Saudi Arabia Coronary Stents Market Analysis

Saudi Arabia Coronary Stents Market Analysis


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Saudi Arabia's Coronary Stents Market is expected to witness growth from $192 Mn in 2022 to $312 Mn in 2030 with a CAGR of 6.25% for the forecasted year 2022-30. In Saudi Arabia, people are becoming more aware of cardiovascular health and are acting more proactively to seek treatment for heart disease. This is increasing demand for coronary stents as patients and medical professionals look for efficient CAD treatments. The market is segmented by type, mode of delivery, materials, and end user. Some key players in this market include Al Madar Medical, Aljeel Medical, Alhammad Medical, B. Braun, Abbott Laboratories, Biotronik, Medtronic, GE Healthcare, Boston Scientific, Transmedia Healthcare, and Philips Healthcare.

ID: IN10SAMD006 CATEGORY: Medical Devices GEOGRAPHY: Saudi Arabia AUTHOR: Jigyasu Bhandari

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Saudi Arabia Coronary Stents Healthcare Market Executive Analysis

Saudi Arabia's Coronary Stents Market is expected to witness growth from $192 Mn in 2022 to $312 Mn in 2030 with a CAGR of 6.25% for the forecasted year 2022-30. The budget for Saudi Arabia in 2023 would spend 4.5% less on healthcare than it did in 2022. Health spending will account for 5.5% of GDP in 2023. Men can anticipate living to an average age of 75.33 in Saudi Arabia, while women can anticipate living to an average age of 78.56. In 2022, out-of-pocket costs as a percentage of total health spending in Saudi Arabia were 16.93%.

In Saudi Arabia, coronary stents are frequently used to treat coronary artery disease, especially when dietary changes and drug therapy are insufficient to manage symptoms or avert consequences. Coronary stents are little tubes with a mesh-like surface that are inserted into blocked or restricted coronary arteries to increase blood flow to the heart muscle. By widening or unblocking restricted or obstructed coronary arteries, coronary stents are primarily used to increase blood flow to the heart muscle. This can lessen chest pain, stop heart attacks, and enhance heart health in general. The various types of coronary stents include drug-eluting stents, which release medication to aid in preventing blockages from recurring. As a result, Saudi Arabian healthcare professionals can customise a patient's care to meet their unique needs and risk factors.

Saudi Arabia Coronary Stents Market Analysis

Market Dynamics

Market Growth Drivers

In Saudi Arabia, people are becoming more aware of cardiovascular health and are acting more proactively to seek treatment for heart disease. This is increasing demand for coronary stents as patients and medical professionals look for efficient CAD treatments. To improve access to medical services and healthcare quality, the Saudi Arabian government has been spending more money on healthcare. This includes spending on medical technology, infrastructure, and tools like coronary stents. Due to factors like a sedentary lifestyle, poor diets, and an ageing population, the prevalence of CAD in Saudi Arabia is significant and is predicted to rise. The need for coronary stents is projected to grow as more people are given CAD diagnoses.

Market Restraints

Price sensitivity is common in Saudi Arabia, and individuals and healthcare professionals frequently opt for less expensive options. Due to this, it may be challenging for manufacturers to market costly coronary stents, especially if they do not clearly outperform less expensive alternatives. It may be difficult for manufacturers to properly advertise their products in Saudi Arabia due to the country's restrictive reimbursement regulations for coronary stents. Higher-priced coronary stents may become less popular as a result of this. Market share is very competitive on the Saudi Arabian coronary stents market, where a number of top firms and regional producers compete. It may be difficult for new competitors to gain traction in the market as a result.

Competitive Landscape

Key Players

  • Al Madar Medical (SA)
  • Aljeel Medical (SA)
  • Alhammad medical (SA)
  • Biotronik
  • Boston Scientific
  • B. Braun
  • Abbott Laboratories
  • GE Healthcare
  • Medtronic
  • Philipps Healthcare

Healthcare Policies and Regulatory Landscape

The Saudi Food and Drug Authority (SFDA), which is in charge of overseeing medical devices in the nation, controls the coronary stent market there. The SFDA is an independent regulatory organisation that reports to the Ministry of Health and is in charge of guaranteeing the efficacy and safety of medical devices sold on the market in order to protect the public's health. The Saudi Vision 2030, which places a focus on lowering the prevalence of non-communicable diseases including coronary artery disease, is one policy and programme the government has put into place to boost public health. The government has also put in place a nationwide cardiovascular screening programme, which is intended to find patients who have risk factors for heart disease and offer early intervention.

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

Coronary Stents Market Segmentation

By Type (Revenue, USD Billion):

The three main categories of coronary stents are bare-metal, drug-eluting, and bioabsorbable, depending on their nature. The segment for bioabsorbable stents is anticipated to increase at the fastest rate over the forecast period. The benefits that are encouraging the use of bioabsorbable stents include a decrease in problems including thrombosis and inflammation, the cSaudi Arabiaity to restore normal vasomotion, and an improvement in aberrant endothelial function. However, in the upcoming years, the expansion of this market segment is anticipated to be constrained by the high cost of bioabsorbable stents.

  • Bare-metal Stents
  • Drug-eluting Stents
  • Bioabsorbable Stents

By Mode of Delivery (Revenue, USD Billion):

The market is divided into self-expanding and balloon-expandable stents according to delivery method. Because of the high use of these stents, rising research initiatives to advance the technology, and rising regulatory approvals for balloon-expandable stents, the balloon expandable stents segment is anticipated to increase at the greatest CAGR over the projection period.

  • Balloon-expandable Stents
  • Self-expanding Stents

By Materials (Revenue, USD Billion):

The coronary stent market is divided into metallic (cobalt chromium, platinum chromium, nickel-titanium, and stainless steel) and other stents according to the material. The market for other stents is anticipated to experience the largest CAGR growth during the projection period. The rapid expansion of this market can be ascribed to the increased use of polymers and copolymers in the production of bioabsorbable stents.

  • Metallic Stents
  • Cobalt-Chromium
  • Platinum Chromium
  • Nickel Titanium
  • Stainless Steel
  • Other Stents

By End User (Revenue, USD Billion):

The coronary stent market is divided into hospitals, cardiac centres, and ambulatory surgical centres based on the end user. According to predictions, the hospital sector will control the market in 2016. This is primarily caused by hospitals using a lot of coronary stents.

  • Hospitals
  • Cardiac Centers
  • Ambulatory Surgical Centers

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

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Last updated on: 12 October 2023
Updated by: Shivam Zalke

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