Saudi Arabia Medical Devices Market – Industry Share Report 2022
Saudi Arabia Medical Devices Market
A medical
device is any instrument, appliance including any software, biologic or
non-biologic material, to be used for the diagnostic or therapeutic use for
management of diseases and disorders.
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 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. 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.
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.
Major Key
Players:
The Saudi Arabia Medical Devices Market Players 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.
Market 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, electromedical devices 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.
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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