The Saudi Arabia Cardiovascular Devices Market is valued at USD 561.42 million and is expected to project growth of 10.14% CAGR over the forecast period.
The outbreak of COVID-19 in the country has affected the cardiovascular devices market in many ways like it has limited the intensive care unit (ICU) beds and ventilation sites, there was a necessity to postpone elective and/or complex cardiac surgeries, a shortage of healthcare workers and sick healthcare staff was unavoidable and limited the number of attendees in heart-team meetings. Additionally, According to the study “Cardiovascular Risk Factors Among Patients Infected with COVID-19 in Saudi Arabia” published in April 2021, patients infected with COVID-19 were highly prevalent in cardiovascular diseases. The major risk factor associated with these diseases in COVID-19 patients were pneumonia and increased length of stay in the hospital. This study suggests that COVDI-19 patients were at higher risk of cardiovascular diseases which is expected to impact the market during the study period.
The factors such as growing burden of cardiovascular diseases and rapid technological advancements is driving the growth of market. For instance, the study “Stroke Risk Factor Awareness Among Populations in Saudi Arabia” published in August 2021, found that the incidence of stroke in Saudi Arabia is 43.8 per 100,000. Personal history of hypertension was chosen as a risk factor by the majority ofthe participants (81.7%) followed by personal history of stroke (74.1%) and personal history of dyslipidemia (57.2%). This study indicates that there was low level of awareness regarding cardiovascular diseases and its risk factors which leads to the high prevalence of the disease. This then boosts the demand for the treatment of several cardiovascular diseases, hence promoting the market.
Also, the launch of specialized clinics focused at treating cardiovascular diseases in the country will help in managing the mortality rate associated with these disease and help in growing the market. For instance, in April 2019, the Cardiac Catheterization Department was established at King Abdullah Hospital-Bisha, Saudi Arabia which includes devices of cardiovascular catheters, diagnostic catheters, stents, and balloons. Furthermore, in February 2019, Royal Philips entered into a partnership with Ministry of Health (MOH) in Saudi Arabia to provide integrated Cardiovascular Information System (CVIS) across multiple facilities throughout the Kingdom of Saudi Arabia. This device includes advanced software technology and image analysis to simplify cardiovascular data management for cardiology departments to work more efficiently and accurately. This will help in improving patient outcomes by making the patient information available on demand at point of care at connected hospitals. These partnerships introduces advanced products in the market which boosts the market. Thus, owing to the abovementioned factors the market segment is expected to project growth over the time.
However, high cost of instruments and procedures may restrict the people in the country to undergo diagnosis and treatment for cardiovascular diseases which is expected to restrain the market growth during the study period.
An electrocardiogram is a painless test that measures the electrical activity of the heart. It's also called an ECG or an EKG. Every heartbeat is caused by an electrical signal that travels from the top to the bottom of the heart. An ECG can display if the heart is beating at a normal rate and strength. It also aids in demonstrating the size and location of the heart chambers.
The Electrocardiogram (ECG) devices demand is growing in Saudi Arabia due to the high prevalence of cardiovascular diseases along with technological developments in ECG monitoring. According to the ministry of health in Saudi Arabia, in 2019 approximately 40% of Saudi citizens were suffering from obesity and is contributing to major cardiovascular diseases, hence this will create the demand for cardiovascular monitoring systems like ECG and will have a positive impact on the market growth.
Also, with the high prevalence of cardiovascular diseases associated with an increased mortality rate amongst Saudi citizens, the companies are introducing advanced wearable ECG devices in the market and impacting positively on market growth. For Instance, Apple Inc in May 2020 had announced the launch of ECG app on Apple Watch Series 4 and later will be available in the Kingdom of Saudi Arabia with its next software update with iOS 13.5 and watchOS, further, which enables customers to take an electrocardiogram right from their wrist, that captures heart rhythm during experience symptoms like a rapid or skipped heart beat and helping to provide critical data to physicians.
Furthermore, This new generation of portable and compact ECGs is accelerating adoption, particularly in the home healthcare market. The wearable smart devices with heart-monitoring capabilities, such as bands, watches, and rings, have also become the norm for many people among the new technologies in cardiac devices. For Instnace, in June 2021, Cardiac Insights, Inc., a United States-based healthcare innovator specializing in wearable cardiac sensors and proprietary software that automatically analyzes electrocardiogram (ECG) data to improve early detection and diagnosis of cardiac arrhythmias, such as atrial fibrillation (Afib) announced launching its Cardea SOLO ECG System at Arab Health 2021, the largest healthcare exhibition in the Middle East. Hence, the introduction of innovative products and supportive government boosts the market growth.
The market is moderately competitive and is dominated by international market players. For strengthening the position in the market the players are strategically involved in the distribution agreements with local players to expand their presence in the country. Some of the key market players in the market studied are Abbott Laboratories, Cardinal Health, GE Healthcare, Johnson and Johnson, and Medtronic PLC.
