Market Highlights:
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. 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.
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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.
Saudi Arabia Medical Devices Market:
The Saudi Arabia Medical Devices market has been evaluated as a growing market and it is expected that the market will touch high growth figures in future. The Saudi Arabia medical devices market is expected to grow with CAGR of ~9.5 % during the forecast period. The growth will be primary channeled by the rising public healthcare expenditure. The falling crude oil revenues will be a future threat to the market.
The major participants of this market 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.
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.
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 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.
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Market Highlights: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.
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.Saudi Arabia Medical Devices Market:The Saudi Arabia Medical Devices market has been evaluated as a growing market and it is expected that the market will touch high growth figures in future.
The falling crude oil revenues will be a future threat to the market.The major participants of this market 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.Regional Analysis:The healthcare sector of Saudi Arabia is divided between private and state.
Local manufacturing represents a poor outlook which is limited to consumables and ordinary articles.
Jan 22, 2019 (Heraldkeeper via COMTEX) -- The Saudi Arabia medical devices market is to reach the value of approximately USD 3870 million, outperforming its own achievement of USD 2250 million in 2017, forecasts Market Research Future (MRFR).
A 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.
Market focused reports linked with the healthcare industry among others recently have been made available by Market Research Future which issues reports on this industry.
Saudi Arabia Medical Devices Market – Segmentation
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.
