According to the deep-dive market assessment study conducted by Growth Plus Reports, the global medical devices market was pegged at ~US$ 636.46 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of ~5.2% from 2021 to 2031.
Growing government initiatives, an increase in R&D activities, and an increase in regional market participants are some of the factors driving the medical devices market. The Saudi Arabian government is encouraging and providing a number of incentives for domestic medical device production, which in turn is driving the market expansion in this region. For instance, in 2019, the Food and Drug Authority of Saudi Arabia introduced a unified platform for submitting and approving new medical applications. The introduction of more medical devices to the market will also eventually expand thanks to this unified platform's ability to provide a single point of contact for handling strict laws and guidelines, which will fuel the expansion of the Saudi Arabian medical devices market. Furthermore, conferences, symposiums, and seminars are held by the government and other organisations to educate the general public about the high-quality, technologically advanced medical devices that are on the market. For instance, a conference on Parkinson's disease and other movement disorders was organised by the Saudi Arabia in Jeddah in April 2019. Following the success of that conference, the third Saudi Movement Disorders Conference was conducted in Jeddah in November 2020 with the objective of concentrating on more therapies for the treatment of Parkinson's disease and other movement disorders.
Modern diseases like obesity and diabetes are becoming more prevalent as a result of changing lifestyles and rising affluence across the Middle East and Africa, which has raised demand for healthcare services. While these trends have been observed in a variety of medical device markets, particularly the in-vitro diagnostics sector, which is primarily driven by rising chronic disease and an ageing population. The neurology device market is also expanding as a result of improved disease detection rates. For instance, the Middle East and African health insurance providers predict that the cost of medical claims would rise by 10.1% in 2022 as opposed to 9.5% in 2021. While the global average is 41%, 62% of insurance carriers in the Middle East and Africa reported that medical claims activity is higher than pre-pandemic levels and that the rising trend is still present. These figures show that there is a rising demand for hospital stays, healthcare services, and medical equipment in all end user industries.
Furthermore, the supporting reimbursement frameworks adopted mostly by Middle Eastern nations to guarantee high-quality healthcare for every civilian is another factor driving this rise. Significant changes in regulatory framework are also being seen, with a goal to increase civilians' standard of living and give them financial benefits.
Saudi Arabia continues to be the leading source of revenue for the medical device market in the Middle East and Africa, primarily as a result of increased investment in public sector. The factors of this situation are believed to be expanding research agenda and a rapidly changing healthcare infrastructure. The majority of the Medical East and Africa economies are booming, but other factors, such technological advancements, are also contributing to the expansion. MEA is observing greater governmental investment in healthcare, a rise in the use of private healthcare, and a younger population that is more health conscious. As a result, demand for medical devices is increasing rapidly across all industries. A rise in the prevalence of contemporary diseases like obesity and diabetes are also attributed to changing lifestyles and rising prosperity in the MEA population, which has boosted demand for healthcare services.
Supportive reimbursement methods are also essential to influence the MEA's rendering driver for medical devices. These routes have been set up to offer Middle Eastern citizens access to high-quality healthcare facilities. The basic healthcare requirements of MEA people are met through advantageous channels including the National Health Insurance programme and private healthcare reimbursement systems. Over the forecast period, it is anticipated that a number of new companies will enter the healthcare industry due to the industry's growing outsourcing activity.
Some of the prominent market player in the medical devices market include Medtronic Plc., Abbott Laboratories, Johnson & Johnson, Siemens Healthineers AG, Becton, Dickinson & Company, GE Healthcare, Stryker Corporation, and Koninklijke Philips N.V. among others.