One Eight Innovation CEO on the future of Africa’s health technology market

Africa's health technology market is poised for significant growth, particularly in the area of wound care management. According to Fortune Business Insights, the niche is expected to expand by approximately 12% over the next seven years, reaching an estimated market value of $16.37 billion by 2027. This promising outlook presents numerous opportunities for medical entrepreneurs on the continent to tap into this rapidly growing sector and provide much-needed solutions for individuals living with chronic or acute wounds. Moshe Lichtenstein, the CEO and Founder of One Eight Innovation, recently spoke to CNBC Africa to share his insights on how entrepreneurs can leverage this growth potential. Lichtenstein highlighted the unique opportunities present in the South African market and the continent as a whole. He emphasized the dual nature of the healthcare sector in South Africa, with a robust public healthcare system alongside a burgeoning private sector. This combination offers a fertile ground for incubating and integrating innovative medical devices. Lichtenstein also underscored the importance of collaboration and expansion beyond South Africa, urging medical device firms to explore partnerships with existing entrepreneurs in other African countries. One of the key strategies he outlined for attracting investment in the sector is the development of game-changing medical devices that address fundamental patient needs. For example, One Eight Innovation has introduced ActiGraft, a revolutionary device for treating chronic wounds that has shown remarkable success in healing previously difficult-to-treat wounds. By focusing on delivering tangible benefits to both patients and healthcare providers, entrepreneurs can tap into the growing demand for innovative medical technologies. Lichtenstein discussed the distinct characteristics of entrepreneurship in the medical device sector, noting the inherent need for innovative solutions to address various health conditions. He highlighted the importance of gaining buy-in from healthcare professionals and opinion leaders to validate the efficacy of new devices and ensure their widespread adoption. Looking ahead, Lichtenstein expressed optimism about the future of the wound care market, particularly in addressing prevalent conditions such as diabetic foot ulcers. He cited the positive impact of innovative treatment modalities in saving limbs and improving patient outcomes, underscoring the potential for significant returns on investment in this burgeoning segment of the medical technology industry. In conclusion, Lichtenstein shared his vision for the future of medical technology in Africa, noting the bright prospects driven by game-changing innovations and a growing focus on patient-centric care. He emphasized the importance of leveraging digital health solutions and cutting-edge technologies to transform healthcare delivery across the continent. Overall, the future looks promising for medical device entrepreneurship in Africa, with a wealth of opportunities waiting to be unlocked by visionary entrepreneurs.