Saudi Arabia Cardiovascular Devices Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 0.76 Billion |
| Market Size (2029) | USD 1.21 Billion |
| CAGR (2024 - 2029) | 9.81 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Saudi Arabia Cardiovascular Devices Market Analysis
The Saudi Arabia Cardiovascular Devices Market size is estimated at USD 0.76 billion in 2024, and is expected to reach USD 1.21 billion by 2029, growing at a CAGR of 9.81% during the forecast period (2024-2029).
- The high burden of cardiovascular diseases, the growing geriatric population, the increasing focus on health, and various initiatives taken to improve healthcare infrastructure and accessibility of healthcare services are key factors driving the market's growth.
- The country's high prevalence of cardiovascular disease creates the need for devices for diagnostic and treatment purposes, thus driving the market's growth. For instance, a study published in BMC Cardiovascular Diseases in March 2024 revealed that the prevalence of cardiovascular disease in Saudi Arabia during the study period among the 15-year-old and older population was 1.6%.
- The above-mentioned study also revealed that age was one of the prominent factors in cardiovascular disease. The prevalence of cardiovascular disease increases with age gradually and rises sharply after 50. Thus, the high proportion of the country's aging population is expected to contribute to the growth of the market in the future.
- Initiatives taken by various public health-focused institutes to improve the accessibility of different procedures in the nation also drive the consumption of devices used in particular procedures, boosting the market's growth.
- In November 2022, Saudi Arabia's King Salman Humanitarian Aid and Relief Center (KSRelief) launched a voluntary medical program specializing in open-heart surgery and catheterization for children in Bamako, Mali. The program focused on providing open-heart surgery and catheterization procedures for needy children. The initiative aims to improve the healthcare infrastructure in the region and offer essential medical assistance to those who require it the most.
- However, the high cost of instruments and procedures may restrict the number of people in the country undergoing diagnosis and treatment for cardiovascular diseases, which is expected to restrain market growth during the forecast period.
Saudi Arabia Cardiovascular Devices Market Trends
The Electrocardiogram (ECG) Segment Holds the Majority Share of the Market, and it is Expected to Do the Same Over the Forecast Period
- An electrocardiogram (ECG), also known as an EKG, is a non-invasive diagnostic test that measures the heart's electrical activity. The demand for ECG devices is increasing in Saudi Arabia due to the high prevalence of cardiovascular diseases and their underlying causes, such as obesity and high blood pressure, and advancements in ECG monitoring technology.
- According to data published by the University Center for Obesity Research at King Saud University in 2022, the obesity rates in Saudi Arabia were alarmingly high, with 23.6% of women and 14% of men being classified as obese. This and other cardiovascular risk factors have increased the country's demand for ECG devices.
- The high number of different cardiac procedures in the country also creates the need for ECG equipment for monitoring purposes, driving the segment's growth. For instance, the 2022 statistical yearbook by the Ministry of Health, Saudi Arabia, reported that the rate of open heart surgery performed per 100,000 pilgrims in 2022 was 4.9 in Saudi Arabia, which increased by 69% in the last five years. Such an increasing number of procedures propels the growth of the market segment.
- The high proportion of the aging population in the country also contributes to the utilization of ECG for diagnosis and monitoring purposes of cardiac health, propelling the segment's growth.
- Furthermore, the initiative taken by the supplier for the launch of advanced products in the country is also propelling the growth of the segment. For instance, in June 2023, Zahrawi Group signed a partnership agreement with AppSens for the distribution of ECG247 in Saudi Arabia. It is a smart cardiac sensor used in hospitals, heart specialist clinics, and general practitioners for cardiac rhythm monitoring.
- Thus, the increasing number of cardiac procedures and the high burden of the geriatric and obese population in the country create the need for ECG devices, driving the growth of the segment.
Catheters are Expected to Witness Healthy Growth in Coming Years
- Cardiac catheterization is a medical procedure used to diagnose or treat certain heart conditions by guiding a thin, flexible tube (catheter) through a blood vessel to the heart. In Saudi Arabia, the increasing burden of cardiovascular diseases has led to a rise in demand for cardiac catheters, which is expected to drive segment growth.
- The high number of cardiac catheterization procedures performed for pilgrims in the country also revealed the high utilization of products in the country, which drives the market growth.
- For instance, according to the statistical year 2022 data by the Ministry of Health, Saudi Arabia, the rate of cardiac catheterization procedures performed was 57.3 per 100,000 pilgrims in 2022, which increased by 34% in the last five years. Such an increasing number of procedures propels the market's growth.
