Saudi Arabia Medical Devices Market – Expectation of rise in oil prices in the future will drive the market!

“Saudi Arabia Medical Devices Market”
Market research future published a half-cooked research report on Saudi Arabia Medical Devices market. The Saudi Arabia Medical Devices market is expected to grow at a CAGR of ~9.5% during the period 2017 to 2023.

A medical device is any instrument, appliance including any software, biologic or non-biologic compatible material, to be used for the diagnostic or therapeutic use for management of diseases and disorders. The high wealth of Saudi Arabia arising from the sale of petroleum makes the Saudi Arabia market for medical devices an attractive target. For example, Saudi government, accounted for 79 % of healthcare expenditure and the budgeted expenditures for the healthcare and social affairs sectors in 2015 were set at $42.67 billion, an impressive 48 % growth from 2014. Thus the total expenditure accounts for approximately $20 billion annually. The medical sector electronics manufacturing sector in these countries reflect a poor outlook with poor manufacturing capacity and capability, which is limited to low end devices. Thus there are intense opportunities for medical device players to capture these shortcomings of the market.

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Market dynamics of Saudi Arabia Medical Devices Market:

The medical device industry is one of the fastest growing segment of healthcare industry chiefly driven by innovation and new technologies. Technology and product development remain the main pillars for the growing market for medical devices. For example, elimination of engineering problem such as development of stronger and biocompatible materials, advancements in connectivity and processing power in the diagnostic imaging sector, rising cost of healthcare which stimulated development of innovative connected products such as wearable medical devices, falling cost of production and rising manufacturing capacities in electronic industry, demand for early detection and non-invasive therapies have driven the market.

The market constraints are strict and ambiguous regulatory framework, growing concern for security especially data security, differential availability between developed and developing regions, connectivity issues in poor regions of the world etc. The medical sector electronics manufacturing sector in these countries reflect a poor outlook with poor manufacturing capacity and capability, which is limited to low end devices. The expansion of healthcare facilities and the development of large hospital complexes such as King Fahd hospital will lead the market.

Saudi Arabia medical devices market to reach around $ 3870 million from $ 2250 million in 2017, by the end of the forecast period at a CAGR of ~9.5%.

Key Players for Saudi Arabia Medical Devices Market:

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

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Segments for Saudi Arabia Medical Devices Market:

Saudi Arabia medical devices market has been segmented on the basis of product type which comprises monitoring devices, diagnostic devices, diagnostic molecular devices, drug delivery devices, surgical devices, bio implants and stimulation devices, automation and robotics and others. On the basis of therapeutic application; market is segmented into general surgery, diagnostic imaging, respiratory, orthopedics, cardiovascular, dental, neurology, ophthalmology, ear-nose-throat (ENT), nephrology and urology, and others. On the basis of end users; market is segmented into hospitals, ambulatory, home and others.

Regional Analysis of Saudi Arabia Medical Devices Market:

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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The protective nontrade barriers remain an irritants in the Saudi Arabia market which include the coercive demands of partnering with local player and technology transfers. The bias of the government of these countries towards locally manufactured goods need to be resolved by diplomacy. However the falling oil prices have dented the revenues of Saudi Arabia. The government has responded by reducing the healthcare budget. However this seems to be a short lived and the budget is expected to rise in the future. The budget cut must be seen as an opportunity by private players to increase its penetration of the market. We also expect the oil prices to rise in the future which will benefit the future outlook of the market.

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