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Saudi Arabia Medical Devices Market
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
Report ID:MRHC - 1041416 Pages: 240 Nov-2024 Formats*: PDF Category: Healthcare Delivery: 24 to 72 HoursThe Saudi Arabia Medical Devices Market was valued at $2.19 billion in 2023. This market is expected to reach $3.28 billion by 2031 from an estimated $2.33 billion in 2024, at a CAGR of 5.0% during the forecast period of 2024-2031.
Saudi Arabia Medical Devices Market Size & Forecast
The growth of the Saudi Arabia medical devices market is primarily driven by the growing prevalence of chronic diseases coupled with the geriatric population, supportive initiatives for strengthening healthcare in Saudi Arabia, and the expansion of medical device companies in Saudi Arabia. Furthermore, the development and transformation of Saudi’s healthcare services and the growing emphasis on medical tourism are expected to generate growth opportunities for the stakeholders in this market.
Key Findings in the Saudi Arabia Medical Devices Market
- By Product: The Monitoring Devices Segment to Dominate the Saudi Arabia Medical Devices Market in 2024
- By Risk Type: The Low-Risk Medical Devices Segment to Dominate the Saudi Arabia medical devices Market in 2024
- By Application: The Diagnostic imaging Segment is Expected to Dominate the Saudi Arabia medical devices Market in 2024
- By End User: The Hospitals & Clinics Segment is Expected to Account for the Largest Share of the Saudi Arabia medical devices Market in 2024
Saudi Arabia Medical Devices Market Growth Drivers
Government Investment for Improving Healthcare
The Government of Saudi Arabia is making ongoing investments to enhance the country's healthcare infrastructure. Key outcomes of these investments include the increasing number of hospitals and healthcare systems, the growing adoption of digital health technologies, and improved access to healthcare services. Under Vision 2030, the government has committed to investing over USD 65 billion to develop healthcare infrastructure. In addition, the Ministry of Health (MoH) and other government agencies are supporting public-private partnerships (PPP) to develop healthcare facilities while minimizing financial burdens.
As part of these efforts, the MoH, in collaboration with private sector entities, is driving initiatives to strengthen healthcare services. For example, in June 2023, the Ministry granted Altakassusi Alliance Medical LLC—a joint venture between Alliance Medical Group, King Faisal Specialist Hospital & Research Center, and Nexus Gulf Healthcare—a project to enhance radiology and imaging services across seven hospitals in Saudi Arabia. This collaboration aims to transfer knowledge, upskill the local healthcare workforce through training programs, and improve the quality of care. The expansion of imaging services requires advanced diagnostic devices, further contributing to the growth of the medical device market in the region.
Expansion of Medical Device Companies in Saudi Arabia
The expansion of healthcare and medical device companies in Saudi Arabia is driving growth in the medical device sector. Companies are increasing their presence in the country due to strong government support, health initiatives, and a rapidly growing healthcare ecosystem. This expansion enhances accessibility to medical devices, allowing companies to meet the needs of an underserved customer base. Several medical device companies have already strengthened their foothold in Saudi Arabia. For example:
- In February 2024, Johnson & Johnson MedTech (U.S.) started direct operations in Saudi Arabia. The company offers high-tech medical and surgical equipment. This strategic development is in line with the company’s commitment to improving healthcare in Saudi Arabia.
- In February 2024, Siemens Healthineers partnered with Dallah Health (Saudi Arabia) to expand its strategic partnership in Saudi Arabia. This collaboration aims to transform healthcare delivery by integrating advanced technologies in various business units such as technology management, operations, workforce development, and facility design.
Saudi Arabia Medical Devices Market Opportunities
Transforming Healthcare Services in Saudi Arabia
Saudi Arabia's healthcare sector is rapidly evolving, driven by advanced technologies, new programs, and infrastructure improvements aimed at enhancing the quality of care. The Ministry of Health has launched a health sector transformation program to improve access to services and attract more investments. As part of Vision 2030, the country has prioritized the acceleration of emergency services to reduce patient wait times, expanded the number of surgeries performed weekly from 2,000 to 8,400, and ensured timely access to critical interventions to address the growing healthcare needs of the population. This transformation in healthcare delivery is driving the demand for medical devices across the distribution network, fueling growth in Saudi Arabia's medical device market.
