Staff reporter
,
Saudi Arabia
Photo by Nwato
It is expected to reach US$3.1b by 2028.
According to BMI, Saudi Arabia’s medical device market is expected to grow at a compound annual growth rate from 5.4% to 6.2% from 2023 to 2028, reaching US$310 million in 2028.
The revision is based on expectations for economic growth to accelerate this year and in 2025 after a contraction in 2023.
Factors driving this growth include rising oil production, lower interest rates and increased investment in line with Vision 2030.
“This will support the growth of the medical device market, drive demand for advanced medical technologies and support infrastructure enhancements,” the report said.
Furthermore, strategic initiatives such as the “Health Sector Transformation Plan” are expected to sustain market growth by addressing the increasing burden of chronic diseases and ensuring continued demand for medical products and services.
Join the Asian Healthcare Magazine Community
Now that you’re here…
….There are many ways you can work with us to promote your company and connect with your customers. Our team can help you plan and create print and digital advertising campaigns on this website and in the print magazine.
We can also organize real-life or digital events for you and source thought-leader speakers and industry leaders (who may be your potential partners) to attend your events. We also run a number of awards programs that give you the chance to be recognized for your achievements during the year, and you can join as a participant or sponsor.
Let us help you drive business development through good partnerships!
