Healthcare & Life Sciences
Healthcare and Life Sciences Overview
The healthcare and life sciences sector represents one of the most attractive sectors in the Kingdom. Saudi Arabia currently has a population of 35 million, nearly 60% of whom are under the age of 35, representing an incredible market demand not just today, but also for the future. The healthcare and life sciences sector accounts for 17.7% of the country's budget expenditure in 2021, making it the Kingdom's third largest recipient of government funding.
New exciting opportunities await healthcare and life sciences investors, thanks to a growing marketing size and the government’s firm commitment to increase the private sector’s participation in the market through privatization and new healthcare financing models
Explore Saudi Arabia's
Healthcare & Life Sciences Sector
Overview
Medical Technology (MedTech) is an overarching term defining the technologies used for the diagnosis, treatment, and/or improving an individual’s health or well-being. The Saudi government has emphasized utilizing medical technologies in the healthcare sector including but not limited to Tele-Consultations, National Health Command Center and Software as Medical Device (SaMD) to serve patients more effectively and efficiently. The localization of medical technologies offers massive potential to improve the quality of patient care, reduce costs, and increase patient-centeredness in healthcare.
- 100%
of the population will be covered by the unified digital medical records system by 2025 - $5.4BN
medical technology market size in 2021
Value Proposition
Rising prevalence of chronic and infectious diseases driving demand
Untapped potential for localization
The region’s emerging medical technology hub
A well-established regulator ensuring ease of doing business
Overview
The demand for healthcare services in Saudi Arabia has soared, as seen by rising healthcare budgets and investments throughout the last few decades, particularly in the last ten years. One of the unique aspects that makes healthcare and life sciences sector vital in the Kingdom is its commitment under Vision 2030 goals to increase the quality of life for the Saudi population. In fact, Health Sector Transformation Program has been announced as one of the Vision Realization Programs (VRP) to ensure continued development of healthcare services in the Kingdom.
- 88%
of the population, including those in rural areas, will be covered by medical health services by 2025 - 5.8%
CAGR healthcare services sector growth from 2017 to 2029
Value Proposition
Sizeable market with untapped potential and significant growth ahead
Rising prevalence of chronic conditions related to age, lifestyle, and genetic makeup
Strong government commitment and ambitious targets to develop the sector
Unique investments enablers
Chemicals Opportunities
Success Stories from
Healthcare & Life Sciences Sector
‘’I've been all over Saudi Arabia and I think that the lessons here will be with me for the rest of my life. Saudis are happy to support entrepreneurs, people with an entrepreneurial spirit who want to contribute to society.’’
Company Name : NMC
Name : Michael Davis
Position : Chief Operating Officer
Sector name : Healthcare
‘’I think investors should carefully study Vision 2030 and they should evaluate to what extent the vision matches their own goals and strategies. If there is a match, the combination of world-class technologies with the local Saudi talent provides a great environment for the investment in Saudi Arabia to be successful.’’ – Asmus AngelKort, Vice President Finance , Fresnuis Medical Care
Company Name : Fresnuis Medical Care
Name : Asmus Angelkort
Position : Vice President Finance
Sector name : Healthcare
‘’My experience with the Saudi culture and Vision 2030 is that you the country rapidly progressing on a daily basis. Saudi Arabia welcome diversity, foreign visitors and investors. We're in Saudi Arabia for business, but also for pleasure.’’
Company Name : Fresnuis Medical Care
Name : Frank Wagner
Position : Executive Vice President
Sector name : Healthcare
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