- Moreover, the country's hospital system has undergone a significant transformation, leading to an increased number of surgeries being performed. The availability of improved hospital services has also driven up demand for cardiovascular surgeries, resulting in a surge in demand for cardiac catheters. In August 2022, the Heart Center at Prince Mohammed bin Nasser Hospital in Jazan reported performing over 1,400 catheterization and cardiac surgeries during the year's first half. With such a high number of surgeries being performed in hospitals across Saudi Arabia, the segment is poised for significant growth during the forecast period.
- The increasing number of centers approved to perform cardiac catheterization procedures in the country also boosts the growth of the market segment. For instance, in June 2024, Al-Modawat Specialized Medical Co. received a license for its cardiac catheterization unit. Such approval of health facilities creates the demand for devices that are needed in the procedure, driving the growth of the segment.
- Thus, owing to the increasing number of healthcare facilities performing cardiac catheterization procedures and the growing number of procedures, the demand for cardiac catheters is expected to increase in the country over the forecast period.
Saudi Arabia Cardiovascular Devices Industry Overview
The market is moderately competitive and is dominated by international players. To strengthen their position in the market, these players have strategically entered into distribution agreements with local companies to expand their presence in the country. Some of the key players in the market include Abbott Laboratories, Cardinal Health, GE Healthcare, Johnson & Johnson, and Medtronic PLC.
Saudi Arabia Cardiovascular Devices Market Leaders
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Abbott Laboratories
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Cardinal Health Inc.
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GE Healthcare
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Siemens Healthineers AG
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Atlas Medical LLC
*Disclaimer: Major Players sorted in no particular order
Saudi Arabia Cardiovascular Devices Market News
- May 2024: Bayer, in collaboration with Huma Therapeutics Limited, launched its innovative heart health screening tool in Saudi Arabia.
- July 2023: Imricor Medical Systems Inc. signed a distribution agreement with Al Faisaliah Medical Systems (FMS) Subsidiary of Tibbiyah Holding Company for distribution of products utilized in nearly 50,000 cardiac ablation procedures annually in Saudi Arabia.
Saudi Arabia Cardiovascular 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 Burden of Cardiovascular Diseases
4.2.2 Rapid Technological Advancements
4.3 Market Restraints
4.3.1 High Cost of Instruments and Procedures
4.4 Porter's Five Forces 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 by Value - USD)
5.1 By Device Type
5.1.1 Diagnostic and Monitoring Devices
5.1.1.1 Electrocardiogram (ECG)
5.1.1.2 Remote Cardiac Monitoring
5.1.1.3 Other Diagnostic and Monitoring Devices
5.1.2 Therapeutic and Surgical Devices
5.1.2.1 Cardiac Assist Devices
5.1.2.2 Cardiac Rhythm Management Device
5.1.2.3 Catheter
5.1.2.4 Grafts
5.1.2.5 Other Therapeutic and Surgical Devices
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Al NaghiMedical Co.
6.1.3 Cardinal Health Inc.
6.1.4 Atlas Medical LLC
6.1.5 GE Healthcare
6.1.6 Johnson and Johnson
6.1.7 Medtronic PLC
6.1.8 Biotronik
6.1.9 Siemens Healthineers AG
6.1.10 Advanced Healthcare LLC
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Saudi Arabia Cardiovascular Devices Industry Segmentation
As per the scope of this report, cardiovascular devices are used to diagnose heart diseases and treat related health problems. These devices are witnessing various applications in different healthcare and homecare settings.
The Saudi Arabian cardiovascular devices market is segmented by device type. The market is sub-segmented into diagnostics and monitoring devices as well as therapeutic and surgical devices. The report offers the value (in USD) all for the above-mentioned segments.
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Saudi Arabia Cardiovascular Devices Market Research FAQs
How big is the Saudi Arabia Cardiovascular Devices Market?
The Saudi Arabia Cardiovascular Devices Market size is expected to reach USD 0.76 billion in 2024 and grow at a CAGR of 9.81% to reach USD 1.21 billion by 2029.
What is the current Saudi Arabia Cardiovascular Devices Market size?
In 2024, the Saudi Arabia Cardiovascular Devices Market size is expected to reach USD 0.76 billion.
Who are the key players in Saudi Arabia Cardiovascular Devices Market?
Abbott Laboratories, Cardinal Health Inc., GE Healthcare, Siemens Healthineers AG and Atlas Medical LLC are the major companies operating in the Saudi Arabia Cardiovascular Devices Market.
What years does this Saudi Arabia Cardiovascular Devices Market cover, and what was the market size in 2023?
In 2023, the Saudi Arabia Cardiovascular Devices Market size was estimated at USD 0.69 billion. The report covers the Saudi Arabia Cardiovascular Devices Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Saudi Arabia Cardiovascular Devices Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Saudi Arabia Cardiovascular Devices Industry Report
Statistics for the 2024 Saudi Arabia Cardiovascular Devices market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Saudi Arabia Cardiovascular 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.
Saudi Arabia Cardiovascular Devices Market Report Snapshots
