Saudi Arabia Medical Devices Market to Grow at a Significant Rate through 2026
Increasing prevalence of
chronic diseases is expected to drive the demand for Saudi Arabia medical
devices market in the forecast period.
According to TechSci Research report, “Saudi
Arabia Medical Devices Market By Type (Cardiovascular Devices, Diagnostic
Imaging Equipment, In-vitro Diagnostic Devices, Opthalmic Devices, Diabetes
Care Devices, Dental Care Devices, Surgical Equipment, Orthopedic Devices,
Nephrology & Urology Devices, ENT Devices, Anesthesia & Respiratory
Devices, Neurology Devices, Mobility-Aid Devices, Others), By End User
(Hospitals & Clinics, Diagnostic Centers, Others), By Company, By Region,
Forecast & Opportunities, 2026”, Saudi Arabia medical devices market is
expected to witness steady growth for the next five years. Access to healthcare
facilities is considered as a basic right in Saudi Arabia which is a major
reason for ever-increasing demand to avail healthcare facilities in Saudi
Arabia. Government initiatives to provide reimbursements for availing
healthcare facilities and use of medical devices for better results is
influencing the growth of medical devices market in the region. Rising
preference of consumers for adoption of self and home-based treatments is increasing
at a rapid pace. Also, technological advancements in medical devices such as adoption
of glucose monitoring devices, insulin delivery devices and oxygen
concentrators have led to adoption of diagnosis and treatment from the comfort
of homes. Advancements in medical devices such as ECG, pacemakers, and others
in increasing the efficiency of the medical devices which is benefitting
several patients in the long run. Emergence of 3D technology for treatment of
orthopedic treatments is fostering the devices growth in Saudi Arabia. Launch
of new products with better device performance is catalyzing the growth of medical
devices market. Preference of consumers for adoption of biocompatible devices
is boosting the market demand.
Due to the COVID-19 pandemic, lockdown was imposed all
over the world in 2020, which led to shutdown of many manufacturing units.
Disruption in supply chain was observed which created a gap in the whole medical
devices manufacturing process. However, demand for ventilators increased
worldwide including Saudi Arabia to treat the patients suffering from coronavirus
disease, contributing to the growth of market even during the pandemic.
Moreover, medical devices market is expected to pick up the pace and continue
to growth in the forecast period.
However, data security threats due to adoption of
electronic medical records facility by healthcare institutions may hamper the Saudi
Arabia medical devices market growth in the forecast period.
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Saudi
Arabia medical devices market is segmented into type, end user, region, and
company. Based on type, market is further divided into cardiovascular devices, diagnostic
imaging equipment, in-vitro diagnostic devices, ophthalmic devices, diabetes care
devices, dental care devices, surgical equipment, orthopaedic devices, nephrology
& urology devices, ENT devices, anesthesia & respiratory devices, neurology
devices, mobility-aid devices, and others. Diagnostic imaging equipment is
expected to register growth in the forecast period due to increasing prevalence
of cancer and other chronic diseases. Early diagnosis of diseases results in
procuring best treatment plans for efficient treatment with better results. Based
on end user, medical devices market is fragmented into hospitals & clinics,
diagnostic centers, and other. Hospitals & clinics segment is expected to
dominate the medical devices market on account of growing old age population
and increasing prevalence of diabetes and cardiovascular diseases. Saudi Vision
2030 and National Transformation Program for privatization of healthcare
facilities and rising government expenditure to upgrade the healthcare sector
is expected to augment the growth of medical devices market in Saudi Arabia in
the forecast period.
GE
Healthcare, Mindray Saudi Arabia, Siemens Ltd., Saudi Arabia, Philips
Healthcare Saudi Arabia Ltd, Hitachi Medical Systems Saudi Arabia, Shimadzu
Middle East & Africa FZE, Hologic, Inc., Fujifilm-Middle East, Medtronic
Saudi Arabia Co., Johnson & Johnson Medical Saudi Arabia Limited, Abbott
Saudi Arabia Trading LLC, Becton, Dickinson and Company Saudi Arabia, Baxter
Company Limited, Canon Medical Middle East, Roche Diagnostics Saudi Arabia Limited
are the leading players operating in Saudi Arabia medical devices market. Manufacturers
are increasingly focusing on research and development process to fuel higher
growth in the market. To meet evolving customer demand with respect to better
efficiency and durability, several medical devices manufacturers are coming up
with their technologically advanced offerings.
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“Saudi
Arabia medical devices market is projected to grow at formidable rate in the
next five years on account of growing geriatric population in the country,
technological advancements and increased focus of government on healthcare
sector by launch of vision 2030 and national transformation program (NTP). Increased
private and public sector investment in healthcare and plan of Ministry of
Health (MoH) to construct 35 hospitals is expected to positively influence the
medical devices market.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Saudi Arabia Medical
Devices Market By Type (Cardiovascular Devices, Diagnostic Imaging Equipment,
In-vitro Diagnostic Devices, Opthalmic Devices, Diabetes Care Devices, Dental
Care Devices, Surgical Equipment, Orthopedic Devices, Nephrology & Urology
Devices, ENT Devices, Anesthesia & Respiratory Devices, Neurology Devices,
Mobility-Aid Devices, Others), By End User (Hospitals & Clinics, Diagnostic
Centers, Others), By Company, By Region, Forecast & Opportunities, 2026” has
evaluated the future growth potential of Saudi Arabia medical devices market
and provided statistics & information on market size, shares, structure and
future market growth. The report intends to provide cutting-edge 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 the of Saudi Arabia medical devices market.
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