SAUDI ARABIA MEDICAL DEVICES MARKET

KEY FINDINGS

• The healthcare system is now more supportive of various latest medical devices being made available on the market which is a direct result of continuous investment in healthcare infrastructure by the government as well as various programs such as Vision 2030 and the National Transformation Program which aim at increasing access to healthcare services and upgrading the medical facilities to nationwide level. 
• The growth of the population, the increase of chronic diseases, and the need for the medical infrastructure improvement, leads to the deposition of the spending for healthcare that on its turn stimulate the demand for the new medical devices and technologies which are used in the hospitals, clinics, and specialized health care centers. 
• The fact that Saudi Arabia is becoming a major medical tourism destination in the Middle East is increasing the demand for the latest medical equipment and technologies that will be used to provide high-quality healthcare services for both the domestic and international patients, which is presenting a lot of growth opportunities for the medical device manufacturers and suppliers. 
• The growing prevalence of chronic illnesses , including diabetes, cardiovascular diseases, and cancer which is driving the demand for diagnostics and therapeutic medical devices for management and care, mainly comprising of imaging tools, monitoring devices and treatment modalities. 
• Similarly to many other countries, Saudi Arabia is in the process of the demographic upgrading with the increasing number of elderly people that corresponds to the growth in demand for medical equipment, devices, and technology for the health care of the elderly including the mobility tools, assistive devices, and home health care equipment. 
• The implementation of telemedicine and remote patient monitoring systems is increasing the demand for medical devices that are used for remote healthcare delivery such as telemedicine platforms, wearable devices and remote monitoring equipment, which is fostering market growth in digital health technologies. 
• One of the most visible tendencies that the privatization of healthcare services and the advance of private health sector in Saudi Arabia are introducing is the increase of business chances for the medical device companies to provide supplies of equipment and technologies to private hospitals, clinics and medical offices, driving the development of the private health care segment. 
• The rise in preventive healthcare and health promoting initiatives in Saudi Arabia because of the government healthcare policies and health campaigns which is, among other things, the source of the growing demand to medical devices and technologies used for early health screenings, disease prevention, and lifestyle management. 

SAUDI ARABIA MEDICAL DEVICES MARKET INTRODUCTION

The enormous demographic shift has had a profound impact on the future structure and course of the Saudi healthcare system. Since there are chances and prospects in developing regions like APAC, LATAM, the Middle East, and Africa, many medical device companies have focused their efforts there.

Manufacturers, distributors, and investors see Saudi Arabia as a promising market since it has the largest economy in the MENA area. The industry's present potential is a result of the expanding healthcare sector and government backing for domestic production. Utilizing the local value chain, this new strategy will advance to value-added MedTech products driven by local and regional demand.

SAUDI ARABIA MEDICAL DEVICES MARKET SIZE AND FORECAST

The Saudi Arabia Medical Devices Market accounted for $XX Billion in 2023 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.

SAUDI ARABIA MEDICAL DEVICES MARKET DYNAMICS

Gulf Medical Company is chosen by Provation to be it's only partner in Saudi Arabia for its industry-leading clinical productivity solution. Gulf Medical Company, Ltd., a global leader in the distribution of medical devices and software, has announced an exclusive agreement with Provation, the leading software supplier of procedural documentation and clinical decision support systems. 

The collaboration deal enables Gulf Medical to market and distribute Provation MD, the world's leading software for documenting gastrointestinal (GI) and respiratory procedures, across the Kingdom of Saudi Arabia (KSA).In addition to replacing paper clinical documentation, Provation MD connects with current hospital information systems to enhance procedure notes' uniformity, accuracy, and efficiency.

Due to Gulf Medical's stellar reputation and solid business ties with both the private and public hospital sectors in the region, Provation awarded it the partnership. In order to localise the medical device business and transfer medical technology to Saudi Arabia, the Saudi Made pavilion, which is taking part in the Arab Health Exhibition in Dubai, United Arab Emirates, has welcomed the signing of a cooperative agreement.

The Al-Dawaa Medical Services Company (DMSCO) and a number of foreign businesses from well-known nations boasting of medical sectors inked the cooperation agreement.  The CEO of DMSCO also inked a deal with three businesses from China, Spain, and Finland in the areas of medical manufacturing, technical solutions, and healthcare. 

The fact that the medical gadgets will be produced in the DMSCO plant in Sudair City for Industry and Businesses, which is regarded as one of the most cutting-edge factories in its category in Saudi Arabia, is notable.The deal was reached to assist "Saudi Made," a project of the National Industrial Development and Logistics Program and one of the initiatives of the Saudi Export Development Authority (NIDLP). Johnson & Johnson Medical Saudi Arabia Limited was established by Johnson & Johnson Medical Devices Companies (JJMD).

