Saudi Arabia Medical Devices Market size Global Gathering and Future Outlook 2020 to 2027
The medical device industry witnessed one of the fastest
growth propelled by innovation and rapid uptake of technologies. The medical
devices industry has also resulted in the successful fusion of information
technology and healthcare. Technology and product development remain the main
pillars for the growing market for medical devices.
Saudi
Arabia Medical Devices market is expected to grow at a CAGR of ~9.5% during
the period 2017 to 2023.The market involves two segments one high-tech devices
with extreme sophistication and another is the low tech improved devices. The
high tech segment such as diagnostic imaging devices is witnessing higher rates
of growth. The low tech segment is also growing at a good rate but has
witnessed growth in developing regions as the market for these in developed
regions is stagnant. The other market driving factors are rising public
healthcare expenditure in Saudi Arabia, development of large hospitals such as
King Faisal hospital in Riyadh, demand for noninvasive therapy etc.
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The market constraints are strict and ambiguous regulatory
framework, growing concern for security especially data security, differential
availability between developed and developing regions, connectivity issues in
Saudi Arabia, the interference Sharia courts etc
The future developments will include cloud integration,
connected healthcare devices and growing demand for personalized medical
wearable devices. Healthcare mobile applications will also lead the market.
Market Key Players:
The major participants of this market are: Johnson &
Johnson, General Electric, Medtronic, Koninklijke Philips Electronics NV.,
Baxter Internationa, Fresenius Medical Care AG & Co., Cardinal Health,
Al-Salehiya Medical Estableshment, Saudi Pharmaceutical Industries &
Medical Appliances Corporation (SPIMACO), Al Amin Medical Instruments Company
(AMICO), Al Faisaliah Medical Systems (FMS), Siemens Ltd and others.
Segmentation:
Saudi Arabia medical devices market has been segmented on the
basis of product type which comprises monitoring devices, diagnostic devices,
diagnostic molecular devices, drug delivery devices, surgical devices, bio
implants and stimulation devices, automation and robotics and others. On the
basis of therapeutic application; market is segmented into general surgery,
diagnostic imaging, respiratory, orthopedics, cardiovascular, dental,
neurology, ophthalmology, ear-nose-throat (ENT), nephrology and urology, and
others. On the basis of end users; market is segmented hospitals, ambulatory,
home and others.
Saudi Arabia Medical Devices Market:
The Saudi Arabia Medical Devices market has been evaluated
as a growing market and it is expected that the market will touch high growth
figures in future. The Saudi Arabia medical devices market is expected to grow
with CAGR of ~9.5 % during the forecast period. The growth will be primary
channeled by the rising public healthcare expenditure. The falling crude oil
revenues will be a future threat to the market.
Regional Analysis:
The healthcare sector of Saudi Arabia is divided between
private and state. The public healthcare expenditure accounts for approximately
75% of total health expenditure in 2014. Local manufacturing represents a poor
outlook which is limited to consumables and ordinary articles. The government
has established some of the best hospitals in the region such as King Faisal
specialist hospital and research center, Riyadh military hospital, Saudi
Arabia’s National Guard health affairs hospital etc. Saudi Arabia is extremely
dependent on imports for medical devices and imports account for approximately
92% of total market for medical devices. U.S. medical device suppliers dominate
the scenario with European vendors in the second position. Among the regions of
Saudi Arabia Riyadh tops the healthcare expenditure list followed by Tabuk,
Makkah and Madina.
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