Saudi Arabia Medical Devices Market – Overview
Medical Devices are the instruments or appliances including software and biologic or non-biologic compatible materials, to be used for diagnosis and therapies during the management of diseases and disorders. The medical device is one of the fastest growing segments of healthcare industry mainly driven by innovations and new technologies. The sector, witnessing a fabulous growth and emergence of state-of-the-art medical devices has completely revolutionized the perception of healthcare.
Combining information technology and healthcare successfully, the medical devices industry has catalyzed the growth in both sectors. Over the past few years, the Middle East region or rather the GCC Countries have become extremely responsive towards the healthcare. The region registers high per capita healthcare expenditures, after the developed nations such as America and UK.
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There are substantial funding from public and private sectors, assigned to R&D of medical devices, treatments, and overall healthcare. Also, the proliferation of medical sector and facilities are quite high in GCC countries. Saudi Arabia among other GCC countries leads the healthcare market, witnessing great innovations and transformations. The Saudi Arabia Medical Devices Market is one of the well-established markets across the globe. The market is growing steadily, garnering huge traction all over the world.
Acknowledging the traction, this market is vibrating with currently; Market Research Future (MRFR) has recently published a study report giving out the complete market prognosis up till 2023. According to MRFR, the Saudi Arabia, Medical Devices market, gaining further prominence will reach USD ~ 3870 Million by 2023, registering a staggering CAGR of ~9.5 % between 2017 and 2023. The market had valued at 2250 million in 2017.
Factors such as favorable reimbursement policies, coupled with the ongoing product development & commercialization help boosting the market growth. Developments of products and technologies remain one of the main pillars for the growing market of medical devices. Most innovations transpired in the medical devices are based on solving the engineering problem.
Development of stronger and biocompatible materials led the growth of the bio-implants segment, while advancements in connectivity and processing power led the growth of diagnostic imaging sector. The other drivers of medical device market are rising cost of healthcare which stimulated the development of innovative connected products such as wearable medical devices, falling cost of production and increasing manufacturing capacities in electronic industry, demand for early detection and non-invasive therapies, etc.
On the other hand, factors such as stringent and unclear regulatory framework, along with the growing data security concerns for especially, connectivity issues between underdeveloped and developing regions, etc. are expected to inhibit the market growth.
The Saudi Arabia Medical Devices Market is led by some of the fervent players including General Electric, Johnson & Johnson, Medtronic, Baxter International, Koninklijke Philips Electronics NV., Fresenius Medical Care AG & Co., Al-Salehiya Medical Establishment, Cardinal Health, SPIMACO (Saudi Pharmaceutical Industries & Medical Appliances Corporation), AMICO (Al Amin Medical Instruments Company), Siemens Ltd., and FMS (Al Faisaliah Medical Systems). Profiling them in its analysis, MRFR finds out their strategies keeping them at the forefront of competition.
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Saudi Arabia Medical Devices Market – Competitive Analysis
Focusing on optimized situational awareness for customers, players operating in the Saudi Arabia Medical Devices market ensure their mission success. Due to the presence of the considerable number of players having an international presence, the Market appears to be highly competitive and diversified. These players invest heavily in R&D, to gain the competitive edge and to sustain in the market.
The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition, and expansion. Players compete against each other based on the product reliability, quality, cost, and aftermarket services. They tap the growing markets for expansions. Matured players strive to develop a product with adept technology and unrivalled design and features.
May 16, 2018 – Informa Life Sciences Exhibitions (UK), a global organization, in charge of the healthcare portfolio and Global Exhibitions division, announced the Global Health Exhibition to be held from 10-12 September 2018 at the Riyadh International Convention and Exhibition Center, Saudi Arabia. One of the objectives of the exhibition is to avail Saudi Arabia’s leading healthcare platform to the global market to meet and network with Saudi healthcare sector’s pioneers and officials. More than 10,000 industry professionals across the globe are expected to explore the opportunities, along with the more than 500 Saudi-based and international exhibiting companies showcasing the latest advances in health services, pharmaceuticals, training and education, and medical device technologies.
Saudi Arabia Medical Devices Market – Segments
MRFR has segmented into 4 key dynamics for the convenience of the report and enhanced understanding;
By Product Types: Comprises Diagnostic Devices, Monitoring Devices, Diagnostic Molecular Devices, Surgical Devices, Drug Delivery Devices, Bio Implants and Stimulation Devices, Automation and Robotics among others.
By Therapeutic Applications : Diagnostic Imaging, General Surgery, Respiratory, Cardiovascular, Orthopaedics, Dental, Neurology, Ear-Nose-Throat (ENT), Ophthalmology, Nephrology and Urology, among others.
By End-Users: Ambulatory, Home and Hospitals among others.
By Regions: Geographical regions & Continents of Saudi Arabia
Saudi Arabia Medical Devices Market – Regional Analysis
The government has established some of the best hospitals in the region such as King Faisal specialist hospital and Research Centre, Riyadh military hospital, Saudi Arabia’s National Guard health affairs hospital, etc. Saudi Arabia is hugely dependent on imports for medical devices, and imports account for approximately 92% of the 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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