Saudi Arabia Medical Devices Market Size Global Gathering and Future Outlook 2027
Research Reports
Mar 17, 2022
The Saudi Arabia medical devices market is exhibited to register a CAGR of 9.5% during the forecast period. medical device is an instrument that includes any software, biologic or non-biologic compatible material, which is used for the diagnostic or therapeutic use for management of diseases and disorders.
Drivers and Restraints
The medical device industry is one of the fastest growing segments of healthcare industry chiefly driven by innovation and new technologies in Saudi Arabia. The sector has significantly improved in the region due to continuous development of state-of-the-art medical devices that are sophisticated and feature-rich.
The medical devices industry has also manifested into a formidable sector on account of successful combination of information technology and healthcare. The medical tourism and luxury healthcare industries are among Saudi Arabia’s fastest-growing industries, which create substantial demand for specialized, high-tech medical equipment. There is augmented demand for surgical instruments, cancer diagnostics, orthopedic and prosthetic equipment, imaging, orthodontic and dental implants, and electro medical equipment.
However, strict and ambiguous regulatory framework in the country can act as undermining factors in the market growth. On the other hand, as the country’s economic, health care, and social landscapes evolve, the medical device market in the region has emerged as a promising opportunity and is predicted to grow further at a relentless pace.
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Market Segmentation
The Saudi Arabia medical devices market is segmented based on product type, therapeutic application, and end-user.
By product, the market is segmented into monitoring devices, diagnostic devices, diagnostic molecular devices, drug delivery devices, surgical devices, bio-implants and stimulation devices, automation and robotics and others.
By therapeutic application; the market is segmented into general surgery, diagnostic imaging, respiratory, orthopedics, cardiovascular, dental, neurology, ophthalmology, ear-nose-throat (ENT), nephrology and urology, and others.
By end-users; the market is segmented into hospitals, ambulatory, home, and others. A lot of credit for the significant growth of the market goes to growth of budget allocation and expansion of healthcare facilities like hospitals in the region.
Regional Analysis of Saudi Arabia Medical Devices Market
The healthcare sector of Saudi Arabia is segmented into private and state.
The public healthcare expenditure accounted for close to 75% of total health expenditure in 2014. Local manufacturing showcases a poor outlook as it is limited to consumables and ordinary articles. Meanwhile, 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 highly dependent on imports for medical devices, with imports accounting for approximately 92% of the total market for medical devices. In Saudi Arabia, Riyadh tops the healthcare expenditure list, trailed by Tabuk, Makkah, and Madina.
Top Contenders in Saudi Arabia Medical Devices Market
Al-Salehiya Medical Establishment, Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO), Johnson & Johnson, General Electric, Medtronic, Koninklijke Philips Electronics NV., Baxter International, Fresenius Medical Care AG & Co., Cardinal Health, Al Amin Medical Instruments Company (AMICO), Al Faisaliah Medical Systems (FMS) and Siemens Ltd. are some of the key contenders in the Saudi Arabia medical devices market.
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