Market Insights Health Medical Technology

Medical Devices - GCC

The projected revenue in the Medical Devices market market in the Gulf Cooperation Council (in Gulf Cooperation Council (GCC)) is estimated to reach US$11.43bn in 2024.
The largest market within this market is Cardiology_Devices, which is projected to have a market volume of US$1.85bn in 2024.
It is expected that the revenue will display an annual growth rate (CAGR 2024-2029) of 6.32%, resulting in a market volume of US$15.53bn by 2029.
In comparison to other countries, the United States is projected to generate the highest revenue in the Medical Devices market market, with US$179.80bn in 2024.
In the GCC region, Saudi Arabia's medical device market is experiencing a surge in demand due to the government's focus on healthcare infrastructure development.

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

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Analyst Opinion

The Medical Devices market in GCC is witnessing significant growth and development in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this positive trajectory. Customer preferences in the GCC region are shifting towards more advanced and innovative medical devices. With an increasing focus on healthcare and a growing aging population, there is a higher demand for medical devices that can provide accurate diagnoses and effective treatments. Customers are also looking for devices that are user-friendly, portable, and have advanced features to enhance patient comfort and convenience. Trends in the market show a growing adoption of digital health technologies in the GCC region. The integration of artificial intelligence, Internet of Things, and big data analytics in medical devices is revolutionizing healthcare delivery. These technologies enable remote patient monitoring, personalized medicine, and improved patient outcomes. Additionally, there is a rising trend of wearable medical devices that can track vital signs and provide real-time health data to both patients and healthcare professionals. Local special circumstances in the GCC region are influencing the development of the Medical Devices market. The region has a high prevalence of chronic diseases such as diabetes, cardiovascular diseases, and respiratory disorders. This has created a need for medical devices that can effectively manage and monitor these conditions. Additionally, the GCC countries have been investing heavily in healthcare infrastructure and are implementing healthcare reforms to improve access to quality healthcare services. These initiatives are driving the demand for medical devices in the region. Underlying macroeconomic factors are also contributing to the growth of the Medical Devices market in the GCC region. The GCC countries have a high per capita income and a strong healthcare system, which allows individuals to afford and access advanced medical devices. Moreover, the governments in the region are actively promoting healthcare tourism, attracting patients from neighboring countries for medical treatments. This influx of patients is driving the demand for medical devices in the GCC region. In conclusion, the Medical Devices market in the GCC region is experiencing significant growth and development due to customer preferences for advanced and innovative devices, the adoption of digital health technologies, local special circumstances such as the high prevalence of chronic diseases, and underlying macroeconomic factors such as high per capita income and government initiatives. This positive trajectory is expected to continue in the coming years as the demand for healthcare services and medical devices in the GCC region continues to rise.

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.