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The outbreak of COVID-19 in the country has affected the cardiovascular devices market in many ways like it has limited the intensive care unit (ICU) beds and ventilation sites, there was a necessity to postpone elective and/or complex cardiac surgeries, a shortage of healthcare workers and sick healthcare staff was unavoidable and limited the number of attendees in heart-team meetings. Additionally, According to the study “Cardiovascular Risk Factors Among Patients Infected with COVID-19 in Saudi Arabia” published in April 2021, patients infected with COVID-19 were highly prevalent in cardiovascular diseases. The major risk factor associated with these diseases in COVID-19 patients were pneumonia and increased length of stay in the hospital. This study suggests that COVDI-19 patients were at higher risk of cardiovascular diseases which is expected to impact the market during the study period.
The factors such as growing burden of cardiovascular diseases and rapid technological advancements is driving the growth of market. For instance, the study “Stroke Risk Factor Awareness Among Populations in Saudi Arabia” published in August 2021, found that the incidence of stroke in Saudi Arabia is 43.8 per 100,000. Personal history of hypertension was chosen as a risk factor by the majority ofthe participants (81.7%) followed by personal history of stroke (74.1%) and personal history of dyslipidemia (57.2%). This study indicates that there was low level of awareness regarding cardiovascular diseases and its risk factors which leads to the high prevalence of the disease. This then boosts the demand for the treatment of several cardiovascular diseases, hence promoting the market.
Also, the launch of specialized clinics focused at treating cardiovascular diseases in the country will help in managing the mortality rate associated with these disease and help in growing the market. For instance, in April 2019, the Cardiac Catheterization Department was established at King Abdullah Hospital-Bisha, Saudi Arabia which includes devices of cardiovascular catheters, diagnostic catheters, stents, and balloons. Furthermore, in February 2019, Royal Philips entered into a partnership with Ministry of Health (MOH) in Saudi Arabia to provide integrated Cardiovascular Information System (CVIS) across multiple facilities throughout the Kingdom of Saudi Arabia. This device includes advanced software technology and image analysis to simplify cardiovascular data management for cardiology departments to work more efficiently and accurately. This will help in improving patient outcomes by making the patient information available on demand at point of care at connected hospitals. These partnerships introduces advanced products in the market which boosts the market. Thus, owing to the abovementioned factors the market segment is expected to project growth over the time.
However, high cost of instruments and procedures may restrict the people in the country to undergo diagnosis and treatment for cardiovascular diseases which is expected to restrain the market growth during the study period.
Key Market Trends
Electrocardiogram (ECG) Segment Holds Major Share In The Market and Expected To Do Same Over The Forecast Period
An electrocardiogram is a painless test that measures the electrical activity of the heart. It's also called an ECG or an EKG. Every heartbeat is caused by an electrical signal that travels from the top to the bottom of the heart. An ECG can display if the heart is beating at a normal rate and strength. It also aids in demonstrating the size and location of the heart chambers.
The Electrocardiogram (ECG) devices demand is growing in Saudi Arabia due to the high prevalence of cardiovascular diseases along with technological developments in ECG monitoring. According to the ministry of health in Saudi Arabia, in 2019 approximately 40% of Saudi citizens were suffering from obesity and is contributing to major cardiovascular diseases, hence this will create the demand for cardiovascular monitoring systems like ECG and will have a positive impact on the market growth.
Also, with the high prevalence of cardiovascular diseases associated with an increased mortality rate amongst Saudi citizens, the companies are introducing advanced wearable ECG devices in the market and impacting positively on market growth. For Instance, Apple Inc in May 2020 had announced the launch of ECG app on Apple Watch Series 4 and later will be available in the Kingdom of Saudi Arabia with its next software update with iOS 13.5 and watchOS, further, which enables customers to take an electrocardiogram right from their wrist, that captures heart rhythm during experience symptoms like a rapid or skipped heart beat and helping to provide critical data to physicians.
Furthermore, This new generation of portable and compact ECGs is accelerating adoption, particularly in the home healthcare market. The wearable smart devices with heart-monitoring capabilities, such as bands, watches, and rings, have also become the norm for many people among the new technologies in cardiac devices. For Instnace, in June 2021, Cardiac Insights, Inc., a United States-based healthcare innovator specializing in wearable cardiac sensors and proprietary software that automatically analyzes electrocardiogram (ECG) data to improve early detection and diagnosis of cardiac arrhythmias, such as atrial fibrillation (Afib) announced launching its Cardea SOLO ECG System at Arab Health 2021, the largest healthcare exhibition in the Middle East. Hence, the introduction of innovative products and supportive government boosts the market growth.
Competitive Landscape
The market is moderately competitive and is dominated by international market players. For strengthening the position in the market the players are strategically involved in the distribution agreements with local players to expand their presence in the country. Some of the key market players in the market studied are Abbott Laboratories, Cardinal Health, GE Healthcare, Johnson and Johnson, and Medtronic PLC.
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Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION (Market Size by Value - USD million)
6 COMPETITIVE LANDSCAPE
Companies Mentioned
A selection of companies mentioned in this report includes:
- Abbott Laboratories
- Al NaghiMedical Co.
- Cardinal Health Inc.
- Atlas Medical LLC
- GE Healthcare
- Johnson and Johnson
- Medtronic PLC
- Biotronik
- Siemens Healthineers AG
- Advanced Healthcare LLC
Methodology
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