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Increased Demand for Specialist Healthcare Services to Drive Hospital Infrastructure Development in Nigeria, says Frost & Sullivan

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Increased Demand for Specialist Healthcare Services to Drive Hospital Infrastructure Development in Nigeria, says Frost & Sullivan PR Newswire CAPE TOWN, South Africa, June 14, 2012 - Investors will have to strategically manage costs to ensure profitable construction ventures CAPE TOWN, South Africa, June 14, 2012 /PRNewswire/ -- The high burden of communicable diseases, and the increasing burden of non-communicable diseases in Nigeria, often necessitates specialist hospital care. Although Nigeria has well-equipped tertiary facilities, these do not adequately meet the needs of the entire population, opening up lucrative market opportunities in the hospital construction market. New analysis from Frost & Sullivan (http://www.medicaldevices.frost.com), Healthcare Infrastructure: Revitalisation and New Hospital Market in Nigeria, finds that the revitalisation and new hospitals' market was valued at $125.4 million in 2010 and is estimated to be valued at $149.0 million in 2017. "The adoption of more Western lifestyles by the emerging middle class in Nigeria, making them prone to non-communicable diseases, has increased the demand for specialist healthcare services," noted Frost & Sullivan's Healthcare Research Analyst Tinotenda Sachikonye. "With long waiting lists for tertiary healthcare services in the country's public sector, the wealthier portion of the population often seeks specialist healthcare services abroad.

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Increased Demand for Specialist Healthcare
Services to Drive Hospital Infrastructure
Development in Nigeria, says Frost & Sullivan
PR Newswire
CAPE TOWN, South Africa, June 14, 2012
- Investors will have to strategically manage costs to ensure
profitable construction ventures
CAPE TOWN, South Africa
,
June 14, 2012
/PRNewswire/ -- The high burden of
communicable diseases, and the increasing burden of non-communicable
diseases in
Nigeria
, often necessitates specialist hospital care. Although
Nigeria
has well-equipped tertiary facilities, these do not adequately meet the needs of
the entire population, opening up lucrative market opportunities in the hospital
construction market.
New analysis from Frost & Sullivan (http://www.medicaldevices.frost.com),
Healthcare Infrastructure: Revitalisation and New Hospital Market in
Nigeria
, finds that the revitalisation and new hospitals' market was valued at
$125.4 million
in 2010 and is estimated to be valued at
$149.0 million
in 2017.
"The adoption of more Western lifestyles by the emerging middle class in
Nigeria
, making them prone to non-communicable diseases, has increased the
demand for specialist healthcare services," noted Frost & Sullivan's Healthcare
Research Analyst Tinotenda Sachikonye. "With long waiting lists for tertiary
healthcare services in the country's public sector, the wealthier portion of the
population often seeks specialist healthcare services abroad."
While the continual demand for specialist healthcare services, coupled with a
high economic growth rate in
Nigeria
, is expected to drive the construction of
new hospitals, the high costs of construction, lack of investment and past
instability of the government will determine the pace at which construction
unfolds.
"The cost of construction in
Nigeria
is relatively high, since most inputs for
building – apart from sand, cement and granite – are imported at a high cost
and construction firms need to have capital to be able to generate their own
power and source their own water," elaborated Sachikonye. "It is, therefore,
important to manage costs to ensure profitable construction ventures in
Nigeria
."
Investors in this sector can also seek security of investments through public
private partnerships (PPPs).
"As the country strives to boost its economy, the public sector in
Nigeria
has
indicated commitment in ensuring accessibility of healthcare services to the
population," concluded Sachikonye. "Partnering with the public sector may
prove advantageous as this opens opportunities for subsidisation."
If you are interested in more information on this study, please send an e-mail
with your contact details to Samantha James, Corporate Communications, at
samantha.james@frost.com.
Healthcare Infrastructure: Revitalisation and New Hospital Market in
Nigeria
is part of the
Medical Devices
Growth Partnership Service