Diagnostic imaging equipment market in Saudi Arabia expected to grow at CAGR of 7.9% during 2015-2020
Government Encouraging Large Scale Privatization and Supporting Private-public Partnerships in Saudi Arabia Healthcare sector.
Mordor Intelligence announces the publication of their research study titled “Saudi Arabia Diagnostic Imaging Equipment Market- Growth, Trends & Forecast (2014-2020).” The report is an in-depth analysis of the companies operating in the country, the current market scenario and the investment opportunities.
Saudi Arabia diagnostic imaging equipment market is anticipated to grow at a CAGR of 7.9% during the forecast period (2015-2020). The market is projected to reach a value of USD 3.11 billion by 2020. Diagnostic imaging is the process of scanning the organs and tissues of patients to diagnose a disease or abnormality in the anatomy.
Some common procedures used in diagnostic imaging are:
- X-rays (Portability and Technology)
- MRI (Structure and Resolution)
- Nuclear Medicine (SPECT, PET and Scintigraphy)
- Ultrasound (2D, 3D and 4D)
- Computed Tomography
The X-ray market holds the largest share of the Saudi Arabia diagnostic imaging market, with the highest revenue. The market for all types of ultrasound equipment is growing because of their widespread utility and lesser cost in compared to other techniques in use.
The diagnostic imaging market in Saudi Arabia is driven by factors such as increase in aging population; 3.1% of current population is aged above 60 and this is expected to double in the next few years.
Almost 75% of the healthcare setup in Saudi Arabia is public investment. However, this trend is changing as the government is encouraging privatization and supporting public-private partnerships in the healthcare sector. Saudi population can avail healthcare facilities free of cost, which makes advanced technologies such as diagnostic imaging accessible to people of all groups; insurance policies are also available for the large expatriate population in Saudi Arabia. The factors restraining the growth of this market are the lack of regulatory policies and the high cost of equipment.
A vast number of multinational companies operate in Saudi Arabia as the country is an attractive destination for investments in healthcare. There is very little competition from local players and manufacturers. Some of the key players in this market are Philips Healthcare, Siemens Healthcare, Hitachi, Toshiba Medical Systems, Fujifilm, Shimadzu Corporation, GE Healthcare, Hologic and SonoSite.