Saudi Arabia Medical Devices 2019 Market Synopsis | Rising Investments Exhibit Upside Potential for Industry Growth | Forecast To 2023

Saudi Arabia Medical Devices 2019 Market Synopsis | Rising Investments Exhibit Upside Potential for Industry Growth | Forecast To 2023

“Saudi Arabia Medical Devices Market”
MRFR has asserted that the Saudi Arabia medical device market is likely to catapult to USD 3870 Mn at a CAGR of 9.5% by 2022. The market stood at USD 2250 In 2017. Saudi Arabia Medical Devices Market Information, by Product type (Monitoring Devices, Diagnostic devices, Diagnostic Molecular Devices, Drug delivery devices, Surgical Devices, Bio implants and Stimulation Devices, Automation and Robotics and Others) – Forecast to 2023

The Kingdom of Saudi Arabia is the largest market for medical devices within the GCC region. The medical device industry is regulated by the Saudi Food & Drug Authority (SFDA). Market Research Future (MRFR) has studied the trends and patterns in the Saudi Arabia medical device industry minutely over the forecast period of 2018-2023 in a comprehensive report.

Saudi Arabia market stores ample scope for the expansion of the medical device market. In the context of expanding healthcare industry and the huge gap which lies between the population growth and existing supply of healthcare facilities, there is a massive potential created for the development of the medical device sector. Demand for medical device is triggered by the booming population which would require additional investment in healthcare infrastructure to keep pace with the burgeoning demand for healthcare facilities. Additionally, a gradual increase in the aged demographic is likely to induce more demand for healthcare services, and, in turn, the medical device market.

The Saudi Arabia healthcare sector is majorly dominated by the private sector. There is a growing trend in the region in investing in healthcare infrastructure among local investors who are eyeing on unlocking growth opportunities by fulfilling the existing gap in the healthcare sector. Greater participation of the private sector and inflow of investment is likely to propel the Medical device market.

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The increasing burden of chronic diseases in the region has led to an upsurge in demand for specialized medical equipment’s and healthcare facilities and has been a key driver of the market. Furthermore, the increase in health insurance coverage has augmented the demand for healthcare services in the region which would strongly support the growth of the Saudi Arabia medical device market.

Other factors supporting market growth include an increase in the manufacturing capacity of local manufacturers and continuous economic growth. However, an ambiguous regulatory framework might restrain the growth of the market.

Saudi Arabia Medical Devices Market – Competitive Landscape

Johnson & Johnson, Siemens Ltd., Al Faisaliah Medical Systems (FMS), Al Amin Medical Instruments Company (AMICO), Koninklijke Philips Electronics NV., General Electric, Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO), Baxter Internationa, Cardinal Health, Fresenius Medical Care AG & Co., Al-Salehiya Medical Estableshment, and Medtronic are the distinguished players in the Saudi Arabia medical device market.

Saudi Arabia Medical Devices Market – Regional Analysis

The healthcare expenditure in Saudi Arabia is divided between the state and the private sector. Healthcare expenditure forms the bulk of the governments spending, and the government has been able to establish state-of-the-art medical facilities in regions such as Riyadh, Tabuk, Makkah, and Madina. However, the healthcare sector is almost entirely reliant on imports for its medical device requirement as local manufacturing of medical devices is limited to ordinary and consumable articles. However, the government is encouraging and offering a number of incentives for domestic manufacturing of medical devices. Combination of factors such as increasing GDP, government investment and booming population promise market growth in the coming years.

Saudi Arabia Medical Devices Market – Segmentation

The Saudi Arabia Medical Devices Market has been segmented based on product type, therapeutic application, and end user.

By product type, the Saudi Arabia medical device market has been segmented into diagnostic molecular devices, bio implants, and stimulation devices, monitoring devices, automation and robotics, drug delivery devices, diagnostic devices, surgical devices, and others. 

By therapeutic application, the Saudi Arabia medical device market has been segmented into dental, orthopedics, nephrology, respiratory, ear-nose-throat (ENT), urology, neurology, general surgery, diagnostic imaging, ophthalmology, cardiovascular, and others. 

By end user, the Saudi Arabia medical device market has been segmented into hospitals, ambulatory, home, and others.

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