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 2021 and is anticipated to reach $XX Billion by 2026, registering a CAGR of XX% from 2022 to 2027.

 

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.

 

COVID-19 IMPACT ON SAUDI ARABIA MEDICAL DEVICE MARKET

 

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 programmes and the sharp rise in public healthcare spending to lessen the pandemic’s negative effects on the healthcare industry.

 

COMPANY PROFILE

• Gulf Medical Co
• Thimar Al Jazirah
• First Medical
• Almarfa Medical
• Al Mofadaly Est
• Al-Turki Medical Group
• Alshedwy Group
• Attieh Medico

 

THIS REPORT WILL ANSWER FOLLOWING QUESTIONS

1. What is the average cost per Saudi Arabia Medical Devices Market right now and how will it change in next 5-6 years?
2. Average cost to set up a Medical Devices Market in Saudi Arabia?
3. How many Saudi Arabia Medical Devices Market are manufactured per annum globally? Who are the sub-component suppliers in different regions?
4. What is happening in the overall public, globally?
5. Cost breakup of a Saudi Arabia Medical Devices Market and key vendor selection criteria
6. Where is the Saudi Arabia Medical Devices Market manufactured? What is the average margin per equipment?
7. Market share of Saudi Arabia Medical Devices Market manufacturers and their upcoming products
8. The most important planned Saudi Arabia Medical Devices Market in next 2 years
9. Details on network of major Saudi Arabia Medical Devices Market and pricing plans
10. Cost advantage for OEMs who manufacture Saudi Arabia Medical Devices Market in-house
11. 5 key predictions for next 5 years in Saudi Arabia Medical Devices Market
12. Average B-2-B Saudi Arabia Medical Devices Market price in all segments
13. Latest trends in Saudi Arabia Medical Devices Market, by every market segment
14. The market size (both volume and value) of Saudi Arabia Medical Devices Market in 2022-2027 and every year in between?
15. Global production breakup of Saudi Arabia Medical Devices Market, by suppliers and their OEM relationship