Saudi Arabia Medical Devices Market: Top Market Opportunity
The Monitoring devices segment is expected to Dominate the Saudi Arabia Medical Devices Market in 2024
Based on product type, the Saudi Arabia Medical Devices Market is segmented into Monitoring Devices, Diabetic Care, Invitro Diagnostics (IVD), Neurology, Ophthalmic, Diagnostic Imaging, Cardiology, Orthopedics, Drug Delivery, General and Plastic Surgery, Dental, Wound Management, Endoscopy, Ear, Nose & Throat, Nephrology, General Hospital & Healthcare, Skin Care & Aesthetics, Other Products. In 2024, the Monitoring Devices segment is expected to account for the largest share of the Saudi Arabia Medical Devices Market.
The large share of this segment is driven by the increasing burden of chronic diseases, widespread adoption of advanced medical practices, and high population density. As the population grows, coupled with a higher incidence of chronic conditions, there is a growing need for healthcare solutions to monitor health status and access real-time data. This demand is fueling the growth of the in vitro diagnostics (IVD) devices market.
However, the diabetic care devices segment is slated to register the highest CAGR during the forecast period. The increasing prevalence of diabetes in Saudi Arabia, coupled with technological advancements in diabetic care devices, is driving market growth. The rising number of hospital admissions and growing awareness about diabetes among patients further contribute to the demand for diabetic care devices. For example, a study published in the *Cureus* journal indicates that approximately 49.9% of hospitalized patients in Riyadh have diabetes. This high rate of diabetes-related hospitalizations is prompting healthcare providers to invest in and adopt the latest diabetic care devices, thereby accelerating market growth.
Saudi Arabia Medical Devices Market: Key Companies
The report includes a competitive landscape based on an extensive assessment of the product offerings, geographic presence, and key strategic developments of leading market 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 Overview: Latest Developments from Key Industry Players
- In January 2024, Scientific & Medical Equipment House Co. (Saudi Arabia) signed a distribution agreement with Haier Germany to market and distribute operating room equipment in Saudi Arabia. This partnership aims to expand the company's customer base and portfolio of medical equipment agencies in the region.
- In April 2023, Dr. Sulaiman AL Habib Medical Group (Saudi Arabia) invested USD 1.73 billion to construct six hospitals in Saudi Arabia with advanced medical facilities and innovative healthcare services.
- In April 2021, Analytica Limited (Australia) signed an agreement with Al Marwa Medical Supplies (Marwa) to distribute and commercialize the enhanced infusion system to hospital systems in the Middle East region.
Saudi Arabia Medical Devices Market Research Summary
|
Particulars |
Details |
|
Number of Pages |
350 |
|
Format |
|
|
Forecast Period |
2024-2031 |
|
Base Year |
2023 |
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CAGR |
5.0% |
|
Estimated Market Size (Value) |
$3.28 Billion by 2031 |
|
Segments Covered |
By Product
By Risk Type
By Application
By End User
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|
Key Companies Profiled |
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.). |
Key questions answered in the saudi arabia medical devices market report:
The Saudi Arabia medical devices market size was valued at $ 2.19 billion in 2023.
The market is projected to grow from $2.33 billion in 2024 to $3.28 billion by 2031.
The Saudi Arabia medical devices market analysis indicates significant growth, reaching $3.28 billion by 2031 at a compound annual growth rate (CAGR) of 5.0% from 2024 to 2031.
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.).
A prominent market trend in Saudi Arabia medical devices is the growing investment by key players in medical devices, the integration of AI and Robotics in medical devices, and the rising demand for wearable devices.
By Product, the monitoring devices segment is forecasted to hold the largest market share.
