Market Insights Health Medical Technology

Medical Devices - Western Asia

Western Asia

The Medical Devices market market in Western Asia is expected to achieve a revenue of US$21.46bn by 2024.
Among the various markets in this market, Cardiology_Devices is anticipated to be the largest, with a projected market volume of US$3.39bn in 2024.
This market is expected to grow at an annual growth rate of 5.60% (CAGR 2024-2029), resulting in a market volume of US$28.18bn by 2029.
In comparison to other countries globally, the United States is forecasted to generate the highest revenue, reaching US$179.80bn in 2024.
In Western Asia, the medical device market is experiencing significant growth due to increasing investments in healthcare infrastructure and a growing aging population.

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

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Analyst Opinion

The Medical Devices market in Western Asia is experiencing significant growth and development in recent years. Customer preferences in the Medical Devices market in Western Asia are largely driven by the increasing demand for advanced and innovative healthcare technologies. Customers in the region are seeking medical devices that offer improved accuracy, efficiency, and patient comfort. They are also looking for devices that are user-friendly and easy to operate. Additionally, there is a growing preference for medical devices that are portable and can be used in home healthcare settings. Trends in the market include the adoption of digital health technologies and the increasing focus on telemedicine. The use of digital health technologies, such as wearable devices and remote monitoring systems, allows for real-time data collection and analysis, leading to better patient outcomes. Telemedicine, on the other hand, enables healthcare professionals to provide medical consultations and services remotely, reducing the need for in-person visits and improving accessibility to healthcare services. Local special circumstances in Western Asia, such as the high prevalence of chronic diseases and the aging population, contribute to the growth of the Medical Devices market. Chronic diseases, such as diabetes and cardiovascular diseases, require continuous monitoring and management, leading to an increased demand for medical devices that can assist in disease management. The aging population in the region also drives the demand for medical devices, as older adults often require assistive devices for daily living and healthcare purposes. Underlying macroeconomic factors, such as increasing healthcare expenditure and government initiatives, play a significant role in the development of the Medical Devices market in Western Asia. Governments in the region are investing heavily in healthcare infrastructure and technology to improve the quality of healthcare services and meet the growing healthcare needs of their populations. This includes the procurement of medical devices and the implementation of policies to promote the use of advanced healthcare technologies. The increasing healthcare expenditure in the region also reflects the growing importance of healthcare and the willingness of governments and individuals to invest in medical devices. In conclusion, the Medical Devices market in Western Asia is witnessing growth and development driven by customer preferences for advanced healthcare technologies, the adoption of digital health technologies and telemedicine, local special circumstances such as the high prevalence of chronic diseases and the aging population, and underlying macroeconomic factors including increasing healthcare expenditure and government initiatives.

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.