights how innovation is bridging access gaps and improving patient outcomes.
However, he also raises concerns about the high cost of advanced medical equipment like MRI and PET scan machines, which can range from $2 million to $3 million. Dr. Odulana examines whether investing in brand-new machines is sustainable for Nigerian hospitals and the role of insurance in ensuring cost recovery.
Nairametrics: Thank you for joining us. To start, there have been concerns about the high cost of advanced medical equipment. How is this impacting healthcare delivery?
Dr Odulana: Cost is a major barrier to advanced diagnostics, such as MRI and PET (Positron Emission Tomography) scans, which are expensive equipment. These scans are non-invasive imaging techniques essential for diagnosing various medical conditions. MRI uses a strong magnet and radio waves to produce high-resolution images of internal structures, while PET scans use a radioactive tracer to assess organ and tissue function, often for cancer and neurological disorders.
However, their high-cost limits accessibility, especially in resource-constrained settings.
Well, we’re seeing significant improvements in diagnostics technology. Nigeria still lags in acquiring cutting-edge equipment due to cost, advancements in MRI technology illustrate how newer machines improve diagnosis.
While the initial investment is high, the benefits are clear. For example, a decade ago, most hospitals had 0.5 Tesla MRI scanners, but now, some institutions are investing in 3 Tesla MRI which provides much better imaging.
However, these machines can cost anywhere from $2 million and $3 million, making them unaffordable for many operators and raises a key question—does it make sense for operators in Nigeria to buy brand-new machines?
Most times, we have to wait for refurbished models from Europe or America, which are more affordable—often just 20-30% of the cost of new ones. However, these are slightly outdated, meaning doctors must rely more on clinical expertise to make up for the diagnostic limitations.
This is also why, despite the need for multiple PET scan machines in the country, we can only afford one or two. If hospitals invest in too many expensive machines without an insurance-backed system to ensure cost recovery, they risk financial losses.
The cost is just too high, and with limited insurance coverage, breaking even becomes a challenge.
Nairametrics: How would you assess the impact of technology on healthcare innovation in Nigeria?
Dr Odulana: Technology is transforming healthcare in Nigeria across various facets, including treatment, business operations, and service delivery. One significant benefit is its role in addressing diseases like cancer and cardiovascular conditions, where innovations are improving early detection and management.
Additionally, technology is enhancing drug supply chain transparency, reducing counterfeit drugs, and improving access to essential medicines. Despite challenges such as inadequate infrastructure, low internet penetration in rural areas, and regulatory gaps, digital transformation holds significant potential for the future of healthcare in Nigeria.
Nairametrics: Access to healthcare remains a major challenge in Nigeria. How is technology helping to bridge the gap?
Dr Odulana: Access is indeed a critical issue. We need to look at it from multiple perspectives—geographical and financial access. Technology is reducing the barrier to geographical access through telemedicine and digital health platforms. AI-driven solutions such as symptom checkers are being adopted, allowing Nigerians to get preliminary assessments without visiting a hospital.
Additionally, mobile health interventions, including text reminders and USSD codes, are helping with maternal and child health services by reminding mothers about vaccinations and enabling baby registrations online.
Financial access is another key issue, and technology is offering solutions through alternative healthcare financing. Some health insurance companies are now providing micro-health insurance plans where individuals can buy coverage for as little as ₦500 to ₦1,000, sometimes even using airtime. These kinds of innovations are shifting the landscape.
Nairametrics: Beyond access, how is technology influencing diagnosis and treatment in Nigeria?
Dr Odulana: Artificial intelligence (AI) is playing a significant role in diagnosis and treatment. One of the main challenges in Nigerian hospitals is the lack of widespread adoption of electronic medical records (EMRs).
Without EMRs, leveraging Artificial intelligence for decision support becomes difficult, but in hospitals where EMRs are in use, AI is helping doctors by providing insights, reducing diagnostic errors, and ensuring patients receive appropriate follow-ups.
Another key area is automation in patient monitoring. Previously, human staff had to manually monitor patients for falls, but now, AI-powered closed-circuit television (CCTV) monitoring can detect falls and alert healthcare providers. This is a one-time investment in software that reduces operational costs in the long run.
Nairametrics: Do you think the government is doing enough to encourage technology adoption in healthcare?
Dr Odulana: They’re making efforts. There’s ongoing work to establish a national electronic medical records system, and initiatives like the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC) fund are helping to support startups and tech entrepreneurs in the health sector.
However, the government’s role should be more about enabling these innovations—creating policies that encourage private sector investments in healthcare technology, and drive adoption rather than trying to run the projects themselves. That’s where the focus should be.
Nairametrics: What is your final message on the future of healthcare technology in Nigeria?
Dr Odulana: Technology is breaking barriers, creating opportunities in healthcare, and is the future of healthcare, and Nigeria must continue to embrace innovation. From telemedicine to AI-driven diagnostics and innovative health financing solutions, we are seeing a shift.
Increased investment in digital solutions, AI-driven diagnostics, and affordable health insurance models will go a long way in improving healthcare accessibility and outcomes.
However, collaboration between the private sector and government will be crucial in scaling these solutions to benefit more Nigerians. The future is promising if we can continue driving adoption and creating an enabling environment for innovation.
