Saudi Arabia Medical Devices Market Size Worth USD 3,100 Million With 5.80% CAGR By 2030 | Market Research Future

Market Research Future Insights

Saudi Arabia Medical Devices market is anticipated to reach USD 3,100 Million by 2030 at 5.80% CAGR during the forecast period 2022-2030.

The Saudi Arabian medical devices market is anticipated to be driven by technological developments to modernize the country’s current medical infrastructure and breakthroughs. In order to meet the demands of the growing population, the growth is assisting with the demand for medical equipment in healthcare institutions.. The medical device market’s expansion is also facilitated by leading authorities and industry players investing more money in healthcare facilities. Saudi Arabia is experiencing an increase in infectious disease cases, necessitating medical devices for patient examination and proper treatment. Additionally, the increase in disposable income among Saudi Arabian citizens is helping to make it more affordable for patients to receive quality medical care. Around Saudi Arabia, an increase in incidences of cancer and diabetes is being seen.

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Furthermore, the development of new products due to technical advancements and increased government spending in Saudi Arabia on modernizing the nation’s healthcare system is responsible for the expansion. Due to the intense competition among the top players in the region, extended working hours are being adopted to stay competitive. As a result, there is a significant increase in diseases and physical discomfort because there is less time for physical activity. These factors are expected to increase the market throughout the projected period significantly. However, rising worries about data security and privacy and costly medical equipment purchase and maintenance costs could restrain the market’s expansion in Saudi Arabia. Additionally, poor reimbursement guidelines for medical gadgets may hinder their uptake.

Market Segmentation

The global Saudi Arabia medical devices market has been segmented into type of business activity, mode of selling and type of device.

Based on the type of business activity, the market has been segmented into import and local production. The import category accounted for the largest share of the market in 2021. Kuwait’s medical device market is entirely import-driven and dominated by foreign brands. The rising involvement of private firms in the healthcare industry has led to a rise in the import category. The demand for imported medical gadgets in Saudi Arabia has expanded due to technological advancements and a greater emphasis on infrastructural development.

Based on the selling mode, the market has been segmented into distributor-mediated and direct sales. The distributor-mediated category accounted for the largest revenue share in 2021 in the Saudi Arabia medical devices market. Medical device distribution, an essential link in the supply chain for medical devices, makes it possible to supply hospitals and other healthcare organizations with them efficiently. Companies that provide items for various ailments, such as anesthesia, respiratory, and neonatal, are among the distributors of medical devices.

Based on the type of device, the market has been segmented into medical consumables, diagnostic imaging products, respiratory products, dental and orthopedic products, cardiac devices, hospital furniture, auxiliary devices, ophthalmic devices, dialysis machine and others. The cardiac device category accounted for the largest revenue share in 2021 in the Saudi Arabia medical devices market due to the growing number of patients worldwide with various orthopedic and cardiac conditions. Heart illnesses, one of the main causes of death worldwide, are diagnosed and treated by cardiovascular devices. The increasing frequency of coronary heart illnesses, such as stroke and cardiomyopathy, which account for a significant portion of cardiac mortality worldwide, is one of the main drivers boosting the growth of the cardiology devices market. Additionally, Saudi Arabia’s cardiovascular disease rate is rising due to the country’s aging population. On the other hand, the ophthalmic devices category is anticipated to grow at a significant rate. The usage of ophthalmology care tools is anticipated to increase as retinal problems become more common in the general population, ultimately fueling the expansion of the medical devices market over the forecast period.

Key Players

Some of the key market players are Abbott, Baxter, B. Braun, Becton Dickinson (BD), Boston Scientific, Canon, Cochlear, Dräger, Fresenius Medical Care, Fujifilm, GE Healthcare, Getinge, Hill-Rom Holdings Inc., Hitachi, Invacare Corporation, Johnson & Johnson, Medtronic, NihonKohden, Oticon, Paramount Bed Holdings, Philips HealthTech, Siemens Healthineers, Smith & Nephew, Stryker, Widex and Zimmer Biomet.

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