Just what the doctor ordered: KSA medical market to reach $1.6 billion by 2018
The market for medical devices in Saudi Arabia was valued at $1.1 billion at the beginning of 2013 and is estimated to reach a total of $1.6 billion by the end of 2018, suggesting a complete annual growth rate (CAGR) of 9 percent within the next five years. This accounts for almost 50 percent of the Middle East’s medical devices industry.
The projected robust growth of the Kingdom’s medical devices sector in the coming years is attributed to several factors including an overall increase in health care spending by the government, rise in per capita income, growing penetration of the healthcare insurance, and huge investment in both human resource and infrastructure. The Saudi government has undertaken several initiatives to improve the existing healthcare industry that would significantly contribute toward the development of its allied sectors.
CompuGroup Medical (CGM), a leading IT healthcare solutions provider in the Middle East and Turkey, said that there is a need to increase the local production of medical devices that are currently restricted to very few items. CGM added that it would limit the reliance of the Kingdom’s healthcare sector on imports which account for more than 80 percent of the overall market value.
Thomas Reitmayr, Vice President – Business Development, CompuGroup Medical Central and East Europe, said: “The government of Saudi Arabia is highly proactive in the development of healthcare facilities both in terms of planning and building of new treatment centers and upgrading and improvement of existing facilities. In addition, many new specialty and super specialty healthcare facilities are under various stages of planning and development in the Kingdom. All of this naturally leads to an upsurge in the demand for medical devices, equipment, services and solutions.”
“CGM is keen on providing the best and the most advanced medical solutions to the growing Saudi healthcare sector. We have achieved tremendous success with our local clients so far and are looking forward to leverage this success to contribute towards the progress and development of the local medical field,” added Mehmet Bilginsoy, General Manager, CompuGroup Medical Middle East.
As one of the leading eHealth companies in the world, CGM has introduced quite a number of scalable technology products and solutions that continue to play major roles in enhancing the quality and extent of healthcare across the KSA. Among CGM’s key offerings are the CORTTEX Integrated Hospital Information Management System Environment, the CGM CNG Clinical Information Systems, and the iOS-based iCNG Mobile Applications.
- Putting the 'ease of doing business' index to test: all you need to know about setting up a business in Dubai
- What can the GCC learn from China's economic model?
- A blessing in disguise? The Lebanese respond to economic crunch with small cars
- Abu Dhabi as the Star Wars' set: the region's superstar?
- What will the effect of losing the World Cup be on Qatar? 'Very small' says study