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Redding, California - November 14, 2024

Saudi Arabia Medical Devices Market to be Worth $3.28 Billion by 2031

Saudi Arabia Medical Devices Market Size, Share, Forecast, & Trends Analysis by Product (IVD, Monitoring, Neurology, Diabetic Care, Orthopedic, Cardiology) Risk Type, Application (Cardiology, General Surgery, Orthopedics) End User - Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled Saudi Arabia Medical Devices Market Size, Share, Forecast, & Trends Analysis by Product (IVD, Monitoring, Neurology, Diabetic Care, Orthopedic, Cardiology) Risk Type, Application (Cardiology, General Surgery, Orthopedics) End User—Forecast to 2031. According to this latest publication from Meticulous Research^®, the Saudi Arabia medical devices market is projected to reach $3.28 billion by 2031 at a CAGR of 5% from 2024 to 2031.

The Saudi Arabia medical devices market is experiencing growth driven by the increasing prevalence of chronic diseases coupled with growing geriatric populations, supportive initiatives for strengthening Saudi Arabia's healthcare system, and the expansion of medical device companies in the region. However, the high cost of advanced medical devices and lack of awareness of advanced technologies hinder the market’s growth.

Additionally, the growing expansion and transformation of Saudi Arabia’s healthcare services and emerging medical tourism are expected to create potential growth opportunities for the players in this market. However, the shortage of skilled medical professionals and limited penetration of healthcare services in the rural part of Saudi Arabia are major challenges affecting market growth.

Key Players

The key players operating in the Saudi Arabia medical devices market are Koninklijke Philips N.V. (Netherlands), GE HealthCare Technologies Inc. (U.S.), Smith+Nephew. (U.K.), Zimmer Biomet. (U.S), Siemens Healthineers AG (Germany), F. Hoffmann-La Roche Ltd. (Switzerland), Becton, Dickinson and Company (U.S), Olympus Corporation (Japan), Johnson & Johnson (U.S.), Medtronic plc (Ireland), Drägerwerk AG & Co. KGaA (Germany), and Abbott Laboratories (U.S.).

Saudi Arabia Medical Devices Market: Future Outlook

The Saudi Arabia medical devices market is segmented by product, risk type, application, and end User.

Among the products studied in this report, in 2024, the monitoring devices segment is expected to account for the largest share of the Saudi Arabia medical devices market. The significant market share in this segment is primarily driven by several factors, including the increasing prevalence of chronic diseases, advancements in medical device technologies, heightened awareness around early disease diagnosis, and a growing demand for advanced diagnostic solutions. Additionally, the expansion of healthcare infrastructure in Saudi Arabia, supported by rising healthcare expenditures, is fueling demand for diagnostic devices, particularly for infectious disease and cancer testing. As reported by the International Trade Administration in January 2024, Saudi Arabia accounted for 60% of the healthcare spending within the Gulf Cooperation Council (GCC) countries. In 2023, healthcare and social development spending in Saudi Arabia reached USD 50.4 billion.

Among the risk types studied in this report, in 2024, the low-risk medical devices segment is expected to account for the largest share of the Saudi Arabia medical devices market. This segment's large market share can be attributed to the wide accessibility of low-risk and OTC devices.

Among the applications studied in this report, in 2024, the diagnostic imaging segment is expected to account for the largest share of the Saudi Arabia medical devices market. This segment's large market share is driven by the rising incidence of cancer and the growing demand for efficient, accurate testing kits for both communicable and non-communicable diseases. According to the Ministry of Health KSA's report in February 2023, approximately 22,000 deaths in Saudi Arabia were attributed to non-communicable diseases, accounting for 35% of all deaths in the country.

Among the end users studied in this report, in 2024, the hospitals & clinics segment is expected to account for the largest share of the Saudi Arabia medical devices market. This segment's large share is driven by the rising number of patient admissions, the growing number of hospitals & clinics, and the availability of advanced medical technologies.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=6099

Key questions answered in the report-

Which are the high-growth market segments in terms of product, risk type, applications, and end user?
What was the historical market size for Saudi Arabia medical devices globally?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, challenges, opportunities, and trends in the Saudi Arabia medical devices market?
Who are the major players in the Saudi Arabia medical devices market?
What is the competitive landscape like, and who are the market leaders in the Saudi Arabia medical devices market?
What are the recent developments in the Saudi Arabia medical devices market?
What are the different strategies adopted by the major players in the Saudi Arabia medical devices market?

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Redding, California - November 14, 2024

Saudi Arabia Medical Devices Market to be Worth $3.28 Billion by 2031

Saudi Arabia Medical Devices Market Size, Share, Forecast, & Trends Analysis by Product (IVD, Monitoring, Neurology, Diabetic Care, Orthopedic, Cardiology) Risk Type, Application (Cardiology, General Surgery, Orthopedics) End User - Forecast to 2031

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