Orthopedic Devices - Saudi Arabia

The projected revenue in the Orthopedic Devices market market in Saudi Arabia is estimated to reach US$680.10m in 2024.
It is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 3.47%, leading to a market volume of US$806.70m by 2029.
When compared globally, the United States is anticipated to generate the highest revenue of US$16.02bn in 2024.
Saudi Arabia's growing population of elderly citizens is driving the demand for orthopedic devices in the medical technology market.

Definition:
The Orthopedic Devices market contains medical equipment and accessories used to treat orthopedic disorders, including joint reconstruction, spinal devices, trauma fixation devices, arthroscopic devices, etc.

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: Johnson & Johnson, Zimmer Biomet, Stryker, Medtronic. Further information on the key players can be found in the Market Shares boxes.

Joint reconstruction implants
Spinal devices
Trauma fixation devices
Arthroscopy devices

Orthopedic pharmaceuticals
Orthopedic supplements

The Orthopedic Devices market in Saudi Arabia is experiencing significant growth due to several key factors.

Customer preferences: Saudi Arabia has a growing elderly population, which is driving the demand for orthopedic devices. As people age, they are more prone to orthopedic conditions such as arthritis and fractures, leading to a higher demand for devices such as joint replacements and orthopedic implants. Additionally, there is a growing awareness among the population about the benefits of orthopedic devices in improving mobility and quality of life, further fueling the demand.

Trends in the market: One of the major trends in the orthopedic devices market in Saudi Arabia is the increasing adoption of minimally invasive surgical techniques. These techniques offer several advantages such as shorter recovery times, reduced risk of complications, and less scarring. As a result, there is a growing demand for orthopedic devices that are compatible with minimally invasive procedures, such as arthroscopic instruments and robotic-assisted surgical devices. Another trend in the market is the shift towards personalized orthopedic devices. Advances in technology, such as 3D printing and computer-aided design, have made it possible to create custom-made orthopedic devices that are tailored to the patient's specific anatomy. This not only improves the fit and function of the devices but also reduces the risk of complications and improves patient outcomes.

Local special circumstances: Saudi Arabia has a strong healthcare infrastructure, with well-equipped hospitals and skilled healthcare professionals. The government has also been investing heavily in the healthcare sector, which has resulted in improved access to healthcare services for the population. This, in turn, has contributed to the growth of the orthopedic devices market in the country.

Underlying macroeconomic factors: The Saudi Arabian economy is heavily dependent on oil exports, and fluctuations in oil prices can have a significant impact on the country's economy. However, the government has been implementing economic diversification initiatives to reduce its reliance on oil revenues. This has led to the growth of non-oil sectors, including healthcare. As a result, there is increased spending on healthcare infrastructure and services, which is driving the growth of the orthopedic devices market in the country. In conclusion, the Orthopedic Devices market in Saudi Arabia is experiencing significant growth due to the increasing elderly population, growing awareness about the benefits of orthopedic devices, and the adoption of minimally invasive surgical techniques. The shift towards personalized orthopedic devices and the strong healthcare infrastructure in the country are also contributing to the growth. Additionally, the government's investment in the healthcare sector and economic diversification initiatives are driving increased spending on healthcare services, including orthopedic devices.

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.