Saudi Arabia Medical Device Market Scenario Highlighting Major Drivers & Trends, 2019-2026
Medical Device refers to an instrument, apparatus, equipment, implement, machine, implant, or appliance, intended by the manufacturer to be used for human beings, for medical purpose such as diagnosis, monitoring, treatment, prevention, or alleviation of disease. Medical devices play a major role in the diagnostic and treatment procedure of any diseases. The medical devices offer remarkable benefits such as supports remote monitoring of chronic diseases, improves patient safety while enhancing patient and clinician experience.
The major factors driving the growth of the Saudi Arabia Medical Device market during the forecast period includes the growing innovation in medical device technologies, the increasing public and private sector investment in healthcare sector and the rising geriatric population in Saudi Arabia. The government’s vision 2030 and National Transformation Program (NTP) focuses on healthcare development across Saudi Arabia, thereby driving the demand of the medical devices over the coming years. In addition to this, the government is heavily investing towards the construction of hospitals to build strong healthcare sector in Saudi Arabia. For instance, in 2019, the Ministry of Health (MoH) planned to construct 35 hospitals all over the country. The emergence of 3D imaging for orthopedic treatments, widening applications, and growing awareness about the usage of medical devices for treatment and screening diseases coupled with rising patient pool, will further complement the growth of the market in this region. On the other hand, the high cost of the medical devices and increasing sophistication towards the usage of these devices will hamper the growth of the Saudi Arabia Medical Device market over the coming years.
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Various notable players operating in the Saudi Arabia Medical Devicemarket include General Electric Saudi Arabia, Johnson & Johnson Medical Saudi Arabia Limited, Medtronic, Baxter Company Limited (BCL), Philips Healthcare Saudi Arabia, Fresenius Medical Care Saudi Arabia Limited, Al-Salehiya Medical Establishment, Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO), Al Faisaliah Medical Systems (FMS), Al Amin Medical Instruments Company (AMICO), Siemens Healthineers Saudi Arabia, among others.
The Saudi Arabia Medical Device market has been segmented based onproduct type, therapeutic application, and end-user. Based on the type, the market is segmented Monitoring Devices, Diagnostic Devices, Diagnostic, Molecular Devices, Drug Delivery Devices, Surgical Devices, Bio implants, and Stimulation Devices, Automation and Robotics and Others. Based on theTherapeutic Application, the market is segmented into General Surgery, Diagnostic Imaging, Respiratory, Orthopaedics, Cardiovascular, Dental, Neurology, Ophthalmology, Ear-Nose-Throat (ENT), Nephrology and Urology, and Others. Based on the end-user channel, the market is segmented into Hospital & Ambulatory Surgical Center, Clinics, and Others.
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Key questions answered in this research report:
· At what pace is the Saudi Arabia Medical Device market growing? What will be the trend in growth in the future?
· What are the key drivers and restraints in the Saudi Arabia Medical Device market? What will be the impact of drivers and restraints in the future?
· What are the various types of product in the Saudi Arabia Medical Devicemarket, and how are they poised to grow?
· What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?
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