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Sunday, June 16, 2024

Saudi Arabia Medical Devices Market Forecasted for Significant Growth

Saudi Arabia medical devices market is expected to witness steady growth for the next five years, according to TechSci Research report. 

Access to healthcare facilities is considered a basic right in Saudi Arabia which is a major reason for the ever-increasing demand to avail healthcare facilities in Saudi Arabia. 

Government initiatives to provide reimbursements for availing healthcare facilities and the use of medical devices for better results are influencing the growth of the medical devices market in the region. 

Government initiatives to provide reimbursements for availing healthcare facilities and the use of medical devices for better results are influencing the growth of the medical devices market in the region. 

The rising preference of consumers for the adoption of self and home-based treatments is increasing at a rapid pace.

Also, technological advancements in medical devices such as the adoption of glucose monitoring devices, insulin delivery devices, and oxygen concentrators have led to the adoption of diagnosis and treatment from the comfort of homes. 

Advancements in medical devices such as ECG, pacemakers, and others in increasing the efficiency of the medical devices which is benefitting several patients in the long run.

The emergence of 3D technology for the treatment of orthopedic treatments is fostering the growth of the devices in Saudi Arabia. The launch of new products with better device performance is catalyzing the growth of the medical devices market. 

The preference of consumers for the adoption of biocompatible devices is boosting the market demand.

Due to the Covid-19 pandemic, the lockdown was imposed all over the world in 2020, which led to the shutdown of many manufacturing units.

Disruption in the supply chain was observed which created a gap in the whole medical devices manufacturing process. However, demand for ventilators increased worldwide including Saudi Arabia to treat the patients suffering from coronavirus disease, contributing to the growth of the market even during the pandemic.

Moreover, the medical devices market is expected to pick up the pace and continue to grow in the forecast period.

However, data security threats due to the adoption of electronic medical records facility by healthcare institutions may hamper the Saudi Arabia medical devices market growth in the forecast period.

Saudi Arabia medical devices market is segmented into type, end-user, region, and company. Based on type, the market is further divided into cardiovascular devices, diagnostic imaging equipment, in-vitro diagnostic devices, ophthalmic devices, diabetes care devices, dental care devices, surgical equipment, orthopedic devices, nephrology & urology devices, ENT devices, anesthesia & respiratory devices, neurology devices, mobility-aid devices, and others. 

Diagnostic imaging equipment is expected to register growth in the forecast period due to the increasing prevalence of cancer and other chronic diseases. Early diagnosis of diseases results in procuring the best treatment plans for efficient treatment with better results.

Based on end-user, the medical devices market is fragmented into hospitals & clinics, diagnostic centers, and others. The hospitals & clinics segment is expected to dominate the medical devices market on account of the growing old age population and increasing prevalence of diabetes and cardiovascular diseases. Saudi Vision 2030 and National Transformation Programme for privatization of healthcare facilities and rising government expenditure to upgrade the healthcare sector is expected to augment the growth of the medical devices market in Saudi Arabia in the forecast period.

GE Healthcare, Mindray Saudi Arabia, Siemens Ltd. Saudi Arabia, Philips Healthcare Saudi Arabia Ltd, Hitachi Medical Systems Saudi Arabia, Shimadzu Middle East & Africa FZE, Hologic, Inc., Fujifilm-Middle East, Medtronic Saudi Arabia Co., Johnson & Johnson Medical Saudi Arabia Limited, Abbott Saudi Arabia Trading LLC, Becton, Dickinson and Company Saudi Arabia, Baxter Company Limited, Canon Medical Middle East, Roche Diagnostics Saudi Arabia Limited are the leading players operating in Saudi Arabia medical devices market. 

Manufacturers are increasingly focusing on research and development processes to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several medical device manufacturers are coming up with their technologically advanced offerings.

“Saudi Arabia medical devices market is projected to grow at a formidable rate in the next five years on account of growing geriatric population in the country, technological advancements and increased focus of government on healthcare sector by launch of vision 2030 and national transformation program (NTP). Increased private and public sector investment in healthcare and plan of Ministry of Health (MoH) to construct 35 hospitals is expected to positively influence the medical devices market,” said Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm. — TradeArabia News Service

The article is republished from Trade Arabia, please read the original article from this link

HBC Editors
HBC Editorshttp://www.healthcarebusinessclub.com
HBC editors are a group of healthcare business professionals from diversified backgrounds. At HBC, we present the latest business news, tips, trending topics, interviews in healthcare business field, HBC editors are expanding day by day to cover most of the topics in the middle east and Africa, and other international regions.

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