Saudi Arabia Neurology Devices Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.10 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Saudi Arabia Neurology Devices Market Analysis
The Saudi Arabian neurology devices market is expected to register a CAGR of 7.1% during the forecast period.
The COVID-19 pandemic had a significant impact on the neurology devices market in Saudi Arabia, which was majorly due to the restrictions on non-emergency visits to hospitals. As per a study published by the National Institute of Health in December 2020, there was an approximately 24% reduction in the number of visits for common neurological symptoms in hospitals across Saudi Arabia. With the decline in hospital visits, the growth of the neurology device segment was hampered significantly. With the increasing burden of COVID-19 across the country in 2020-2021, many hospitals acquired telemedicine facilities for neurological issues. The pandemic transformed neurology outpatient clinics from strictly traditional in-person, office-based contacts to an almost entirely virtual system of direct-to-patient appointments. Hence, the market for neurology devices was majorly hampered due to COVID-19 in Saudi Arabia.
Key factors propelling the growth of the market are the increasing incidence of neurological disorders, huge investments by private players in neurological devices, an increase in R&D in the field of neuro therapies, and the growing aging population.
According to the World Ageing Report, in Saudi Arabia, the proportion of the population aged 65 years and above is expected to increase from 1.169 million (3.4%) in 2020 to 7.681 million (17.2%) by 2050. Similarly, in the United Arabs Emirates, the population aged 65 years and above is expected to increase from 0.113 million (1.2%) in 2020 to 1.679 million (16.1%) by 2050. Since this growing geriatric population is more prone to neurodegenerative disorders, such as dementia and cognitive disorders, the growth of the market studied is expected to increase in the future.
However, the high cost of devices and stringent regulations and guidelines for new devices restrain the market growth.
Saudi Arabia Neurology Devices Market Trends
This section covers the major market trends shaping the Saudi Arabia Neurology Devices Market according to our research experts:
Neurostimulation Devices is Expected to Grow Fastest
A neurostimulation device is programmed to continuously monitor electrophysiological signals that are precursors to seizure activity. The fast growth of the segment is due to the increasing use of sacral nerve stimulation devices and deep brain stimulation devices. Deep brain stimulation devices are generally used to treat neuropsychiatric disorders and are effectively used in treating other neurological disorders, like Parkinson's disease, essential tremor, dystonia, chronic pain, major depression, and obsessive-compulsive disorder. The treatment of other neurological diseases like rain tumors and spinal cord injuries also boosts the growth of the segment.
As per a study, 'Evaluation of knowledge of Alzheimer's disease among health university students in Riyadh, Saudi Arabia,' published in August 2020, the prevalence of dementia in Saudi Arabia was estimated to be around 6.4%. Factors such as age, low level of education, hypertension, and cardiovascular diseases were risk factors for cognitive impairment. As per a January 2020 published article titled 'The Epidemiology of Migraine Headache in Arab Countries: A Systematic Review,' migraine prevalence among the general population ranged between 2.6% and 32%. As per the same source, the estimated prevalence of migraine headaches among medical university students ranged between 12.2% and 27.9% and between 7.1% and 13.7% in schoolchildren (6 to 18 years). These statistics indicate the significant need for neurofeedback systems, as they can reduce the occurrence of migraine or reduce the pain. Hence, with the increasing incidence of migraine, the demand for neurostimulation devices will grow in the coming years.
Saudi Arabia Neurology Devices Industry Overview
The Saudi Arabian neurology devices market is moderately competitive, with several major players. Some strategies implemented by these players include agreements, collaborative models, business expansion, and product development. Some of the major players are Stryker Corporation, Medtronic, Abbott Laboratories, Johnson and Johnson, Smith & Nephew, Siemens Healthineers, and Nihon Kohden Corporation.
Saudi Arabia Neurology Devices Market Leaders
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Stryker Corporation
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Medtronic PLC
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Abbott Laboratories
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Siemens Healthineers
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Nihon Kohden Corporation
*Disclaimer: Major Players sorted in no particular order
Saudi Arabia Neurology Devices Market News
- In June 2022, the Saudi Ministry of Health announced the formation of a new company, Health Holding Company (HHC), which will provide specialist services in cardiology and neurology across Saudi Arabia.
Saudi Arabia Neurology Devices Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Incidence of Neurological Disorders and Growing Geriatric Population
4.2.2 Increase in Research and Development in Neurotherapies
4.3 Market Restraints
4.3.1 High Cost of Equipment
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size - Value in USD million)
5.1 By Type of Device
5.1.1 Cerebrospinal Fluid Management Devices
5.1.2 Interventional Neurology Devices
5.1.3 Neurosurgery Devices
5.1.4 Neurostimulation Devices
5.1.5 Other Types of Devices
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Stryker Corporation
6.1.2 Medtronic PLC
6.1.3 Abbott Laboratories
6.1.4 Siemens Healthineers
6.1.5 Nihon Kohden Corporation
6.1.6 Johnson and Johnson
6.1.7 Attieh Medico Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Saudi Arabia Neurology Devices Industry Segmentation
As per the scope of the report, neurological devices are medical devices that help to diagnose, prevent, and treat a variety of neurological disorders and conditions, such as Alzheimer's disease, Parkinson's disease, major depression, and traumatic brain injury. The Saudi Arabian neurology devices market is segmented by type of device (cerebrospinal fluid management devices, interventional neurology devices, neurosurgery devices, neurostimulation devices, and other types of devices). The report offers all values in USD million for the above segments.
| By Type of Device | |
| Cerebrospinal Fluid Management Devices | |
| Interventional Neurology Devices | |
| Neurosurgery Devices | |
| Neurostimulation Devices | |
| Other Types of Devices |
Saudi Arabia Neurology Devices Market Research FAQs
What is the current Saudi Arabia Neurology Devices Market size?
The Saudi Arabia Neurology Devices Market is projected to register a CAGR of 7.10% during the forecast period (2024-2029)
Who are the key players in Saudi Arabia Neurology Devices Market?
Stryker Corporation, Medtronic PLC, Abbott Laboratories, Siemens Healthineers and Nihon Kohden Corporation are the major companies operating in the Saudi Arabia Neurology Devices Market.
What years does this Saudi Arabia Neurology Devices Market cover?
The report covers the Saudi Arabia Neurology Devices Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Saudi Arabia Neurology Devices Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Saudi Arabia Neurology Devices Industry Report
Statistics for the 2024 Saudi Arabia Neurology Devices market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Saudi Arabia Neurology Devices analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