By Risk type, the low-risk medical devices segment is forecasted to hold the largest market share.
By Applications, the diagnostic imaging segment is expected to dominate the market.
By end users, the Hospitals segment is poised to record the dominant position in the market.
The primary drivers of Saudi Arabia medical devices Market Growth include the rising prevalence of chronic diseases and the rising geriatric population, supportive initiatives for strengthening Saudi Arabia's healthcare, and the expansion of medical device manufacturing companies in Saudi Arabia.
1. Market Definition & Scope
1.1. Market Definition
1.2. Market Ecosystem
1.3. Currency
1.4. Key Stakeholders
2. Research Methodology
2.1. Research Approach
2.2. Data Collection & Validation Process
2.2.1. Secondary Research
2.2.2. Primary Research/Interviews With Key Opinion Leaders from the Industry
2.3. Market Sizing And Forecast
2.3.1. Market Size Estimation Approach
2.3.2. Growth Forecast Approach
2.3.3. Market Share Analysis
2.4. Assumptions For The Study
3. Executive Summary
4. Factors Affecting Market Growth
4.1. Overview
4.2. Drivers
4.2.1. Increasing Prevalence of Chronic Diseases Coupled with Geriatric Populations
4.2.2. Supportive Initiatives for Strengthening Healthcare in Saudi Arabia
4.2.3. Expansion of Medical Device Companies in Saudi Arabia
4.3. Restraints
4.3.1. High Cost of Advanced Medical Devices
4.3.2. Lack of Awareness of Advanced Technologies
4.4. Opportunity
4.4.1. Growing Expansion and Transformation of Saudi's Healthcare Services
4.4.2. Emerging Medical Tourism
4.5. Challenges
4.5.1. Shortage of Skilled Medical Professionals
4.5.2. Limited Penetration of Healthcare Services in the Rural Part of Saudi Arabia
4.6. Trends
4.6.1. Rising Investments by Key Players
4.6.2. Integration of AI And Robotics in Medical Devices
4.6.3. Increasing Adoption of Wearable Devices
4.7. Factor’s Analysis
4.8. Regulatory Analysis
4.9. Pricing Analysis
4.10. Porter’s Five Forces Analysis
5. Saudi Arabia Medical Devices Market Assessment—By Product
5.1. Overview
5.2. Monitoring Devices
5.3. Diabetic Care
5.4. In Vitro Diagnostics (IVD)
5.5. Neurology
5.6. Ophthalmic
5.7. Diagnostic Imaging
5.8. Cardiology
5.9. Orthopedics
5.10. Drug Delivery
5.11. General and Plastic Surgery
5.12. Dental
5.13. Wound Management
5.14. Endoscopy
5.15. Ear, Nose, & Throat
5.16. Nephrology
5.17. General Hospital & Healthcare
5.18. Skin Care & Aesthetics
5.19. Other Products
6. Saudi Arabia Medical Devices Market Assessment—By Risk Type
6.1. Overview
6.2. Low-risk Medical Devices
6.3. Moderate-risk Medical Devices
6.4. High-risk Medical Devices
7. Saudi Arabia Medical Devices Market Assessment—By Application
7.1. Overview
7.2. Cardiology
7.3. Gastrointestinal Surgery
7.4. Diagnostic Imaging
7.5. General Surgery
7.6. Orthopedics
7.7. Other Applications
8. Saudi Arabia Medical Devices Market Assessment—By End User
8.1. Overview
8.2. Hospitals & Clinics
8.3. Ambulatory Surgery Centers
8.4. Diagnostic Centers & Laboratories
8.5. Pharmacies
8.6. Other End Users
9. Competition Analysis
9.1. Overview
9.2. Key Growth Strategies
9.3. Competitive Benchmarking
9.4. Competitive Dashboard
9.4.1. Industry Leaders
9.4.2. Market Differentiators
9.4.3. Vanguards
9.4.4. Emerging Companies
9.5. Market Share/Ranking Analysis, By The Key Players, 2023
10. Company Profiles (Business Overview, Financial Overview, Product Portfolio, Strategic Developments, and SWOT Analysis*)
