Medical Devices - Saudi Arabia | Statista Market Forecast

The projected revenue in the Medical Devices market market in Saudi Arabia is expected to reach US$6.26bn in 2024.
Among the various markets, Cardiology_Devices is anticipated to be the largest with a projected market volume of US$1.06bn in 2024.
The market is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 4.83%, leading to a market volume of US$7.92bn by 2029.
In comparison to other countries, the United States is projected to generate the highest revenue of US$181.00bn in 2024.
Saudi Arabia's medical device market is experiencing a surge in demand due to the government's increased investment in healthcare infrastructure.

Definition:
The Medical Devices market includes instruments and machines helping for the prevention, diagnosis, and treatment of diseases. This market is further broken down into 6 submarkets according to medical specialties or types of application. Medical devices that treat the heart, such as pacemakers, can be found in the Cardiology Devices market. The Diagnostic Imaging market covers machines and instruments for diagnosis of many different kinds of conditions. Devices for orthopedic applications, such as joint implants, are included in the Orthopedic Devices market. Ophthalmic Devices are devices used for conditions related to the eye. The General & Plastic Surgery Devices covers many different products required for surgeries. The Other Medical Devices market provides information on additional areas that are not covered by the main markets.

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: Medtronic, Johnson & Johnson, Siemens Healthineers.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Active medical devices (i.e., operating with electrical energy)

Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Products for laboratory testing (IVD)

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

Customer preferences: Customers in Saudi Arabia have shown a growing preference for technologically advanced medical devices. They are increasingly seeking out devices that offer innovative features and improved functionality. This trend is driven by the desire for better healthcare outcomes and the increasing awareness of the benefits of using advanced medical devices. Customers are also placing a greater emphasis on the quality and reliability of medical devices, as well as their affordability.

Trends in the market: One of the key trends in the Medical Devices market in Saudi Arabia is the increasing adoption of digital health technologies. This includes the use of mobile health apps, wearable devices, and telemedicine services. These technologies are being embraced by both healthcare providers and patients, as they offer convenience, accessibility, and improved patient engagement. The growing prevalence of chronic diseases in the country is also driving the demand for medical devices that can help in the management and monitoring of these conditions. Another trend in the market is the focus on personalized medicine. With advancements in genetic testing and molecular diagnostics, there is a growing demand for medical devices that can provide personalized treatment options. This includes devices that can deliver targeted therapies and diagnostic tools that can identify specific genetic markers. The increasing availability of such devices in the market is enabling healthcare providers to offer more precise and effective treatments to patients.

Local special circumstances: Saudi Arabia has a rapidly growing population, with a high prevalence of chronic diseases such as diabetes and cardiovascular diseases. This has created a significant demand for medical devices that can help in the prevention, diagnosis, and management of these conditions. Additionally, the government has been investing heavily in the healthcare sector, with a focus on improving healthcare infrastructure and services. This has created a favorable environment for the growth of the Medical Devices market in the country.

Underlying macroeconomic factors: The Saudi Arabian economy has been diversifying away from oil dependence, with a focus on developing non-oil sectors such as healthcare. The government has implemented various initiatives to attract foreign investment and promote the growth of the healthcare industry. These initiatives include the privatization of healthcare services, the establishment of medical cities, and the introduction of healthcare insurance schemes. These factors have contributed to the growth of the Medical Devices market in Saudi Arabia, as they have created a conducive environment for both local and international medical device manufacturers. In conclusion, the Medical Devices market in Saudi Arabia is experiencing significant growth due to customer preferences for technologically advanced devices, the increasing adoption of digital health technologies, and the focus on personalized medicine. The local special circumstances, such as the high prevalence of chronic diseases and government investments in the healthcare sector, have also contributed to the market's growth. Additionally, the underlying macroeconomic factors, including the diversification of the economy and government initiatives to attract foreign investment, have created a favorable environment for the development of the Medical Devices market in Saudi Arabia.

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.