Market Insights Health Medical Technology

Medical Devices - Kuwait

Kuwait

The projected revenue in the Medical Devices market market in Kuwait is expected to reach US$691.70m in 2024.
Among the various markets, Cardiology_Devices is the largest, with a projected market volume of US$111.00m in the same year.
The market is anticipated to experience a steady annual growth rate (CAGR 2024-2029) of 6.69%, resulting in a market volume of US$956.30m by 2029.
However, in a global context, the United States is projected to generate the highest revenue, reaching US$181.00bn in 2024.
Kuwait's medical device market is witnessing a surge in demand for advanced diagnostic equipment to cater to the growing healthcare needs of its affluent population.

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

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Analyst Opinion

The Medical Devices market in Kuwait has been experiencing significant growth in recent years.

Customer preferences: Customers in Kuwait have shown a strong preference for technologically advanced and innovative medical devices. They value devices that are easy to use, efficient, and provide accurate results. Additionally, there is a growing demand for portable and wearable medical devices that can be used in the comfort of one's home. This preference for convenience and accessibility has driven the market for home healthcare devices in Kuwait.

Trends in the market: One of the key trends in the Medical Devices market in Kuwait is the increasing adoption of digital health technologies. This includes the use of telemedicine, remote monitoring devices, and mobile health applications. These technologies have played a crucial role in improving access to healthcare services, especially in remote areas. The COVID-19 pandemic has further accelerated the adoption of digital health technologies, as it has become necessary to minimize in-person visits to healthcare facilities. Another trend in the market is the growing focus on preventive healthcare. Kuwait has been witnessing a rise in lifestyle-related diseases such as diabetes, obesity, and cardiovascular diseases. As a result, there is a greater emphasis on early detection and prevention of these diseases. This has led to an increased demand for diagnostic devices such as glucose monitors, blood pressure monitors, and cholesterol testing kits.

Local special circumstances: Kuwait has a well-developed healthcare infrastructure, with a strong emphasis on providing quality healthcare services to its citizens. The government has been investing heavily in healthcare infrastructure and has implemented various initiatives to improve the overall healthcare system. This includes the establishment of specialized medical centers and the recruitment of skilled healthcare professionals. Additionally, Kuwait has a high per capita income and a strong healthcare insurance system. This enables individuals to afford advanced medical devices and treatments. The government also provides subsidies for medical devices, making them more affordable for the general population.

Underlying macroeconomic factors: The growth of the Medical Devices market in Kuwait is supported by several macroeconomic factors. The country has a stable economy and a favorable business environment, which attracts foreign investments in the healthcare sector. The government's focus on diversifying the economy away from oil has also led to increased investments in the healthcare industry. Furthermore, Kuwait has a rapidly growing population, with a significant proportion of the population being elderly. This demographic shift has resulted in an increased demand for healthcare services and medical devices. The government has recognized the need to address the healthcare needs of the aging population and has implemented policies to support this. In conclusion, the Medical Devices market in Kuwait is experiencing growth due to customer preferences for technologically advanced devices, the adoption of digital health technologies, and the focus on preventive healthcare. The local special circumstances, such as a well-developed healthcare infrastructure and a strong healthcare insurance system, further support the growth of the market. The underlying macroeconomic factors, including a stable economy and a growing population, contribute to the positive outlook for the Medical Devices market in Kuwait.

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.