Segmentation:
Saudi Arabia, the medical devices market, is segmented based on product type, therapeutic application, end user, and region.
By end user, the market is categorized into hospitals, ambulatory, and home.
By therapeutic application, the market is segmented into general surgery, respiratory, diagnostic imaging, orthopedics, dental, cardiovascular, neurology, nephrology and urology, ear-nose-throat (ENT), ophthalmology, and others.
By product type, the market is segmented into monitoring devices, diagnostic molecular devices, diagnostic devices, drug delivery devices, bio implants and stimulation devices, surgical devices, automation and robotics, and others.
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Medical devices include software, biologic, and non-biologic compatible materials used in the diagnostic and therapeutic management for several deadly diseases. The medical device industry is growing with pace due to continuously changing technology and innovations. The medical devices industry also resulted in huge growth due to the employment of several new technologies in the devices are catalyzing market growth. Additionally, the introduction of newer products is estimated to benefit market growth and witness the most worthwhile opportunities in the coming years.
Further, widening applications and knowledge of using medical devices for treatment and screening diseases are driving growth of the Saudi Arabia medical devices market. Additionally, the innovation of stronger and biocompatible materials is benefiting growth of the overall market. The other factors driving the market growth are robust investment by private, and the public sector is fueling growth of the medical devices market. Increasing patient pool in the region is creating need for advanced healthcare, which is augmenting growth of the market in the region. further, rising geriatric population in the region, which require advanced care is estimated to benefit the market growth in coming years.
The increasing cost of healthcare encouraged the introduction of innovative and connected products such as falling cost of production, wearable medical devices, and rising manufacturing capacities of electronic in the medical devices industry. The demand for advanced devices for early detection and noninvasive therapies is driving growth of the medical devices market in Saudi Arabia.
Competitive Analysis:
Some of the key players in the Saudi Arabia medical devices market include General Electric, Johnson & Johnson, Medtronic, Baxter Internationa, Koninklijke Philips Electronics NV., Fresenius Medical Care AG & Co., Al-Salehiya Medical Estableshment, Cardinal Health, Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO), Al Faisaliah Medical Systems (FMS), Al Amin Medical Instruments Company (AMICO), and Siemens Ltd.
Regional Analysis:
The Saudi Arabia medical devices market is diving into the private and state. Of these, the public healthcare expenditure accounted for around 75% of expenditure in 2014. This increase in investment in the healthcare industry and especially in the medical devices are driving market growth in Saudi Arabia. However, local manufacturing systems are limited to consumables and ordinary products. The government has tried to construct the best hospitals in the region in the country. Due to poor infrastructure for manufacturing newer products, the country imports around 92% of total medical devices. The U.S. and European countries dominate the imports of the medical device market of the country.
Overview
The healthcare sector and medical devices industry is changing robustly due to advancements in neurology, cardiology, orthopedics, medical imaging, and oncology. The robust advancements in the ECG, pacemakers, and other devices including brain monitoring devices, are benefiting several patients. Owing to its efficiency, the adoption of these devices is higher. Additionally, the emergence of 3D imaging for orthopedic treatments is benefiting growth of the medical devices market in Saudi Arabia.
Industry News:
In March 2019, the government of Saudi Arabia announced foreign companies could manage and own healthcare services in the country. Both the Ministry of Health (MOH) and the Saudi Arabian General Investment Authority (SAGIA) have implemented the changes. Thus, companies such as Abbott are likely to look to invest in the country and enter into the medical devices market in the Saudi Arabian market. The company also launched the University Relations program in different universities across the country, which will work on the training of students using and manufacturing medical devices.
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