It is a Saudi Arabian-registered legal entity that is the result of a partnership between Farouk Maamoun Tamer & Co., Abdulrehman Algosaibi, and Johnson & Johnson Middle East FZ-LLC. The company's main objective is to develop healthcare solutions for the nation.

Saudi Arabia's medical equipment industry is appealing for a number of reasons.

• The home market has a sizable (SAR 20 billion) and fast-growing (5% per year) potential for import substitution, as 94% of local demand is imported.
• Due to proximity and free trade agreements, export potential to MENA and European nations is backed by an export enablement package that includes new export finance options like the EXIM bank and simplified export procedures.
• Leverage Saudi Arabia's value chains, such as the plastics industry, and you may create a supportive environment for the growth of the medical device sector.
• Tailored incentives for important projects as well as a general incentive package for regional manufacturers, such as a 10% preferential price, government support for industry 4.0, etc.
• Access to +40 industrial cities throughout the kingdom with modernized facilities. Additionally, there are nine ports in the Saudi port network, three of which are industrial ports with the newest equipment and procedures to welcome all forms of maritime commerce.

SAUDI ARABIA MEDICAL DEVICES MARKETCOVID-19 IMPACT

During the COVID-19 outbreak, healthcare costs rose, which led to the introduction of numerous digital health applications.

Citizens reported being unable to order medications or personal medical equipment online and experiencing a lack of individualised care through digital health applications, even as lawmakers defended their stance on expanding access to and quality of health care services. Moreover, there are differences in how accessible, used, and perceived digital health technologies are depending on the population group.

Digital health technologies are being quickly used in Saudi Arabia to manage healthcare operations and enhance service and delivery quality.As a result, there have been significantly fewer COVID-19 instances in the kingdom; nonetheless, there has been no discernible decrease in the number of COVID-related deaths.

This may suggest that Saudi Arabia has been successful in implementing mitigation techniques to stop the spread of the virus, but less successful in addressing the effects of COVID-19 on people's health and healthcare operations.

For instance, fewer doctors are choosing to use telemedicine, improper management of the workload, and stress among healthcare professionals are only a few of the problems that demonstrate the inefficiency of the tactics used.The COVID-19 pandemic has significantly disrupted the world's pharmaceutical supply chain, but its effects were well under control in Saudi healthcare facilities.

This can be attributed to a number of factors, including the successful hospital exchange programs and the sharp rise in public healthcare spending to lessen the pandemic's negative effects on the healthcare industry.

SAUDI ARABIA MEDICAL DEVICES MARKET KEY DEVELOPMENT

March 2022 Careon Healthcare Solutions has finalized joint ventures in Saudi Arabia and Sri Lanka for medical, surgical disposable products. This may expand the customer base of the firm. 

January 2022 Solace Nutrition, a US-based medical nutrition company, bought R-Kane Nutritionals' assets for an unknown sum. This asset acquisition enables Solace Nutrition to develop synergy between both brands, accelerate growth, and establish a position in an adjacent nutrition sector. R-Kane Nutritionals is a firm established in the United States that specializes in high-protein meal replacement products for weight loss. 

October 2021 Takween Advanced Industries and Jofo Nonwovens Co. jointly signed an agreement for the sale of 70% of the shares of Advance Fabrics Company (SAAF), a Saudi Arabia-based nonwovens manufacturer. The transaction allowed Jofo to enter the medical market of Saudi Arabia. 

SAUDI ARABIA MEDICAL DEVICES MARKET COMPANY PROFILES

• Abbott 
• Baxter 
• B. Braun 
• Becton Dickinson (BD) 
• Boston Scientific 
• Canon 

SAUDI ARABIA MEDICAL DEVICES MARKET REPORT WILL ANSWER FOLLOWING QUESTIONS

1. How many Medical Devices are manufactured per annum in Saudi Arabia? Who are the sub-component suppliers in this regions?
2. Cost breakup of Saudi Arabia Medical Devices Market and key vendor selection criteria
3. Where is the Medical Devices manufactured? What is the average margin per unit?
4. Market share of Saudi Arabia Medical Devices market manufacturers and their upcoming products
5. Cost advantage for OEMs who manufacture Saudi Arabia  Medical Devices in-house
6. key predictions for the next 5 years in Saudi Arabia Medical Devices market
7. Average B-2-B Medical Devices market price in all segments
8. Latest trends in the Saudi Arabia Medical Devices market, by every market segment
9. The market size (both volume and value) of the Medical Devices market in 2024-2030 and every year in between?
10. Production breakup of the Saudi Arabia Medical Devices market, by suppliers and their OEM relationship