10.1. Koninklijke Philips N.V.
10.2. GE HealthCare Technologies Inc.
10.3. Smith+Nephew
10.4. Zimmer Biomet
10.5. Siemens Healthineers AG
10.6. F. Hoffmann-La Roche Ltd.
10.7. Becton, Dickinson and Company
10.8. Olympus Corporation
10.9. Johnson & Johnson
10.10. Medtronic plc
10.11. Drägerwerk AG & Co. KGaA
10.12. Abbott Laboratories
(Note: SWOT Analysis will be provided for the top 5 companies)
11. Appendix
11.1. Available Customization
11.2. Related Reports
List of Tables
Table 1 Saudi Arabia Medical Devices Market, by Product, 2022–2031 (USD Million)
Table 2 Saudi Arabia Medical Devices Market, by Risk Type, 2022–2031 (USD Million)
Table 3 Saudi Arabia Medical Devices Market, by Application, 2022–2031 (USD Million)
Table 4 Saudi Arabia Medical Devices Market, by End User, 2022–2031 (USD Million)
Table 5 Recent Developments, by Company, 2021–2024
List of Figures
Figure 1 Market Ecosystem
Figure 2 Research Process
Figure 3 Secondary Sources Referenced for This Study
Figure 4 Primary Research Techniques
Figure 5 Key Executives Interviewed
Figure 6 Breakdown of Primary Interviews (Supply Side & Demand Side)
Figure 7 Market Size & Growth Forecast Approach
Figure 8 Saudi Arabia Medical Devices Market, by Product, 2024 VS. 2031 (USD Million)
Figure 9 Saudi Arabia Medical Devices Market, by Risk Type, 2024 VS. 2031 (USD Million)
Figure 10 Saudi Arabia Medical Devices Market, by Application, 2024 VS. 2031 (USD Million)
Figure 11 Saudi Arabia Medical Devices Market, by End User, 2024 VS. 2031 (USD Million)
Figure 12 Impact Analysis of Market Dynamics
Figure 13 Poters Five Frces Analysis
Figure 14 Saudi Arabia Medical Devices Market, by Product, 2024 VS. 2031 (USD Million)
Figure 15 Saudi Arabia Medical Devices Market, by Risk Type, 2024 VS. 2031 (USD Million)
Figure 16 Saudi Arabia Medical Devices Market, by Application, 2024 VS. 2031 (USD Million)
Figure 17 Saudi Arabia Medical Devices Market, by End User, 2024 VS. 2031 (USD Million)
Figure 18 Key Growth Strategies Adopted by Leading Players, 2021—2024
Figure 19 Saudi Arabia Medical Devices Market: Competitive Benchmarking, by Product
Figure 20 Competitive Dashboard: Saudi Arabia Medical Devices Market
Figure 21 Saudi Arabia Medical Devices Market: Market Share Analysis, By Key Players (2023)
Figure 22 Koninklijke Philips N.V.: Financial Snapshot (2023)
Figure 23 GE HealthCare Technologies Inc.: Financial Snapshot (2023)
Figure 24 Abbott Laboratories: Financial Snapshot (2023)
Figure 25 Smith+Nephew.: Financial Snapshot (2023)
Figure 26 Coloplast Corp.: Financial Snapshot (2023)
Figure 27 Zimmer Biomet.: Financial Snapshot (2023)
Figure 28 Siemens Healthineers AG: Financial Snapshot (2023)
Figure 29 F. Hoffmann-La Roche Ltd.: Financial Snapshot (2023)
Figure 30 Becton, Dickinson and Company.: Financial Snapshot (2023)
Figure 31 Olympus Corporation: Financial Snapshot (2023)
Figure 32 Johnson & Johnson: Financial Snapshot (2023)
Figure 33 Medtronic plc: Financial Snapshot (2023)
Figure 34 Drägerwerk AG & Co. KGaA: Financial Snapshot (2023)
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