Market Trends of Saudi Arabia General Surgical Devices Industry
This section covers the major market trends shaping the Saudi Arabia General Surgical Devices Market according to our research experts:
Electrosurgical Devices is Expected to Register Significant Growth Over The Forecast Period
The electrosurgical devices have registered a significant share and are expected to do the same over the forecast period. Electrosurgical devices are becoming increasingly advanced. The development of advanced devices, like robotic electrosurgical devices for laparoscopic interventions, enhances a surgeon's dexterity. Many innovations have been made, due to the need for high reliability, accuracy, and patient safety.
The factors, such as the increasing number of surgeries in the country, and a rise in the prevalence of chronic diseases, such as cancers, and cardiovascular diseases are boosting the segment. The market is further expected to grow and the prices are expected to fall, due to the entry of many new players in Saudi Arabia. For instance, in September 2022, CHI disclosed that bariatric surgeries will have the coverage of health insurance in Saudi Arabia. The insurance coverage for obesity operations aims to increase bariatric surgeries and reduce the obesity rate in the country. Such instances will lead to increased adoption of general surgical devices during bariatric surgeries and are expected to drive the growth of the market.
In addition, rising marketing approvals by the Government of Saudi Arabia on general surgical devices will further lead to increased adoption of the same, driving the market growth. For instance, in August 2021, the Saudi Food and Drug Authority granted marketing authorization to Lepu Medical's numerous cardiovascular products including electrosurgical devices demonstrating that the authorized devices can be legally marketed and sold in Saudi Arabia. This will further lead to increased adoption of such devices, driving the segment growth in the market.
Cardiology Application is Expected to Register Significant Growth in the Market
Saudi Arabia has recently seen a dramatic economic change and urbanization, with a doubling in the proportion of people living in urban areas during the last 10 years. The burden of cardiovascular illnesses has increased in response to fast urbanization. Thus, the high burden of cardiovascular diseases along with the growing burden of the elderly population and increasing government expenditure on medical equipment is expected to drive the market over the forecast period.
According to the report published by Front. Neurol, in November 2021, with an 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. This estimate showed a high burden of cardiovascular disease in the country which needs surgical treatment and increases the demand for general surgical devices that drive the growth of the market. Furthermore, the growing burden of the elderly population in the region is expected to have a significant impact on the market as old age people are more prone to chronic diseases which need surgical treatment.
Moreover, government initiatives on medical equipment will impact market growth. For instance, the report published by International Trade Administration in July 2022, stated that greater concern for healthcare and increased consumption of healthcare services sustain a strong market for medical equipment, especially for surgical devices in Saudi Arabia. Thus, all the above-mentioned factors like the rising burden of cardiovascular diseases and government initiatives would likely increase the demand for the usage of surgical devices and boost the growth of the market over the study period.
