ID: MRFR/MED/2084-HCR | 45 Pages | Author: Kinjoll Dey | June 2023
The Saudi Arabia medical devices market size is projected to reach USD 3100 million by 2030 5.80% CAGR during the forecast period 2022 to 2030. The expansion of the market is a direct result of the rising number of technical developments that are bettering the quality of life for patients and the general public alike. In addition, the rising popularity of mobile platforms and AI, and 5G will fuel the market's expansion. Moreover, the rising prevalence of chronic diseases and increased mortality rates are major areas of concern among people and government organizations. Thus, healthcare providers offer personalized care, including continuous and remote patient monitoring. Also, these can be worn for 24 hours without affecting routine life. Hence, considering its various advantages, the demand for wearable medical devices is projected to boost over the forecast period.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has resulted in a decline in elective surgeries and hospital emergency room visits. Among the procedures considered less serious or not life-threatening, such as dental procedures, orthopedic surgeries witnessed a significant decline in the number of surgeries during the pandemic. Furthermore, the market players were offering devices prominently used for elective procedures, such as dental procedures, orthopedic, and other surgeries, and diagnostic imaging equipment witnessed a significant decrease in revenues in 2020 compared to 2019.
Saudi Arabia Medical Devices Market Dynamics
Increasing investment in R&D activity by medical technology companies for developing new and advanced medical devices and easy approval for those devices by the regulatory authorities are expected to propel the market growth for medical devices over the upcoming years. The increasing demand for innovative therapies, along with the technological advancements in medical devices to overcome the unmet requirements in the healthcare sector, is considered the prime factor in supporting the growth of medical devices during the forthcoming years. However, data security threats may hamper the market growth for medical devices as an internet connection is required to transfer patient data from remote devices to physicians. Hence, this increases the threat to data security. The rising trend for connected devices makes them attractive and thus increases the risk of data breaches or hacks.
The increasing prevalence of chronic medical conditions and the treatment of patients suffering from these diseases are exerting huge pressure on the healthcare systems in Saudi Arabia. This has led to a substantial enhancement in the economic burden of treating these diseases. The overall prices of treating a patient in a hospital inpatient setting are significantly higher, and longer hospital stays are associated with a higher economic burden.
There is an increasing prevalence of chronic disorders, including diabetes, cancer, and other infectious diseases, owing to the adoption of sedentary lifestyles and other factors. Also, healthcare agencies in various countries focus on increasing the diagnosis and treatment rates through the increasing number of awareness programs. With the growing prevalence and awareness of such conditions, the patient population requiring diagnostic procedures and tests is also increasing. Also, a rapid enhancement in the geriatric population is growing the demand for ophthalmic and orthopedic procedures owing to the expanding incidence of impaired vision and joint fractures in the aged population. As per data published by Osteoarthritis Action Alliance in 2021, the annual incidence of knee osteoarthritis is increased between the age group of 45-65 years, and 45% of the individuals with osteoarthritis are aged 65 or above.
The industry has noticed noteworthy developments in the past decade regarding unique technologies being executed and unique design modifications, among others. However, these devices are costly, which includes a comparatively higher acquisition price, and subsequent maintenance expenses, thereby leading to an overall increased device price and ownership. Some cutting-edge devices are associated with several other components, such as chips, sensors, batteries, and other accessories, which need periodic replacement. Thus, the high price has been responsible for the comparatively limited adoption of medical devices in Saudi Arabia.
There are a few restrictions on wearable medical devices, including security concerns and concerns related to data privacy. Despite these restrictions, there is still a significantly high preference for fitness trackers and activity monitors owing to their easy usability and benefits. The increasing emphasis on fitness among adults in the country and the growing focus of regional and national healthcare agencies on monitoring and diagnosis have been pivotal in the higher demand for fitness trackers. Also, introducing advanced models with new features and reduced prices by market players has increased the device's customer pool. This creates a huge growth opportunity for new entrants firms and established players to focus on this segment and launch new wearable devices to cater to these devices' growing demand.
