Medical Technologies

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.

Explore Saudi Arabia's

Medical Technologies Sector

  • $5.4BN
    medical technology market size in 2021
  • 100%
    of the population will be covered by the unified digital medical records system by 2025
  • 49%
    of MEA market share in medical technology

Value Proposition

Rising prevalence of chronic and infectious diseases creating a significant market demand

  • Saudi Arabia has a big market demand for IVDs, which are non-invasive tests performed on biological samples (such as blood, urine, or tissues) to establish a person's health status. IVDs account for 23% of public spending, totaling $270 million.
  • There is a big market demand for medical devices including products, services, or solutions that use physical means to prevent, diagnose, monitor, treat, and care for humans.
  • The industry has shifted its focus from hardware development toward digital health and emerging technologies such as AI and machine learning to help improve the quality of care with minimal human error.

    Untapped potential for localization

    • Saudi Arabia’s medical technology sector has significant growth potential due to its large and growing market size, high import rates, and high potential for localization within certain segments.
    • The Saudi medical technology market is valued at $5.4 billion, is predicted to expand by 6% annually in line with rising demand and healthcare expansion.
    • Saudi Arabia imports 94% of its medical devices, representing a tremendous untapped opportunity for national and international players in the market.

    The region’s emerging medical technology hub

    • The medical technology sector in Saudi Arabia has great potential for growth due to a sustainable domestic market demand, high growth in regional healthcare market expansion, and inexpensive local raw materials such as steel and plastic
    • Saudi Arabia is expanding its infrastructure while leveraging its proximity and cultural and political influence to serve important export destinations: Middle East, Africa, and the Organization of Islamic Cooperation

    A well-established regulator ensuring ease of doing business

    • The Saudi Food and Drug Authority is a well-established medical device regulator that follows international standards. It provides investors with transparency on regulations and clear procedures, resulting in faster and easier licensing and higher-quality products on the market.

contact our Medical Technologies Expert

Thank you for your interest in the Invest Saudi.

We received your inquiry, and we will get back to you shortly.

Explore Other Sectors