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%.
A medical device is any instrument, appliance including any software, biologic or non-biologic compatible material, to be used for the diagnostic or therapeutic use for management of diseases and disorders. The medical device industry is one of the fastest growing segment of healthcare industry chiefly driven by innovation and new technologies. 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 combination of information technology and healthcare and has catalyzed growth in both sectors.
Technology and product development remain the main pillars for the growing market for medical devices. Although there has been application of new knowledge to medical devices but most innovations in medical devices are based on solving engineering problem. Development of stronger and biocompatible materials led the growth of bio-implants segment, while advancements in connectivity and processing power led the growth of diagnostic imaging sector. The other drivers of medical device market are rising cost of healthcare which stimulated development of innovative connected products such as wearable medical devices, falling cost of production and rising manufacturing capacities in electronic industry, demand for early detection and noninvasive therapies etc.
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The market constraints are strict and ambiguous regulatory framework, growing concern for security especially data security, differential availability between developed and developing regions, connectivity issues in poor regions of the world etc.
Some of the key players in this market are: Johnson & Johnson, General Electric, Medtronic, Koninklijke Philips Electronics NV., Baxter International, Fresenius Medical Care AG & Co., Cardinal Health, Al-Salehiya Medical Estableshment, Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO), Al Amin Medical Instruments Company (AMICO), Al Faisaliah Medical Systems (FMS), Siemens Ltd and others.
Saudi Arabia medical devices market has been segmented on the basis of product type which comprises monitoring devices, diagnostic devices, diagnostic molecular devices, drug delivery devices, surgical devices, bio implants and stimulation devices, automation and robotics and others. On the basis of therapeutic application; market is segmented into general surgery, diagnostic imaging, respiratory, orthopedics, cardiovascular, dental, neurology, ophthalmology, ear-nose-throat (ENT), nephrology and urology, and others. On the basis of end users; market is segmented hospitals, ambulatory, home and others.
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1.2 Scope of Study
1.2.1 Research Objective
1.2.2 Assumptions & Limitations
1.3 Market Structure
2 Research Methodology
2.1 Research Process
2.2 Primary Research
2.3 Secondary Research
3 Market dynamics
3.4 Macroeconomic Indicators
4 Market factor analysis
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