GCC Implantable Medical Devices Market Overview:
The GCC implantable medical devices market was worth US$ XX Billion in 2022, expanding at a CAGR of X% during 2017-2022. Looking forward, the market is projected to grow at a CAGR of around X% during 2023-2028, reaching a value of US$ XX Billion by 2028. Medical implants are simulated devices that are placed inside the human body either temporarily or permanently to support the functions of specific tissues or organs, deliver medicines, or monitor physiological activities. Some implants, such as prosthetics, are intended to replace damaged body parts. These devices are made using human tissues or exogenous materials, including ceramics, metals, and plastics. The functioning of the medical device depends on the electrical energy source and is primarily used to support cardiac functions. Cardioverter defibrillator left ventricular assist devices (LVAD), pacemakers, breast and hip implants, intrauterine contraceptive devices, and cochlear implants are some common product variants. In the GCC region, the rising prevalence of chronic diseases has surged the demand for implantable medical devices as they help improve the quality of life of patients.
The surging cases of age-related diseases, such as coronary arterial and neurological ailments, and the rapidly expanding healthcare infrastructure are some of the factors primarily driving the market growth in GCC. Moreover, the increasing consumer expenditure power has significantly boosted cosmetic and medical tourism in the region, which, in turn, is creating a positive outlook for the market. In line with this, the growing prevalence of cardiovascular diseases (CVDs) due to sedentary lifestyles and rising cases of obesity are accelerating the market growth. Additionally, key market players are heavily investing in advanced technology to introduce smart implantable devices that can transmit data using the internet for remote patient monitoring, which is acting as another factor positively contributing to the market growth. Besides this, the introduction of three-dimensional (3D)-printed implants and robotic arms to conduct surgeries and the growing use of biomaterials to manufacture implantable medical devices are boosting the market growth. Other factors, such as the increasing geriatric population, surging cases of road accidents, and rapid technological advancements, are providing a considerable thrust to the market.
Beginning with a regional overview, the report explores the dynamics that have a strong influence on the GCC implantable medical devices market and can also impact its future growth. Taking 2022 as the base year, the report covers historical market scenario from 2017-2022 and provides forecasts till 2028. This includes the study of value and volume trends and pricing history. Growth inducing factors, market restraints and recent developments have also been analysed in the report in order to provide a deeper knowledge about the industry. On a regional basis, the report examines the GCC implantable medical devices market in Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. For each of these regions, the report studies the GCC implantable medical devices market in detail for latest trends, outlook and opportunities.
The report analyses the competitive structure of the GCC implantable medical devices market industry and provides the profiles of major players operating in the market. The price margins for the products along with the various success and risk factors for manufacturers have also been covered in the report. Moreover, in order to determine market attractiveness, the report analyses the GCC implantable medical devices market industry along the parameters of the Porter’s Five Forces model. This model examines the degree of competition in the GCC implantable medical devices market industry by analysing the threat posed by new entrants and substitutes, and the bargaining power of suppliers and buyers. SWOT analysis of the market has also been presented in the report which highlights the strengths, weaknesses, opportunities and threats pertaining to the GCC implantable medical devices market industry. Furthermore, the value chain analysis of the GCC implantable medical devices market industry has also been covered in the report. This comprises of all the activities in the value chain, such as the procurement of various raw materials, manufacturing, sales and distribution.
GCC Implantable Medical Devices Market Segment Insights:
The GCC implantable medical devices market has been analysed as followed:
By End User:
Country-wise, the market has been segmented into Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. Amongst these, Saudi Arabia represents the largest market, accounting for majority of the GCC region.
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Highlights of the GCC Implantable Medical Devices Market Report:
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