Saudi Arabia Medical Devices Market Segmentation
The market segments of Saudi Arabia medical devices, based on product type, is monitoring devices, diagnostic devices, molecular diagnostic devices, drug delivery devices, surgical devices, bio implants & stimulation devices, and automation & robotics. The Saudi Arabia medical devices market growth was prominently high under the monitoring devices category in 2021 owing to the growing uptake of real-time diagnostic tests for precise diagnosis of chronic diseases such as diabetes, cancer, and HIV/AIDS. However, automation & robotics is to be the fastest growing category in the coming years due to growing technological advancements in surgical robots and their increasing usage by healthcare providers.
Therapeutic Application Insights
The market segments of Saudi Arabia medical devices,, based on therapeutic application, is general surgery, diagnostic imaging, respiratory, orthopedics, cardiovascular, dental, neurology, ophthalmology, ear-nose-throat (ENT), and nephrology and urology. In 2021, diagnostic imaging accounted for the largest market share due to the increasing prevalence of chronic disease and the need for precise and efficient testing kits for diseases such as malaria, HIV/AIDS, diabetes, and cancer. However, the dental category is to register the highest growth rate during the forecast period due to the growing prevalence of dental diseases.
End User Insights
Based on end users, the market is divided into hospitals, ambulatory, and home. The ambulatory category dominated the market for medical devices in 2021 due to increasing funding by public and private players in small & medium-sized clinics and long-term care centers to improve healthcare infrastructure. The hospitals category will witness significant growth over the forecast period due to the increasing number of multispecialty and community hospitals.
Saudi Arabia Medical Devices Market Overview by Region
The growth of the Saudi Arabia medical devices market is due to the presence of adequate and favorable reimbursement policies, a well-developed healthcare infrastructure, rapid adoption of advanced medical technologies, and major players in the region are major factors majorly responsible for its dominance. This is further augmented by the growing number of patients undergoing diagnosis and treatment in the region due to an increasing incidence and prevalence of chronic conditions. Furthermore, growing healthcare expenditure, well-established infrastructure, and rising adoption of developed diagnostic and treatment devices. A substantial focus toward a shift of medical care in home care settings and the introduction of portable medical equipment by leading domestic players in the country are poised to drive the market's growth during the forecast period.
Saudi Arabia Medical Devices Market Competitive Landscape
The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reached diverse product portfolios. Companies such as Johnson & Johnson, General Electric, Medtronic, Koninklijke Philips Electronics NV., and Baxter Internationa dominate the market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting research and development. Moreover, they embrace strategic growth initiatives, such as development, product introduction, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base.
Prominent players in the Saudi Arabia medical devices market research include Fresenius Medical Care AG & Co., Cardinal Health, Al-Salehiya Medical Establishment, Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO), Al Amin Medical Instruments Company (AMICO), Al Faisaliah Medical Systems (FMS), and Siemens Ltd among others.
Scope of the Saudi Arabia Medical Devices Market Report
Product Type Outlook
Therapeutic Application Outlook
End User Outlook
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Saudi Arabia Medical Devices Market Forecast & Size:
To identify and estimate the market size for Saudi Arabia's medical devices market report segmented by product type, therapeutic application, and end-user by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the market of Saudi Arabia medical devices forecast between 2022 and 2030
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges in the market growth of Saudi Arabia medical devices.
Market Influencing Factors:
To find out the factors which are affecting the Saudi Arabia medical devices market size among consumers
Impact of COVID-19:
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the company's financial health in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||USD 3,100 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Usage, Design, Material, Type, Application, and Distribution Channel|
|Geographies Covered||Johnson & Johnson, General Electric, Medtronic, Koninklijke Philips Electronics NV., Fresenius Medical Care AG & Co., and Baxter International|
|Key Vendors||Johnson & Johnson, General Electric, Medtronic, Koninklijke Philips Electronics NV., Fresenius Medical Care AG & Co., and Baxter International|
|Key Market Opportunities||Growing customer preference for wearable devices|
|Key Market Drivers||Rising prevalence of chronic diseases|
The Saudi Arabia medical devices market forecast period is 2022 - 2030
The market is expected to register a CAGR of ~5.80% over the next 10 years, according to Saudi Arabia medical devices market research.
The market size is expected to be USD 3,100 Million by 2030.
Johnson & Johnson, General Electric, Medtronic, Koninklijke Philips Electronics NV., Fresenius Medical Care AG & Co., and Baxter International are the major companies operating in the market.
Key Questions Answered
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