Medical Technology

The Medical Technology market market in Bahrain is expected to achieve a revenue of US$211.90m in 2024.
Among the various markets in this market, Medical Devices dominate with a projected market volume of US$176.70m in the same year.
It is anticipated that the revenue will experience a compound annual growth rate (CAGR 2024-2029) of 5.60%, resulting in a market volume of US$278.30m by 2029.
When compared globally, the United States is projected to generate the highest revenue of US$211.10bn in 2024.
Bahrain's medical technology market is rapidly expanding, driven by the government's focus on healthcare infrastructure development.

Definition:
The Medical Technology market covers devices and products used for prevention, diagnosis, and treatment of diseases. Next to pharmaceuticals, they form the most important category of medical products. The most well known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants.

Structure:
The Medical Technology market consists of two markets, In Vitro Diagnostics (IVD) and Medical Devices. The IVD market covers products used for medical laboratory testing of specimens derived from the human body. The Medical Devices market covers a broad range of products which are further marketed into medical specialties or types of application: Cardiology Devices, Diagnostic Imaging Devices, Orthopedic Devices, Ophthalmic Devices, and General & Plastic Surgery Devices. The Other Medical Devices market provides information on additional areas that are not covered by the main markets.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Medtronic, Johnson & Johnson, Abbott Laboratories, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Products for laboratoy testing (IVD)
Active medical devices (i.e., operating with electrical energy)

Pharmaceuticals
Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Blood and transplants derived from the human body

The Medical Technology market in Bahrain is experiencing significant growth and development due to several factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the positive trajectory of the industry. Customer preferences in Bahrain are driving the demand for advanced medical technology. Patients in the country are increasingly seeking high-quality healthcare services and innovative medical treatments. This has created a need for state-of-the-art medical devices and equipment that can provide accurate diagnoses and effective treatments. Additionally, there is a growing demand for non-invasive and minimally invasive procedures, which require the use of advanced medical technology. Trends in the market also play a crucial role in the development of the Medical Technology sector in Bahrain. The industry is witnessing a shift towards digitalization and automation. Healthcare providers are adopting electronic medical records systems, telemedicine platforms, and remote monitoring devices to improve patient care and enhance operational efficiency. This trend is driven by the need to streamline healthcare processes, reduce costs, and provide convenient access to healthcare services. Another trend in the market is the increasing focus on personalized medicine. Bahrain is witnessing a rise in precision medicine, which involves tailoring medical treatments to individual patients based on their genetic makeup, lifestyle, and other factors. This requires the use of advanced medical technology, such as genetic testing devices and personalized drug delivery systems. The demand for these technologies is expected to grow as personalized medicine becomes more mainstream in the country. Local special circumstances also contribute to the growth of the Medical Technology market in Bahrain. The government has been actively promoting the development of the healthcare sector and investing in infrastructure and technology. This has created a favorable business environment for medical technology companies, attracting foreign investments and fostering innovation. Additionally, Bahrain has a well-developed healthcare system and a high standard of medical education, which further supports the growth of the Medical Technology market. Underlying macroeconomic factors, such as population growth and increasing healthcare expenditure, also drive the development of the Medical Technology market in Bahrain. The country has a growing population, which translates to a larger patient base and increased demand for healthcare services. Moreover, the government has been increasing its healthcare expenditure to improve the quality and accessibility of healthcare services. This provides a conducive environment for the growth of the Medical Technology market. In conclusion, the Medical Technology market in Bahrain is experiencing significant growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The demand for advanced medical technology, the shift towards digitalization and automation, the focus on personalized medicine, government support, and favorable macroeconomic conditions all contribute to the positive trajectory of the industry.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.