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Saudi Arabia Medical Devices Market Size, Growth and Insights by Product type (Monitoring Devices, Diagnostic devices, Diagnostic Molecular Devices, Drug delivery devices, Surgical Devices, Bio implants and Stimulation Devices, Automation and Robotics), Therapeutic Application (General Surgery, Diagnostic Imaging, Respiratory, Orthopedics, Cardiovascular, Dental, Neurology, Ophthalmology, Ear-Nose-Throat (ENT), Nephrology and Urology) and End User (Hospitals, Ambulatory and Home) – Global Forecast to 2023
Market Highlights:
The Saudi Arabia Medical Devices Market Size is expected to grow at a CAGR of 9.5% during the period 2017 to 2023. 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 growths 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. 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.
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 Key Players:
The Saudi Arabia Medical Devices Industry 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.
Segmentation:
Saudi Arabia medical devices market has been segmented based on 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. Based on 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. Based on end users; market is segmented hospitals, ambulatory, home and others.
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