Market Insights Health Medical Technology Medical Devices

Other Medical Devices - Saudi Arabia

Saudi Arabia

The projected revenue in the Other Medical Devices market market in Saudi Arabia is estimated to reach US$2.60bn in 2024.
It is expected to demonstrate an annual growth rate (CAGR 2024-2028) of 5.57%, leading to a market volume of US$3.23bn by 2028.
In comparison to other countries worldwide, the United States is anticipated to generate the highest revenue of US$73,490.00m in 2024.
Saudi Arabia is witnessing a growing demand for cutting-edge medical devices to enhance healthcare services in the country.

Key regions: United Kingdom, Netherlands, Japan, United States, Europe

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Analyst Opinion

The Other Medical Devices market in Saudi Arabia is experiencing significant growth and development due to various factors.

Customer preferences: Customers in Saudi Arabia are increasingly demanding advanced medical devices that offer better accuracy, efficiency, and patient comfort. They are willing to invest in innovative technologies that can improve healthcare outcomes and enhance the overall patient experience. Additionally, there is a growing awareness among customers about the importance of preventive healthcare, leading to an increased demand for medical devices that aid in early diagnosis and monitoring of diseases.

Trends in the market: One of the key trends in the Other Medical Devices market in Saudi Arabia is the adoption of digital health technologies. The integration of digital solutions, such as telemedicine, remote patient monitoring, and wearable devices, is revolutionizing the healthcare industry in the country. These technologies enable healthcare professionals to remotely monitor patients, provide virtual consultations, and collect real-time health data, thereby improving access to healthcare services and reducing the burden on healthcare facilities. Another trend in the market is the increasing focus on home healthcare. With the aging population and the need for continuous medical care, there is a growing demand for medical devices that can be used at home. This includes devices for monitoring vital signs, administering medication, and managing chronic conditions. Home healthcare allows patients to receive medical care in the comfort of their own homes, reducing hospital visits and improving their quality of life.

Local special circumstances: Saudi Arabia has a rapidly growing population, which is driving the demand for healthcare services and medical devices. The government has recognized the need to invest in the healthcare sector and has implemented various initiatives to improve healthcare infrastructure and services. This includes the establishment of specialized medical cities, the expansion of healthcare facilities, and the promotion of medical tourism. These initiatives are creating opportunities for the Other Medical Devices market to expand and cater to the growing healthcare needs of the population.

Underlying macroeconomic factors: The Saudi Arabian economy is diversifying, with a focus on sectors such as healthcare and technology. This diversification is driving investments in the healthcare industry, including the Other Medical Devices market. The government's Vision 2030 plan, which aims to reduce the country's dependence on oil and transform it into a knowledge-based economy, is also contributing to the growth of the market. Additionally, the increasing healthcare expenditure and the presence of a well-developed healthcare system are attracting international medical device manufacturers to enter the Saudi Arabian market. In conclusion, the Other Medical Devices market in Saudi Arabia is experiencing growth and development due to customer preferences for advanced medical devices, the adoption of digital health technologies, the focus on home healthcare, local special circumstances such as population growth and government initiatives, and underlying macroeconomic factors such as economic diversification and increased healthcare expenditure. These factors are driving the demand for medical devices in the country and creating opportunities for market expansion.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.