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The Middle East medical devices market is expected to reach $31.6 billion by 2025, according to a new report by Grand View Research, Inc. This growth is anticipated to be a result of increasing geriatric population, and increasing incidences of conventional diseases such as diabetes and obesity. Other major drivers include technological innovations and increasing demand and acceptance of such technologies in Middle Eastern countries majorly in UAE, Saudi Arabia and Qatar.
Furthermore, rising competitive pressure is witnessed in the Middle East medical device market as a result of high demand and low supply ratio. Hence, it can be predicted that the Middle East medical device market may witness lucrative growth over the forecast period.
Another factor responsible for this propelling growth is the supportive reimbursement pathways adapted by the Middle Eastern countries majorly to ensure quality healthcare provisions for every civilian. Major developments are witnessed in terms of regulatory structures as well, with an agenda to provide monetary benefits to the civilians and improve overall lifestyle of the people.
Further key findings from the study suggest:
- Based on product type, In-Vitro Diagnostics(IVD) is expected to dominate the market as of 2016. Furthermore, neurology device segment is anticipated to grow at the fastest CAGR owing to the factors such as growing incidence of conventional diseases, augmenting research and technological advancement offered by key industry players to meet the current unmet needs.
- The medical devices are also analyzed depending upon the U.S. FDA classification, with Class II being the dominant as well as the fastest growing segment during the forecast period. The Class II device segment is anticipated to capture over 60.0% of the market share by 2025.
- Geographic expansion into Qatar, U.A.E. and Iraq by well-established players is anticipated to promote the fastest growth for the region.
- Few of the industry players for the Middle East medical devices market include Medtronic, Johnson & Johnson, Siemens, Roche, Becton Dickinson and Abbott Laboratories
- Entry of various new players coupled with collaborative efforts by existing players is expected to be witnessed over the forecast period.
- For instance, In December 2016, Becton Dickinson announced a research collaboration with a leading global organization the Juvenile Diabetes Research Foundation(JDRF) that would be funding their research for type 1 diabetes. This is anticipated to enable BD’s focus on enhancing technology supporting extended wear insulin infusion set.