The Saudi Arabia Biomaterials Healthcare Market is expected to witness growth from $2.65 Bn in 2022 to $7.95 Bn in 2030 with a CAGR of 14.70% for the forecasted year 2022-2030. Saudi Arabia's longevity and rise in persistent illnesses are driving up demand for medical implants, including spinal implants, dental implants, and joint replacements. The demand for biomaterials used in medical implants is anticipated to increase as a result of this demand. The market is segmented by type and by application. Some key players in this market include: Alhammad medical, Almarfa Medical, BASF SE, Johnson and Johnson, Medtronic and Evonik Industries.
Saudi Arabia Biomaterials in Healthcare Market Executive Analysis
The Saudi Arabia Biomaterials Healthcare Market size is at around $2.65 Bn in 2022 and is projected to reach $7.95 Bn in 2030, exhibiting a CAGR of 14.70% during the forecast period. The amount spent on health care in Saudi Arabia's 2023 budget will be lower than it was in 2022 by 4.5%. In 2023, heath spending will be 5.5% of GDP. In Saudi Arabia, men can expect to live to an average age of 75.33, while women can expect to live to an average age of 78.56. Out-of-pocket expenses as a share of overall health expenditure in Saudi Arabia were 16.5% in 2020.
Biomaterials are elements that are applied to the body to substitute or improve organs or tissues. They are frequently used in medical applications and can be manufactured of synthetic or natural materials. Implants are made from biomaterials and can be used to replace teeth, bones, joints, and other missing or damaged bodily parts. Medical equipment like pacemakers, catheters, and stents are made with biomaterials. Drug distribution can be carried out using biomaterials. The biomaterial, which is implanted in the body, can contain the medication in an encapsulated form. To make new tissues and organs for transplantation, tissue engineering uses biomaterials. Because biomaterials are biocompatible, the body does not respond negatively to them. They are therefore suitable for use in medicinal settings. Customized biomaterials are available to meet the requirements of each patient. As a result, they can be tailored to fit the body precisely, increasing the likelihood that surgeries will be successful. The ability of biomaterials to promote tissue regeneration can aid in the recovery of damaged tissues and systems. Biomaterials can be utilized for extended periods of time because they outlive natural tissues.
Market Growth Drivers
Saudi Arabia's longevity and rise in persistent illnesses are driving up demand for medical implants, including spinal implants, dental implants, and joint replacements. The demand for biomaterials used in medical implants is anticipated to increase as a result of this demand. People in Saudi Arabia are more ready to spend on healthcare services, including medical implants and devices, as disposable income rises. Because of this, the market has become more hospitable for producers of biomaterials. People in Saudi Arabia are more likely to seek medical interventions to enhance their quality of life as they become more conscious of the value of health and wellbeing. As a result, there is now more demand for medical prostheses and equipment, which is anticipated to fuel the country's biomaterials market's expansion. New biomaterials have been created as a result of developments in material science and technology that are more resilient, biocompatible, and useful in medical uses. This has given manufacturers the chance to create and sell novel biomaterials that can satisfy the demands of the Saudi Arabian healthcare market.
In the Saudi Arabian healthcare industry, conventional implants and devices, such as metal implants and plastic ones, are well-established. To increase their market share, producers of biomaterials must contend with these conventional devices. Biomaterials are more expensive than conventional medical implants and gadgets. Patients who cannot pay the cost of treatment may find this to be a significant barrier, which may restrain the market's expansion. A significant hindrance to the market's expansion may be the dearth of trained healthcare workers who are proficient in the use of biomaterials. As a result, the adoption of biomaterials may be delayed and the total demand for these items may be constrained.
Key Players
2022: The biggest oil producer in the world, Saudi Aramco, disclosed that it had entered into a joint partnership with Zahrawi Medical Supplies to manufacture medical equipment and supplies, including biomaterials. The joint company is anticipated to assist in supplying Saudi Arabia and the larger Middle East region's rising demand for medical equipment and devices.
The key regulatory authority in Saudi Arabia for ensuring the efficacy, safety, and quality of biomaterials is the Saudi Food and Drug Authority (SFDA). The SFDA is in charge of policing the manufacture, distribution, use, and export of medical goods and devices across the nation. In Saudi Arabia, the Medical Devices Interim Regulation (MDIR) regulatory structure was unveiled in 2019. The MDIR aims to guarantee the country's medical goods, including biomaterials, are safe, effective, and of high quality. Prior to marketing or selling medical devices in Saudi Arabia, the law mandates that manufacturers file their goods with the SFDA. A long-term growth strategy called Saudi Vision 2030 was unveiled in 2016. Through a number of reforms and initiatives, the plan seeks to transform the Saudi Arabian economy and culture. Enhancing the standard and accessibility of healthcare services in the nation, including the use of cutting-edge medical technologies like biomaterials, is one of the plan's main goals. Saudi Vision 2030 includes a number of projects under the National Transformation Program (NTP). The NTP encourages the use of cutting-edge biomaterials with the goal of enhancing the effectiveness and standard of healthcare services in Saudi Arabia.
1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country
2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)
3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints
4. Competitive Landscape
4.1 Major Market Share
4.2 Key Company Profile (Check all Companies in the Summary Section)
4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)
5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment
6. Methodology and Scope
By Type (Revenue, USD Billion):
Based on type, the market is segmented into Metallic Biomaterials, Polymeric Biomaterials, Ceramic Biomaterials, and Natural Biomaterials. The Metallic Biomaterials segment accounted for the largest share of the Saudi Arabia market in 2019. The growing geriatric population Saudi Arabialy is expected to drive growth for this segment.
By Application (Revenue, USD Billion):
The cardiovascular, orthopaedic, dental, plastic surgery, wound healing, tissue engineering, ophthalmology, neurological/CNS, and other applications segments are made up of the biomaterials market. The market category for wound healing is anticipated to have the highest CAGR in 2019. The market will increase as a result of factors including expanding healthcare infrastructure, a large population pool, a rising diabetic population, and rising healthcare spending. Surgical Guides
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