Saudi Arabia Hospital Market to grow at a Significant Rate through 2026
Rapidly expanding population
and increasing prevalence of chronic diseases is expected to drive the demand
for Saudi Arabia hospital market in forecast period.
According to TechSci Research report, “Saudi
Arabia Hospital Market By Ownership (Public v/s Private) By Type (General,
Specialty, Multi- Speciality) By Type of Services (In-Patient Services v/s
Out-Patient Services) By Bed Capacity (Up to 100 beds, 100-500 beds, Above 500
beds), By Region, Company Forecast & Opportunities, 2026”, The Saudi
Arabia hospital market is expected to witness steady growth for the next five
years. Presence of large number of foreign workers who have come either in
search of better job opportunities or to afford quality living standards are
influencing the healthcare market growth. Leading authorities are providing
healthcare insurance coverage for both of its citizens as well as foreigners to
increase the access and affordability of healthcare services among the
residents of Saudi Arabia. They are also introducing fee for service in
government hospitals to provide more effective treatment to patients which is
expected to boost the growth of the hospital market. Increase in the presence
of old age population who have lower immunity levels and are more prone to
getting affected by diseases are the major driver for the hospital market
growth for the next five years. Presence of disposable income is enabling
people to afford effective healthcare services. Also, rise in adoption of
unhealthy eating habits such as junk food and high sugar containing edible food
items and beverages are generating a number of diseases which require treatment
from healthcare facilities.
The COVID-19 outbreak across the world which has been
declared as pandemic by World Health Organization has affected countries
adversely. Leading authorities in Saudi Arabia imposed lockdown restrictions
and released a set of precautionary measures to contain the spread of novel
coronavirus. Coronavirus affected patients started suffering from shortness of
breath along with coughing and sneezing. Saudi Arabia authorities increased the
capacity of hospitals as a greater number of patients were getting affected
daily and getting admitted into the hospital facilities. The demand for
critical care devices increased during this period. Collaborations between the
healthcare and non-healthcare industries to increase the production of medical
devices and integration of advanced technologies is expected to foster the
growth of the hospital market.
However, lack of presence of skilled healthcare
professionals may hamper the hospital market growth for the forecast period.
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Saudi
Arabia hospital market is segmented into ownership, type, type of services, bed
capacity, regional distribution, and company. Based on type, market can be
further divided into general, specialty, and multi- speciality. The
multi-specialty segment is expected to hold major market share for the forecast
period, 2022-2026. Presence of skilled healthcare professionals and specialized
department to cure the diseases is attracting large number of patients into the
hospitals. Based on type of services, market can be fragmented into in-patient services
and out-patient services. The out-patient services are expected to witness
fastest incremental growth during the predicted period. Due to advances in
medical equipment and wound healing capabilities for faster recovery hospital
stays has declined significantly. Development of communication technology and
the growth of telemedicine market is accelerating the growth of this segment.
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 are the leading players operating in Saudi Arabia hospital 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 hospital manufacturers are coming up with
their technologically advanced offerings.
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“Market
players are investing huge amounts for development of healthcare infrastructure
and adopt advanced technologies to provide quality treatment to patients.
Introduction of smart hospital technology to digitize the healthcare system and
of interconnected asses to provide valuable information and the facility for
constant monitoring of patients and privatization of healthcare system to
provide effective treatment to patients is expected to propel the growth of the
hospital market till 2026” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“Saudi Arabia Hospital
Market By Ownership (Public v/s Private) By Type (General, Specialty, Multi-
Speciality) By Type of Services (In-Patient Services v/s Out-Patient Services)
By Bed Capacity (Up to 100 beds, 100-500 beds, Above 500 beds), By Region, Company
Forecast & Opportunities, 2026” has
evaluated the future growth potential of Saudi Arabia hospital 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 hospital
market.
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