Definition:
The Medical Technology market covers devices and products used for prevention, diagnosis, and treatment of diseases. Next to pharmaceuticals, they form the most important category of medical products. The most well known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants.
Structure:
The Medical Technology market consists of two markets, In Vitro Diagnostics (IVD) and Medical Devices. The IVD market covers products used for medical laboratory testing of specimens derived from the human body. The Medical Devices market covers a broad range of products which are further marketed into medical specialties or types of application: Cardiology Devices, Diagnostic Imaging Devices, Orthopedic Devices, Ophthalmic Devices, and General & Plastic Surgery Devices. 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, Abbott Laboratories, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.
Notes: Data shown is using current exchange rates and reflects market impacts of the Russia-Ukraine war.
Most recent update: Aug 2024
Source: Statista Market Insights
Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.
Most recent update: Mar 2024
Most recent update: Mar 2024
Source: Statista Market Insights
The Medical Technology market in Saudi Arabia is experiencing significant growth and development.
Customer preferences: Customers in Saudi Arabia have shown a strong preference for advanced medical technology solutions. They are increasingly seeking innovative and state-of-the-art medical devices and equipment that can provide accurate diagnoses, improve patient outcomes, and enhance the overall quality of healthcare services. This preference for advanced technology is driven by the desire to stay at the forefront of medical advancements and provide the best possible care to patients.
Trends in the market: One of the key trends in the Medical Technology market in Saudi Arabia is the increasing adoption of digital health solutions. This includes telemedicine, remote patient monitoring, and electronic health records. The COVID-19 pandemic has accelerated the adoption of these technologies as healthcare providers seek to minimize in-person interactions and improve access to healthcare services. Additionally, there is a growing focus on personalized medicine and precision diagnostics, leading to the development and adoption of genetic testing and molecular diagnostics technologies.
Local special circumstances: Saudi Arabia has a rapidly growing population, which is driving the demand for healthcare services and medical technology. The government has recognized the importance of investing in the healthcare sector and has implemented various initiatives to support the growth of the Medical Technology market. These initiatives include the establishment of specialized medical cities and the promotion of public-private partnerships in healthcare.
Underlying macroeconomic factors: Saudi Arabia has a strong economy and high per capita income, which enables individuals and healthcare providers to afford advanced medical technology solutions. The government's commitment to diversifying the economy away from oil has also led to increased investment in the healthcare sector. Furthermore, Saudi Arabia has a young population, which is more receptive to adopting new technologies and driving the demand for medical technology solutions. In conclusion, the Medical Technology market in Saudi Arabia is witnessing significant growth and development. Customer preferences for advanced medical technology, the adoption of digital health solutions, and the government's support for the healthcare sector are key drivers of this growth. The underlying macroeconomic factors, including the strong economy and young population, further contribute to the expansion of the market.
Most recent update: Aug 2024
Source: Statista Market Insights
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights