Market Research Future (MRFR) has recently published a study report giving out the complete market prognosis up till 2023. According to MRFR, the Saudi Arabia, Medical Devices market, gaining further prominence will reach USD ~ 3870 Million by 2023, registering a staggering CAGR of ~9.5 % between 2017 and 2023. The market had valued at 2250 million in 2017.
Factors such as favorable reimbursement policies, coupled with the ongoing product development & commercialization help boosting the market growth. Developments of products and technologies remain one of the main pillars for the growing market of medical devices. Most innovations transpired in the medical devices are based on solving the engineering problem.
Development of stronger and biocompatible materials led the growth of the bio-implants segment, while advancements in connectivity and processing power led the growth of diagnostic imaging sector. The other drivers of medical device market are rising cost of healthcare which stimulated the development of innovative connected products such as wearable medical devices, falling cost of production and increasing manufacturing capacities in electronic industry, demand for early detection and non-invasive therapies, etc.
On the other hand, factors such as stringent and unclear regulatory framework, along with the growing data security concerns for especially, connectivity issues between underdeveloped and developing regions, etc. are expected to inhibit the market growth.
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Saudi Arabia Medical Devices Market – Dominant Players
The major participants of 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, 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 Market – Segmentation
MRFR has segmented into 4 key dynamics for the convenience of the report and enhanced understanding;
By Product Types: Comprises Diagnostic Devices, Monitoring Devices, Diagnostic Molecular Devices, Surgical Devices, Drug Delivery Devices, Bio Implants and Stimulation Devices, Automation and Robotics among others.
By Therapeutic Applications: Diagnostic Imaging, General Surgery, Respiratory, Cardiovascular, Orthopaedics, Dental, Neurology, Ear-Nose-Throat (ENT), Ophthalmology, Nephrology and Urology, among others.
By End-Users: Ambulatory, Home and Hospitals among others.
By Regions: Geographical regions & Continents of Saudi Arabia
Industry/Innovation/Related News:
August 2018 – The Saudi Food and Drug Administration (SFDA) has published an update to its clearance policy for medical device shipments to the country. The requirements entail that the total shelf life of a device should be more than one year. The policy also includes that the device must have at least four months of its shelf life remaining at the port of entry. These revisions help facilitate the launch of a new market pathway for Class I non-sterile medical devices through the Saudi Medical Device National Registry (MDNR).
June 2018 An international research team led by the King Abdullah University of Science and Technology (KAUST), Saudi Arabia, and University of Cambridge, UK, and has made a plastic sensor to deliver a low-cost option for the monitoring of many health conditions, comprising of neurodegenerative disorders. The sensor, which can also be used for diagnostic purposes, has been intended to measure the levels of certain metabolites such as lactate or glucose found in tears, sweat, saliva, and blood. Additionally, the sensor can be embedded into a diagnostic device to enable the accurate and rapid monitoring of patients.
May 16, 2018 – Informa Life Sciences Exhibitions (UK), a global organization, in charge of the healthcare portfolio and Global Exhibitions division, announced the Global Health Exhibition to be held from 10-12 September 2018 at the Riyadh International Convention and Exhibition Center, Saudi Arabia. One of the objectives of the exhibition is to avail Saudi Arabia’s leading healthcare platform to the global market to meet and network with Saudi healthcare sector’s pioneers and officials. More than 10,000 industry professionals across the globe are expected to explore the opportunities, along with the more than 500 Saudi-based and international exhibiting companies showcasing the latest advances in health services, pharmaceuticals, training and education, and medical device technologies.
Saudi Arabia Medical Devices Market – 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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