Medical Technology

The projected revenue in the Medical Technology market market in Saudi Arabia is expected to reach US$7.29bn in 2024.
The largest market within this industry is Medical Devices, which is projected to have a market volume of US$6.26bn in 2024.
It is anticipated that the revenue will experience an annual growth rate (CAGR 2024-2029) of 4.49%, resulting in a market volume of US$9.08bn by 2029.
In comparison to other countries, the United States is expected to generate the highest revenue, amounting to US$211.10bn in 2024.
Saudi Arabia is experiencing a surge in demand for advanced medical technology, driven by government initiatives and a growing healthcare sector.

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.

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

Pharmaceuticals
Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Blood and transplants derived from the human body

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.

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.