MarketResearchFuture.com adds “Saudi Arabia Medical Devices Market -2017 Global Analysis, Growth, Trends and Opportunities Research Report Forecasting to 2023” reports to its database.
Saudi Arabia Medical Devices – Overview:
The medical devices market in Saudi Arabia has evolved extensively in the past few years leading to substantial market growth. Market Research Future, a firm which specializes in market reports related to the healthcare sector among others, published in its recent report on Saudi Arabia Medical Devices Market Research Report – Forecast to 2023 that the sector will achieve figures around $ 3870 by the end of the forecast period at a CAGR of 9.5%.
The value of medical devices in the kingdom has increased drastically following the diversification of the medical sector. The sector has experienced high levels of demand because of the progress in the healthcare sector, both in terms of services and products. Escalation in the level of lifestyle diseases due to sedentary lifestyles and nutrient deficit diets have led to the development of medical devices necessity. Since medical devices are essential to conducting diagnosis and dispensing treatment, they are experiencing high level of demand in the region. Development of new medical facilities and upgradation of the pre-existing ones have also further established a firm demand for medical devices.
Rise in demand for medical facilities is also one of the major motivators driving the medical devices market in Saudi Arabia. Factors such as demand for non-invasive therapies, development of production technology of medical devices and lower production costs are further powering the expansion of the sector. Strict and unclear regulatory framework, data security concerns, non-uniform availability of devices among diverse regions are some of the factors that may hamper the growth potential of the market.
Latest Industry Updates:
Dec 2017 GE Healthcare has appointed Al-Jeel Medical & Trading Company (Al-Jeel), a leading healthcare solutions provider, as an authorized distributor for its Life Care Solutions portfolio of products in the Kingdom of Saudi Arabia.GE Healthcare’s Life Care Solutions (LCS) develops medical devices that help sustain life and support patient care in every setting throughout the hospital, from anesthesia delivery systems to ventilators and patient monitoring. LCS also offers a series of technologies for maternal and infant care, including infant warmers and incubators.
Dec 2017 Saudi Arabia-based internet health application technology company Sihatech just announced that it has landed $1.33 million (5 million Saudi Arabia Riyals) in its latest funding round. The funding was led by Saudi Aramco Entrepreneurship Ventures, with Waseel Application Service Provider also participating. The company is currently developing Sihatech 2.0, which will expand to include a home health component and will link people in need with visiting nurses. It boasts over 2,000 doctors from 30 different hospitals and medical centers across Saudi Arabia.
Mar 2017 Admedus’s flagship product, CardioCel, has expanded into Saudi Arabia. Admedus, in collaboration with its regional partner Genpharm, has received approval for CardioCel in Saudi Arabia. CardioCel is the flagship product of Admedus, which is becoming a surgeon-preferred biomaterial for heart valve repair surgeries. Approval in Saudi Arabia, where cardiovascular disease is the main cause of mortality, will expand sales in the Middle-East and North Africa (MENA) region.
Aug 2017 Abdul Latif Jameel (ALJ) Group, represented by Abdul Latif Jameel General Trading Company in Tokyo announced that it will manufacture and sell the HAL medical devices in Saudi Arabia. ALJ will execute the new project in cooperation with the Japanese Company Cyberdyne (mother company that manufactures these devices), after it acquired the official permits from the Saudi Food and Drug Authority. HAL is a device that supports the function of body movements. The first step involves the introduction of the devices in the Abdul Latif Jameel Group medical institutions before distributing them at other Saudi medical facilities. Efforts are being made to cover treatments with these devices by the national social security authority.
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Saudi Arabia Medical Devices – Competitive Analysis
With the entry of new industry players in the medical devices segment in Saudi Arabia, a trend of solid, volume-driven growth has been observed in the market with the addition of new and advanced products. Companies are aiming to capture & solidify their share of the market segment, by competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies.
The key players in this market are Johnson & Johnson, General Electric, Medtronic, Koninklijke Philips Electronics NV., Baxter International, Fresenius Medical Care AG & Co., Cardinal Health, Al-Salehiya Medical Establishment. Some of the other important players are Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO), Al Amin Medical Instruments Company (AMICO), Al Faisaliah Medical Systems (FMS), Siemens Ltd and others.
Saudi Arabia Medical Devices – Segments:
Saudi Arabia medical devices market has been segmented on the basis of product type, therapeutic application and end users.
On The Basis Of Product Type: Monitoring Devices, Diagnostic Devices, Diagnostic Molecular Devices, Drug Delivery Devices, Surgical Devices, Bio Implants & Stimulation Devices, Automation and Robotics and Others.
On The Basis Of Therapeutic Application: General Surgery, Diagnostic Imaging, Respiratory, Orthopedics, Cardiovascular, Dental, Neurology, Ophthalmology, Ear-Nose-Throat (ENT), Nephrology & Urology, and Others.
On The Basis Of End Users: Hospitals, Ambulatory, Home & Others.
Saudi Arabia Medical Devices – Regional Analysis:
The healthcare sector of Saudi Arabia is divided between private and state. The public healthcare expenditure accounts for approximately 75% of total health expenditure in 2014. Local manufacturing represents a poor outlook which is limited to consumables and ordinary articles. The government has established some of the best hospitals in the region such as King Faisal specialist hospital and research center, Riyadh military hospital, Saudi Arabia’s National Guard health affairs hospital etc. Saudi Arabia is extremely dependent on imports for medical devices and imports account for approximately 92% of total market for medical devices. U.S. medical device suppliers dominate the scenario with European vendors in the second position. Among the regions of Saudi Arabia Riyadh tops the healthcare expenditure list followed by Tabuk, Makkah and Madina.
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