Saudi Arabia Hospital Market to grow with a CAGR of 2.48%
Increasing
healthcare infrastructure and a supportive regulatory environment are the major
drivers for the Saudi Arabia Hospital Market.
According
to TechSci Research report, “Saudi Arabia Hospital Market Industry Size,
Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, Saudi Arabia Hospital Market
has valued at USD 20.86 billion in 2022 and is anticipated to witness an
impressive growth in the forecast period with a CAGR of 2.48% through 2028. This can be due to collaborations and
partnerships among leading companies with a diverse approach to merge the
expertise of individual companies and to strengthen their position in the
market. Digital health transformation plays a vital role in driving the demand
for the Saudi Arabia Hospital Market. The adoption of telemedicine and virtual
care solutions has expanded access to healthcare services. Patients can now
consult with healthcare providers remotely, which can lead to increased demand
for hospital services when in-person care or hospitalization is required. Digital
health transformation has facilitated the adoption of EHR systems, which
enhance the coordination of care, streamline patient information, and reduce
medical errors. Hospitals with robust EHR systems may be preferred by patients
seeking well-integrated healthcare services. Digital health tools allow for the
remote monitoring of patients with chronic conditions. Hospitals that offer
remote monitoring services can provide more proactive and personalized care to
patients, leading to increased demand for their services. Digital tools that
enable patients to schedule appointments online and access their health records
via patient portals enhance the patient experience. Hospitals offering these
features may attract tech-savvy patients who seek convenience.
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In February 2022, The Ministry of Health in
Saudi Arabia has introduced the Middle East's pioneering virtual hospital known
as the "Seha Virtual Hospital." The inauguration was attended by
Minister of Health Fahd Al-Jalajel and Minister of Communications and
Information Technology Eng. Abdullah Al-Sawaha. What sets the Seha Virtual
Hospital apart is its distinction as the world's largest of its kind and the
first in the Middle East, representing the cutting edge of virtual healthcare. This
virtual hospital is a specialized facility that leverages the latest innovative
technologies to provide highly specialized services in support of healthcare
facilities throughout the Kingdom of Saudi Arabia. It plays a crucial role in
supporting 130 hospitals across the nation by offering a range of rare
specialties and over 30 specialized services spanning various medical fields
and subspecialties. Additionally, it facilitates the transfer of knowledge to
newly graduated doctors, enhancing the efficiency of medical services. It aims
to make its services accessible throughout Saudi Arabia and offers a platform
for receiving requests and inquiries from various specialized clinics in
different hospitals. The establishment of the Seha Virtual Hospital aligns with
the objectives of Saudi Arabia's Vision 2030, as it represents a key initiative
in the transformation of the healthcare sector.
Quality
and accreditation are important challenges in the Saudi Arabia Hospital Market,
as maintaining high healthcare standards is crucial for patient safety and
satisfaction. Ensuring consistent healthcare quality and standards across all
healthcare facilities, especially in a rapidly expanding and diverse healthcare
system, can be a challenge. Achieving and maintaining international
accreditation standards, such as Joint Commission International (JCI)
accreditation, can be resource-intensive and time-consuming. Ensuring that
healthcare professionals are well-trained and adhere to best practices is
essential for maintaining quality care. Continuous staff training and
development can be challenging in a dynamic healthcare environment. Adhering to
strict patient safety protocols, reducing medical errors, and minimizing
hospital-acquired infections require continuous efforts and resources. Accurate
data collection, reporting, and performance monitoring are necessary for
quality improvement. Developing and maintaining robust data systems can be
complex.
Saudi Arabia Hospital Market is segmented based on Type,
Ownership, Type of Services Bed, Capacity, and by region. Based
on the Type, Saudi Arabia Hospital Market is segmented into General, Specialty,
Multi- Specialty. A super specialty hospital, often referred to as a super
specialty hospital, is a type of healthcare facility that focuses exclusively
on providing highly specialized medical services, advanced treatments, and
expertise in a specific medical field or subspecialty. These hospitals are
known for their concentration of advanced technology, specialized medical
professionals, and a comprehensive range of services within a specific medical
area. Super specialty hospitals are dedicated to a particular medical field or
subspecialty. This specialization allows them to excel in diagnosing and
treating complex medical conditions and providing advanced care. These
hospitals are equipped with state-of-the-art medical equipment and technology
specific to their area of expertise. This includes advanced diagnostic tools,
surgical equipment, and treatment modalities.
Based on Region, Northern &
Central region held the largest share
in the Saudi Arabia Hospital Market. Northern and Central regions tend
to attract a higher concentration of medical professionals, researchers, and healthcare
experts. This concentration of expertise is appealing to patients seeking
specialized care and plays a role in the regions' dominance in the healthcare
market. The Northern and Central regions are also known for their educational
and research institutions, which are often closely linked to the healthcare
sector. This leads to a strong foundation for medical education, research, and
innovation, further driving healthcare development. Government healthcare
initiatives and reforms have often been rolled out in major urban centers like
Riyadh (Central region), benefiting the Northern and Central regions with
enhanced healthcare infrastructure and services. The Northern and Central
regions are transportation hubs, making them easily accessible to patients from
other parts of the country. This accessibility can drive demand for healthcare
services in these regions.
Some of the major companies
operating in the Saudi Arabia Hospital
Market include:
- Middle
East Healthcare Co.
- King
Faisal Specialist Hospital and Research Centre
- National
Guard Health Affairs Hospital
- Riyadh
Military Hospital
- Royal
Commission Hospital
- Abeer
Medical Group
- King
Fahad Medical City
- King
Saud University Medical City
- Dr.
Sulaiman Al Habib Medical Group
- Al
Mouwasat Hospital
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“Certain areas, particularly in Saudi Arabia, are
projected to exert significant demand for Hospital. The growth in the
competitive landscape and the presence of well-established companies in the
market, committed to enhance the overall wellbeing of people each year, are
expected to contribute to a remarkable growth of the Saudi Arabia Hospital
Market in the forecast period," said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based Global management consulting firm.
Saudi Arabia Hospital Market by Ownership
(Public, Private) By Type (General, Specialty, Multi- Specialty) By Type of
Services (In-Patient Services, Out-Patient Services) By Bed Capacity (Up to 100
beds,100-500 beds, above 500 beds), By
Region, By Competition Forecast
& Opportunities, 2018-2028F has evaluated the future growth potential of Saudi
Arabia Hospital Market and provides statistics & information on market
size, structure, and future market growth. The report intends to provide innovative
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Saudi Arabia Hospital
Market.
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