Market Research Future published a Half-Cooked research report on “Saudi Arabia Medical Devices Market Research Report – Forecast till 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Johnson & Johnson (U.S.), General Electric (U.S.), Medtronic Public Limited (U.S.), Koninklijke Philips Electronics NV (The Netherlands), Baxter International Inc. (U.S.), Fresenius Medical Care AG & Co. (Germany), Cardinal Health, Inc. (U.S.(), Saudi Pharmaceutical Industries & Medical Appliances Corporation (Saudi Arabia), Al Amin Medical Instruments Company (AMICO), Al Faisaliah Medical Systems (Saudi Arabia), and Siemens AG (Germany) are some of the leading players at the cutting edge of the competition in the market of Saudi Arabia medical devices, globally.
A medical device refers to any instrument, apparatus, implement, implant, reagent for in vitro use, software, material, manufacture by the manufacturer for the purpose of used for human beings, for meeting the special medical purpose of diagnosis, prevention, monitoring, treatment of disease and injury. Saudi Food and Drugs Authority plays a very important role in maintaining the quality of medical devices in this region. According to the Saudi Food and Drugs Authority (SFDA), in 2016, warned all hospitals, clinics, and health care practitioners of imitator surgical sutures marketed as authentic products.
Saudi Arabia Medical Devices Market – Overview
The Saudi Arabia Medical Devices Market is growing with a swift phase; mainly due to the government focus in advanced technology for providing better treatment. Moreover, government also introduced some laws for maintaining the quality of medical devices. In 2016 Johnson & Johnson Medical Devices Companies announced that they are launching Johnson & Johnson Medical Saudi Arabia Limited in Saudi Arabia, resulting from a joint venture between Johnson & Johnson and Middle East FZ-LLC. These collaborations help market players to lead the market of Saudi Arabia. According to a report published by the Centers for Disease Control and Prevention (CDC) in 2016, diabetes, back/neck injuries, ischemic heart disease, depressive disorders, chronic kidney disease, and cancer are the leading cause of death. Increasing number of incidences are the main factors which drag the attention of players towards this region.
Companies are continuously engaged in merger and acquisition activities for the development of best medicine to cure affected population. Although government strict rules may hinder the growth of market. In 2016, SFDA alerted hoffrichter Gmbh in order to replace the electrical wiring of devices that help to prevent sleep apnea. There are many incidence that has been seen in Saudi Arabia where government warn players to maintain the quality of devices. Although, the sector had witnessed an unprecedented growth and has revolutionized healthcare by the development of state-of-the-art medical devices. The medical devices industry has also resulted in the successful growth of information technology and healthcare.
Taking all factors into consideration, we expect the Saudi Arabia medical devices market to reach around $ 3870 million from $ 2250 million in 2017, by the end of the forecast period at a CAGR of ~9.5%.
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Saudi Arabia Medical Devices Market – Regional Analysis
The market of medical devices is much higher in Saudi Arabia region owing to presence of awareness about healthcare and government initiative to develop advance technology for the treatment. Governments are more focused in improving the life of their citizens. According to a report published by the Global Investment House, in 2014 the public healthcare expenditure accounts for approximately 75% of total health expenditure. The healthcare sector of Saudi Arabia is divided between private and state.
Local manufacturing represents a poor outlook which is limited to consumables and ordinary articles. The government are more focusing in the establishment of best hospitals in the region such as King Faisal specialist hospital and research center, Riyadh military hospital, Saudi Arabia’s National Guard health affairs hospital etc., this region are more focusing towards new technology and advance treatment option, thus more research and development programs are initiated for the development of Medical devices. These are the factors which are fuelling the growth of the market of medical devices with the significant rates in this region.
Saudi Arabia is extremely dependent on imports for medical devices and imports account for approximately 92% of total market for medical devices. U.S. medical device suppliers dominate the scenario with Europe in the second position. These advance medical devices will overcome the saturation that occurs during last few years. The expats also account for a three fourth medical professionals in Saudi Arabia which is a high dependency. Among the regions of Saudi Arabia Riyadh tops the healthcare expenditure list followed by Tabuk, Makkah and Madina. Most of the countries of this region have common lifestyle, Hence, market players are looking for the option where they in cash the opportunity.
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We are thankful for the support and assistance from Saudi Arabia Medical Devices Market Research Report – Forecast till 2023 chain related technical experts and marketing experts during Research Team survey and interviews.
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