Other Medical Devices - GCC

GCC

Highlights

In the Gulf Cooperation Council (in Gulf Cooperation Council (GCC)), the projected revenue for the Other Medical Devices market market is expected to reach US$3.57bn by 2024.
This market is anticipated to grow at an annual growth rate of 5.27% between 2024 and 2029, resulting in a market volume of US$4.61bn by 2029.
When compared globally, the United States is expected to generate the highest revenue in this market, with an estimated US$58.90bn in 2024.
The GCC is experiencing a surge in demand for innovative medical devices, driving growth in the Other Medical Devices market.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other Medical Devices market in GCC is experiencing significant growth and development.

Customer preferences: Customers in the GCC region are increasingly demanding advanced and innovative medical devices. They are looking for products that are technologically advanced, efficient, and provide accurate results. There is a growing preference for devices that are portable, user-friendly, and can be easily integrated into existing healthcare systems. Additionally, customers are also seeking devices that are cost-effective and provide value for money.

Trends in the market: The market for Other Medical Devices in GCC is witnessing several key trends. One of the major trends is the increasing adoption of telemedicine and remote patient monitoring devices. These devices allow healthcare professionals to remotely monitor patients' health conditions and provide timely interventions. This trend is driven by the need for continuous monitoring of chronic conditions and the growing elderly population in the region. Another trend in the market is the rising demand for home healthcare devices. With the increasing focus on preventive healthcare and the preference for personalized care, there is a growing demand for devices that can be used at home. These devices include blood pressure monitors, glucose meters, and respiratory devices, among others. The convenience and cost-effectiveness of home healthcare devices are driving their adoption in the GCC region.

Local special circumstances: The GCC region has a rapidly growing population, which is contributing to the demand for medical devices. The region is also witnessing an increase in lifestyle-related diseases such as diabetes, cardiovascular diseases, and respiratory disorders. This has created a need for advanced medical devices that can effectively manage and monitor these conditions. Additionally, the GCC countries have been investing heavily in their healthcare infrastructure, which is further driving the demand for medical devices.

Underlying macroeconomic factors: The GCC region is experiencing strong economic growth, which is fueling the demand for healthcare services and medical devices. The governments in the region are investing heavily in healthcare infrastructure and are taking initiatives to improve healthcare access and quality. This is creating a favorable environment for the growth of the Other Medical Devices market. Furthermore, the GCC countries have a high per capita income, which enables individuals to afford advanced medical devices. The region also has a high level of healthcare expenditure, which is expected to further drive the demand for medical devices. In conclusion, the Other Medical Devices market in GCC is growing and developing due to customer preferences for advanced and innovative devices, the adoption of telemedicine and home healthcare devices, the local special circumstances of a growing population and lifestyle-related diseases, and the underlying macroeconomic factors of strong economic growth and high healthcare expenditure.

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.