Market Trends of Saudi Arabia Patient Monitoring Industry
This section covers the major market trends shaping the Saudi Arabia Patient Monitoring Market according to our research experts:
Cardiology Segment is Expected to Witness Considerable Growth Over the Forecast Period
Market expansion is anticipated to be driven by factors such as the rising incidence of cardiovascular diseases, the growing number of obese people, the expanding ranks of the elderly, and the improving capabilities of telemedicine. Case in point: stroke occurs at a rate of 43.80 per 100,000 Saudis, as reported by a study published in August 2021. Most participants (81.7%), followed by those with a history of stroke (74.1%) and those with a history of dyslipidemia (57.2%), selected a personal history of hypertension as a risk factor, according to the same source. The study also indicates that there was a low level of awareness regarding cardiovascular diseases and their risk factors which leads to the high prevalence of the disease. Thus, conditions such as hypertension and obesity are the major factors triggering cardiovascular diseases and stroke, therefore, increasing cases of such conditions may propel cardiovascular diseases which in turn will surge the demand for patient monitoring devices in Saudi Arabia.
Furthermore, digital health innovation is a key part of the vision, with the Ministry of Health aiming for 70.0% of citizens to have unified digital records by 2022 and improvements in IT to significantly strengthen the quality of services offered by healthcare providers.
Thus, owing to the abovementioned factors, the cardiology segment is anticipated to witness significant growth over the forecast period.
Home Healthcare Segment is Expected to Witness Significant Growth Over the Forecast Period
The major factors for the growth of the home healthcare market in Saudi Arabia are expected to be rising disposable income and the high incidence of surgical procedures. The high disposable income is expected to enable consumers to afford self-monitoring devices in Saudi Arabia, thereby ultimately contributing to the growth of the market. In a similar vein, the high volume of surgical procedures is anticipated to increase the demand for post-operative care and home-based patient monitoring devices, thereby contributing to the expansion of this market segment over the forecast period.
The rising disposable income in Saudia Arabia is one of the major factors propelling the segment's growth. For instance, as per the World population review article published in 2022 the disposable income of the population in Saudi Arabia in 2022 was USD 36,408,820. Similarly, the growing initiatives in the kingdom are expected to propel the segment growth. In May 2022, Tamer, the healthcare distribution company, signed a 5 year deal to launch Huma's market-leading technology platform 'hospitals at home' with remote patient monitoring to the 34 million people living in the Kingdom of Saudi Arabia.
Therefore, such high disposable income among the Saudi Arabia population is expected to enable the adaption of home healthcare-based patient monitoring devices, thereby boosting the growth of the segment over the forecast period.
