Medical Technology - GCC

The Medical Technology market market in the Gulf Cooperation Council (in Gulf Cooperation Council (GCC)) is anticipated to generate a revenue of US$12.79bn by 2024.
Among the various markets within the market, Medical Devices is expected to hold the largest share, with a projected market volume of US$10.97bn in 2024.
Over the period of 2024-2029, the revenue is forecasted to exhibit a Compound Annual Growth Rate (CAGR) of 5.91%, resulting in a market volume of US$17.04bn by 2029.
In terms of global comparison, the United States is expected to contribute the majority of the revenue, with US$211.10bn in 2024.
The GCC countries are experiencing a surge in demand for advanced medical technology solutions to meet the growing healthcare needs of their populations.

Key regions: United States, Germany, China, Japan, France

Market

Region

Region comparison

Currency

Analyst Opinion

The Medical Technology market in GCC is experiencing significant growth and development due to various factors.

Customer preferences: Customers in the GCC region are increasingly seeking advanced and innovative medical technologies to improve healthcare outcomes. There is a growing demand for medical devices and equipment that are efficient, accurate, and easy to use. Customers are also looking for technologies that can provide remote monitoring and telehealth services, allowing them to access healthcare services from the comfort of their homes. Additionally, there is a preference for medical technologies that are compatible with mobile devices and can integrate with electronic health record systems.

Trends in the market: One of the key trends in the Medical Technology market in GCC is the adoption of digital health solutions. This includes wearable devices, mobile health applications, and remote monitoring systems. These technologies enable individuals to track their health parameters, receive personalized health recommendations, and share data with healthcare providers. The increasing prevalence of chronic diseases in the region has also led to a rise in the demand for medical technologies that can support disease management and self-care. Another trend in the market is the focus on healthcare infrastructure development. GCC countries are investing heavily in building world-class healthcare facilities, including hospitals, clinics, and research centers. This has created a demand for state-of-the-art medical equipment and devices. The market is witnessing a surge in the purchase of imaging systems, surgical instruments, and diagnostic devices to support the growing healthcare infrastructure.

Local special circumstances: The GCC region has a high prevalence of lifestyle-related diseases such as diabetes, obesity, and cardiovascular diseases. This has created a need for medical technologies that can effectively manage and treat these conditions. The local healthcare systems are also facing challenges related to an aging population, which further drives the demand for medical technologies that can cater to the needs of elderly individuals.

Underlying macroeconomic factors: The Medical Technology market in GCC is influenced by several macroeconomic factors. The region has a high per capita income and a strong focus on healthcare spending. Governments in the GCC countries allocate a significant portion of their budgets to healthcare, which creates a favorable environment for the growth of the medical technology sector. Additionally, the region has a well-established regulatory framework that ensures the safety and efficacy of medical devices and equipment. This regulatory environment provides confidence to customers and encourages the adoption of new technologies. In conclusion, the Medical Technology market in GCC is witnessing significant growth and development driven by customer preferences for advanced and innovative medical technologies, the adoption of digital health solutions, healthcare infrastructure development, and the need to address the high prevalence of lifestyle-related diseases. The market is supported by favorable macroeconomic factors, including high healthcare spending and a robust regulatory framework.

Methodology

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.