Market Insights Health Medical Technology Medical Devices

Diagnostic Imaging Devices - GCC

The Diagnostic Imaging Devices market market in the Gulf Cooperation Council (in Gulf Cooperation Council (GCC)) is anticipated to witness a significant surge in revenue, projected to reach US$1.21bn by 2024.
This growth is expected to continue with an annual growth rate (CAGR 2024-2029) of 4.94%, ultimately leading to a market volume of US$1.54bn by 2029.
When compared globally, it is noteworthy that the United States will generate the highest revenue, estimated at US$11,930.00m in 2024.
The GCC region is witnessing an increased demand for advanced diagnostic imaging devices to support the growing healthcare sector.

Key regions: Germany, Japan, Netherlands, Spain, United States

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Analyst Opinion

The Diagnostic Imaging Devices market in GCC is experiencing significant growth due to customer preferences for advanced medical technology, increasing healthcare expenditure, and favorable government initiatives.

Customer preferences: Customers in the GCC region prefer diagnostic imaging devices that offer high-quality imaging, accurate results, and minimal radiation exposure. They also prioritize devices that are user-friendly and cost-effective. This has led to a growing demand for advanced imaging technologies such as magnetic resonance imaging (MRI), computed tomography (CT), and ultrasound devices.

Trends in the market: One of the key trends in the GCC Diagnostic Imaging Devices market is the increasing adoption of digital imaging technology. Digital imaging offers several advantages over traditional film-based imaging, including faster image acquisition, easier storage and retrieval of images, and the ability to enhance and manipulate images for better diagnosis. This trend is driven by the need for efficient and streamlined healthcare processes. Another trend in the market is the rising demand for portable and handheld imaging devices. These devices are compact, lightweight, and easy to transport, making them ideal for use in remote areas or during emergencies. The increasing prevalence of chronic diseases and the need for point-of-care diagnostics are driving the demand for portable imaging devices in the GCC region.

Local special circumstances: The GCC region has a high prevalence of lifestyle-related diseases such as diabetes and cardiovascular diseases. This has led to an increased demand for diagnostic imaging devices for early detection and monitoring of these conditions. Additionally, the region has a growing elderly population, which further drives the demand for diagnostic imaging devices. Furthermore, the GCC countries are investing heavily in their healthcare infrastructure, with a focus on improving access to quality healthcare services. This includes the establishment of state-of-the-art hospitals and medical centers equipped with advanced diagnostic imaging devices. The growing medical tourism industry in the region also contributes to the demand for diagnostic imaging devices.

Underlying macroeconomic factors: The GCC region has experienced rapid economic growth in recent years, driven by factors such as oil revenues, government investments, and diversification efforts. This has led to an increase in healthcare expenditure, as governments allocate more funds to improve healthcare infrastructure and services. The growing population and increasing healthcare awareness also contribute to the rising demand for diagnostic imaging devices. In conclusion, the Diagnostic Imaging Devices market in GCC is witnessing significant growth due to customer preferences for advanced technology, increasing healthcare expenditure, and favorable government initiatives. The adoption of digital imaging technology and portable devices are key trends in the market. The high prevalence of lifestyle-related diseases, growing elderly population, and investments in healthcare infrastructure are local special circumstances driving the market. The rapid economic growth and increasing healthcare expenditure in the GCC region are underlying macroeconomic factors supporting the market's development.

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.