In the medical industry, the medical devices play a major role in the diagnosis, monitoring and treatment of different kinds of medical conditions.
These devices are designed to maintain rigorous safety standards in order to ensure the safety of patients and the absence of these medical tools could significantly pull down the medical industry and become detrimental to the lives of billions of people worldwide.
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.
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.
“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 Karan Chechi, Research Director with TechSci Research.