MENA Medical Device Market: Current Analysis and Forecast (2023-2030)
Emphasis on Device Type (Class 1, Class 2, and Class 3); Application (Diagnostics Imaging Devices, Surgical Device, IV Diagnostics Devices, Orthopedic Devices, Dental Products, and Others); End User (Hospitals & ASC, Clinics, and Others); Country
The MENA Medical Device Market was valued at USD 13095.69 million in the year 2022 and is expected to grow at a strong CAGR of around 6.2% during the forecast period. The rising population, coupled with an aging demographic, underscores the need for advanced diagnostic and therapeutic solutions. The prevalence of lifestyle-related diseases further propels the demand for medical devices, ranging from diagnostic imaging equipment to home-based monitoring devices. Medical tourism, a burgeoning trend in the region, amplifies the demand for state-of-the-art healthcare services, influencing the adoption of sophisticated medical devices. According to recent statistics, the MENA medical devices market is projected to reach significant valuation figures, driven by increased healthcare investments, expanding infrastructure, and a growing awareness of the importance of advanced medical technologies. As the region continues to prioritize healthcare modernization, the MENA medical devices market stands at the forefront of transformative innovations, poised for sustained growth in the coming years. For Instance, according to the report published by Front. Neurol, in November 2021, with cardiovascular diseases incidence of 30 to 40 per 100,000 per year and a prevalence of 186 per 100,000, acute stroke is a common illness in Saudi Arabia.
Some of the major players operating in the market include Koninklijke Philips N.V.; Fresenius Medical Care Asia Pacific Limited; Siemens Healthcare GmbH; Braun SE; Purehealth; Getinge; Drägerwerk AG & Co. KgaA; Medtronic; Stryker; Johnson & Johnson Services, Inc. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst device type, the class 3 category is expected to grow at the fastest CAGR during the forecast period.”
Based on device type, the market is segmented into Class 1, Class 2, and Class 3. Among them, the class 3 category is expected to grow at the fastest CAGR during the forecast period. The Intravenous (IV) Diagnostics Devices category plays a pivotal role in propelling the MENA medical device market, particularly as the region witnesses a surge in the demand for advanced diagnostic technologies. IV diagnostics devices encompass a wide array of tools such as infusion pumps, IV catheters, and intravenous sets, crucial for accurate and efficient healthcare delivery. As the prevalence of chronic diseases rises, there is an increased need for precise and timely diagnostics, making IV diagnostics devices indispensable in hospital settings. For instance, there were 463,675 new cancer cases estimated to be in Arab countries, corresponding to 2.4% of the global incidence. Females’ cancers accounted for 52.9% of that number, compared with 47.8% worldwide.
“Amongst application, the online retail category is expected to grow at the fastest CAGR during the forecast period.”
Based on the distribution channel, the market is segmented into diagnostics imaging devices, surgical device, iv diagnostics devices, orthopedic devices, dental products, and others. Among them, the IV diagnostics devices category is expected to grow at the fastest CAGR during the forecast period. Class III medical devices, representing high-risk devices such as implantable pacemakers and certain diagnostic imaging equipment, significantly drive the MENA medical device market by contributing to advancements in healthcare outcomes. These sophisticated and often life-saving devices are integral to complex medical procedures and therapies. As healthcare infrastructure develops in the MENA region, there is an increasing demand for cutting-edge solutions provided by Class III devices.
MENA Medical Device Market Report Coverage
“UAE Region is Expected to Grow at the Fastest CAGR During the Forecast Period”
In the UAE, the medical devices market is flourishing, shaped by a progressive healthcare landscape and economic prosperity. The sector encompasses a wide array of products, from diagnostic tools to life-saving devices, contributing to the nation’s commitment to delivering high-quality healthcare services. Growth factors include a burgeoning population, a focus on medical tourism, and advancements in healthcare infrastructure. With Dubai and Abu Dhabi emerging as regional hubs for medical tourism, the demand for cutting-edge medical devices is on the rise. The UAE’s dedication to innovation and technology in healthcare is evident in its investment in research and development, fostering an environment conducive to the introduction of innovative medical technologies. Recent statistics indicate a significant market size, reflecting the UAE’s position as a key player in the Middle East’s rapidly evolving medical devices landscape. For instance, in 2022, the Ministry of Industry and Advanced Technology (MoIAT) announced the signing of a pair of memoranda of understanding (MoU) worth Dh260 million (70.8 million USD) between major pharmaceutical and medical devices companies in the UAE.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The MENA medical device market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the MENA Medical Device Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the MENA Medical Device Market were the three major steps undertaken to create and analyze the adoption of medical device in major countries in MENA. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the MENA medical device market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the MENA Medical Device Market through company internal sources such as annual reports & and financial statements, performance presentations, press releases, etc., and external sources including journals, news & and articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the MENA Medical Device Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & and sub-segments for major regions. Major segments are included in the report as device type, application, and end user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the MENA Medical Device Market. Further, we conducted factor analysis using dependent and independent variables such as device type, application, and end user of the MENA Medical Device Market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the MENA Medical Device Market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the MENA Medical Device Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the MENA Medical Device Market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the MENA Medical Device Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the MENA Medical Device Market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the device type, application, and end user in the MENA Medical Device Market.
The main objective of the MENA Medical Device Market Study
The current & future market trends of the MENA Medical Device Market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the MENA Medical Device Market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of the device type, application, and end user.
- Define and analysis of the regulatory framework for the surgical instrument
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the MENA Medical Device Market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the MENA Medical Device Market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
Q1: What is the current market size and growth potential of the MENA Medical Device Market?
Q2: What are the driving factors for the growth of the MENA Medical Device Market?
Q3: Which segment has the largest share of the MENA Medical Device Market by Device Type?
Q4: What are the emerging technologies and trends in the MENA Medical Device Market?
Q5: Which region will dominate the MENA Medical Device Market?
Q6: Who are the key players operating in the MENA Medical Device Market?
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