Medical Technology - Oman

Oman

In 2024, the projected revenue in the Medical Technology market market in Oman is expected to reach US$646.80m.
Among the various markets within this market, the largest is Medical Devices, which is projected to have a market volume of US$553.30m in 2024.
Looking ahead, the revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 6.83%, resulting in a market volume of US$899.80m by 2029.
When compared globally, it is worth noting that the United States is expected to generate the highest revenue in this industry, with a projected amount of US$211.10bn in 2024.
Oman has seen a surge in the adoption of advanced medical technology, particularly in the field of telemedicine, to improve access to healthcare services in remote areas.

Key regions: United States, Germany, China, Japan, France

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Analyst Opinion

The Medical Technology market in Oman is experiencing significant growth and development.

Customer preferences: In Oman, customers are increasingly demanding advanced medical technology solutions to improve healthcare outcomes. They are looking for innovative and efficient medical devices and equipment that can provide accurate diagnoses, effective treatments, and better patient care. Customers in Oman are also placing a strong emphasis on the quality and reliability of medical technology products, as well as their affordability.

Trends in the market: One of the key trends in the Medical Technology market in Oman is the increasing adoption of digital health solutions. This includes telemedicine, remote patient monitoring, and health information systems. The use of digital health technologies is helping to improve access to healthcare services, especially in remote areas, and enabling healthcare providers to deliver more personalized and efficient care. Another trend in the market is the growing demand for minimally invasive surgical procedures. Patients in Oman are increasingly seeking out less invasive alternatives to traditional surgeries, as these procedures offer shorter recovery times, reduced pain, and lower risks of complications. This has led to an increased demand for advanced medical devices and equipment that enable minimally invasive surgeries, such as robotic surgical systems and laparoscopic instruments.

Local special circumstances: Oman has a rapidly growing aging population, which is driving the demand for medical technology solutions. As the elderly population increases, there is a greater need for medical devices and equipment that can help manage chronic diseases, improve mobility, and enhance the overall quality of life for older adults. This includes devices such as mobility aids, hearing aids, and home healthcare equipment.

Underlying macroeconomic factors: The development of the Medical Technology market in Oman is also influenced by several macroeconomic factors. The government of Oman has been investing heavily in the healthcare sector, with a focus on improving healthcare infrastructure and expanding access to quality healthcare services. This has created a favorable environment for the growth of the Medical Technology market, as healthcare providers are able to invest in advanced medical technology solutions. Furthermore, the increasing disposable income and changing lifestyle patterns in Oman are also contributing to the growth of the Medical Technology market. As individuals become more aware of the importance of health and wellness, they are willing to spend more on healthcare products and services, including medical technology solutions. In conclusion, the Medical Technology market in Oman is experiencing significant growth and development, driven by customer preferences for advanced and efficient medical technology solutions. The increasing adoption of digital health solutions and the demand for minimally invasive surgical procedures are key trends in the market. The growing aging population in Oman and the government's investment in healthcare infrastructure are local special circumstances that are fueling the market growth. Additionally, the increasing disposable income and changing lifestyle patterns in Oman are underlying macroeconomic factors that are contributing to the development of the market.

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.