Saudi Arabia Medical Devices Market to grow with a CAGR of 5.78%
Increasing
healthcare infrastructure and a supportive regulatory environment are the major
drivers for the Saudi Arabia Medical Devices Market.
According
to TechSci Research report, “Saudi Arabia Medical Devices Market Industry
Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, Saudi Arabia Medical Devices
Market has valued at USD 1.96 billion in 2022 and is anticipated to witness an
impressive growth in the forecast period with a CAGR of 5.78% through
2028. This can be due to collaborations
and partnerships among leading companies with a diverse approach to merge the
expertise of individual companies and to strengthen their position in the market.
The emphasis on preventive healthcare is a
significant driver of the demand for medical devices. Preventive healthcare
involves proactive measures to prevent the onset or progression of diseases,
and medical devices play a crucial role in diagnostics, monitoring, and
promoting a healthy lifestyle. The popularity of wearable devices, such as
fitness trackers and smartwatches, has surged as individuals become more health
conscious. These devices monitor physical activity, heart rate, sleep patterns,
and other vital signs, promoting preventive health measures. Devices for home
use, such as blood pressure monitors, glucometers, and cholesterol testing
kits, enable individuals to monitor key health indicators regularly. This
proactive monitoring supports early detection and preventive interventions.
Telehealth platforms and remote monitoring devices allow individuals to connect
with healthcare professionals for regular check-ups and monitoring without the
need for physical visits. This facilitates proactive healthcare management.
Advances in genetics have led to the development of direct-to-consumer genetic
testing kits. These kits provide insights into genetic predispositions to
certain conditions, allowing individuals to take preventive actions based on
their genetic risk factors.
Advances
in cancer screening technologies, such as mammography and colonoscopy devices,
contribute to early detection and prevention of cancer, improving treatment
outcomes and reducing mortality rates. Technologies related to vaccine
delivery, tracking, and reminder systems play a role in preventive healthcare
by ensuring individuals receive necessary vaccinations and booster shots.
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In August 2023, LuidAI Medical has successfully
launched its innovative artificial intelligence (AI)-powered postsurgical
monitor, the Stream Platform, in Saudi Arabia and Canada. This global rollout
is the result of strategic collaborations with Gulf Medical and Canadian
Hospital Specialties (CHS). The Stream Platform empowers surgeons to accurately
diagnose postoperative leaks and severe complications in digestive tract
surgeries, ultimately improving treatment outcomes. The user-friendly platform
utilizes patient-specific data to enhance postoperative care, incorporating
advanced sensors and an AI-driven algorithm for early leak detection. The
device includes the Origin Inline Device for collecting surgical site data and
the Delta Bedside Monitor tablet, which analyses and presents patient data
through the Stream app.
Short
product lifecycles pose a notable challenge in the Saudi Arabia Medical Devices
Market. The field of medical devices experiences rapid technological
advancements. New and improved devices are frequently introduced to the market,
rendering existing products outdated quickly. Manufacturers face pressure to
innovate continually to stay competitive. This innovation cycle can lead to
shorter product lifecycles as newer, more advanced technologies emerge.
Companies investing in the development and production of medical devices face
risks associated with short product lifecycles. If a device becomes obsolete
shortly after launch, the return on investment may be limited. Intense
competition and market saturation contribute to shorter product lifecycles.
Manufacturers need to continuously introduce new features or entirely new
products to capture market attention.
Saudi Arabia Medical Devices Market is segmented
based on Type, End User, and by region.
Based on the Type, Saudi Arabia Medical Devices
Market is segmented into Cardiovascular Devices, Diagnostic Imaging Equipment,
In-vitro Diagnostic Devices, Ophthalmic 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. Anesthesia and
respiratory devices are integral components of medical equipment used in
healthcare settings to manage the delivery of anesthesia and support
respiratory functions. These devices play a crucial role in ensuring patient
comfort, safety, and well-being during medical procedures and in critical care
situations. Anesthesia Machines
are complex systems designed to deliver a precise mixture of gases and vapors
to induce and maintain anesthesia during surgical procedures. Anesthesia
machines include components such as vaporizers, ventilators, and breathing
circuits.
Based on Region, Northern & Central region held the largest share in the Saudi Arabia
Medical Devices Market. The presence of leading educational and research
institutions in these regions can foster innovation and adoption of advanced
medical technologies, driving the demand for cutting-edge medical devices.
Government initiatives and policies aimed at promoting healthcare
infrastructure and technological advancements may be more concentrated in the
Northern and Central regions, creating a conducive environment for the medical
devices market to thrive. These regions might offer logistical advantages, such
as better transportation networks and connectivity, facilitating the
distribution and accessibility of medical devices.
Some
of the major companies operating in the Saudi
Arabia Medical Devices Market include:
- 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
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“Certain areas, particularly in Saudi Arabia, are projected to exert significant demand for Medical Devices. The
growth in the competitive landscape and the presence of well-established
companies in the market, committed to enhance the overall wellbeing of people
each year, are expected to contribute to a remarkable growth of the Saudi
Arabia Medical Devices Market in the forecast period," 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, Ophthalmic 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
Region, By Competition Forecast
& Opportunities, 2018-2028F has
evaluated the future growth potential of Saudi Arabia Medical Devices
Market and provides statistics & information on market size, structure, and
future market growth. The report intends to provide innovative 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 Saudi Arabia Medical
Devices Market.
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