According to a report “Middle East Medical Device Market By Product (In Vitro Diagnostics (IVD), Cardiology, Orthopedics), By FDA classification (Class I, II, III), By End-user, By Region, And Segment Forecasts, 2018 – 2025”, published by Grand View Research, Inc. The Middle East medical devices market is expected to reach USD 31.6 billion by 2025, according to a new report by Grand View Research, Inc. This growth is anticipated to be a result of increasing geriatric population, and increasing incidences of conventional diseases such as diabetes and obesity. Other major drivers include technological innovations and increasing demand and acceptance of such technologies in Middle Eastern countries majorly in UAE, Saudi Arabia and Qatar.
Key Takeaways from the report:
- Based on product type, In-Vitro Diagnostics (IVD) is expected to dominate the market as of 2016. Furthermore, neurology device segment is anticipated to grow at the fastest CAGR owing to the factors such as growing incidence of conventional diseases, augmenting research and technological advancement offered by key industry players to meet the current unmet needs.
- The medical devices are also analyzed depending upon the U.S. FDA classification, with Class II being the dominant as well as the fastest growing segment during the forecast period. The Class II device segment is anticipated to capture over 60.0% of the market share by 2025.
- Geographic expansion into Qatar, U.A.E. and Iraq by well-established players is anticipated to promote the fastest growth for the region.
- Few of the industry players for the Middle East medical devices market include Medtronic, Johnson & Johnson, Siemens, Roche, Becton Dickinson and Abbott Laboratories
- Entry of various new players coupled with collaborative efforts by existing players is expected to be witnessed over the forecast period.
- For instance, In December 2016, Becton Dickinson announced a research collaboration with a leading global organization the Juvenile Diabetes Research Foundation (JDRF) that would be funding their research for type 1 diabetes. This is anticipated to enable BD’s focus on enhancing technology supporting extended wear insulin infusion set.
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Furthermore, rising competitive pressure is witnessed in the Middle East medical device market as a result of high demand and low supply ratio. Hence, it can be predicted that the Middle East medical device market may witness lucrative growth over the forecast period.
Another factor responsible for this propelling growth is the supportive reimbursement pathways adapted by the Middle Eastern countries majorly to ensure quality healthcare provisions for every civilian. Major developments are witnessed in terms of regulatory structures as well, with an agenda to provide monetary benefits to the civilians and improve overall lifestyle of the people.
Grand View Research has segmented the Middle East medical devices market on the basis of type of device, U.S. FDA classes, end-user and region:
Type of devices (Revenue, USD Million, 2014 – 2025)
- In Vitro Diagnostics(IVD)
- Diagnostic imaging
- General and plastic surgery
- Drug delivery
- Wound management
- Diabetic care
- Ear, Nose and Throat
- General hospital and Healthcare
- Skin Care & Aesthetics
U.S. FDA classification (Revenue, USD Million, 2014 – 2025)
- Class I
- Class II
- Class III
End user (Revenue, USD Million, 2014 – 2025)
- Blood Banks
- Stand Alone Clinics
- Dermatology Clinics & Cosmetic
Regional Outlook (Revenue, USD Million, 2014 – 2025)
- Saudi Arabia
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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