Saudi Arabia Medical Equipment Financing Market
Saudi Arabia Medical Equipment Financing Market Expands to Touch USD 4.7 Billion by 2029
Published | 25 January 2023
Saudi Arabia medical equipment financing market size is flourishing owing to growing trend toward the establishment of more diagnostic centers as a result of the rising prevalence of infectious diseases and advancements in diagnostic technology, increasing funding for diagnostic equipment, and a spurring demand for technologically advanced medical care.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Saudi Arabia medical equipment financing market size at USD 2,737.00 million in 2022. During the forecast period between 2023 and 2029, BlueWeave Saudi Arabia medical equipment financing market size is to grow at a significant CAGR of 13.6% reaching a value of USD 4,747.40 million by 2029. The high cost of healthcare equipment, spurring demand for medical equipment in developing regions, and the presence of innovative technology in developed regions are the major factors driving the market growth. Saudi Arabia medical equipment financing market will expand as a result of cash reserves amassed as insurance against worst-case reimbursement scenarios. Saudi Arabia is one of many developing countries with an increasing number of medical facilities, which will increase market demand for medical equipment. There is a significant supply and demand gap for medical devices, presenting a significant opportunity for various manufacturing devices. Medical equipment can be a lifesaving factor in the treatment of the geriatric population when it comes to diagnosing various illnesses and medical conditions.
Saudi Arabia Medical Equipment Financing Market – Overview
Medical equipment financing is a term used to describe financial options that can be used to help pay for all of the machinery and equipment in the medical facility. Medical equipment financing is one of the most common methods used by both big and small hospitals and clinics to make investments in their operations. It is crucial to ensure that medical staff has access to the best facilities and tools to give patients the best care possible. These medical equipment financing options offer the funding necessary to start or expand a healthcare business.
Increasing Acceptance of Same-Day Surgery
The expansion of Saudi Arabia medical equipment financing market will be aided by upcoming improvements in endoscopic and laparoscopic surgical procedures at ambulatory surgery centers (ASCs), which have seen an increase in outpatient visits. The availability of affordable treatment options and the presence of skilled medical staff at ASCs will both increase demand. To save both the patient and the surgeon time, ASCs provide patients with the option of same-day surgery. As a result, the aforementioned elements encourage segmental expansion.
Increasing capital expenditures
Equipment finance companies face numerous challenges as their economies grow. Even though banks now have more resources and are looking for opportunities in the medical equipment sector, most businesses have become more cautious about capital expenditures. Hospitals, clinics, and diagnostic centers, for example, are more likely to invest in maintaining existing equipment rather than purchasing new ones. As a result, the medical equipment financing market growth index has declined in recent years. Rising equipment costs for X-ray machines, MRI scans, CT scans, and other services force end users to reconsider capital investments. During the forecast period, these factors are expected to affect the market growth.
Impact of COVID-19 on Saudi Arabia Medical Equipment Financing Market
Financial support for medical equipment has benefited from the COVID-19 pandemic, which had a positive effect on market growth. Increasing COVID-19 cases during the pandemic increased demand for patient monitoring systems, diagnostic equipment, and therapeutic equipment, among other things. Many healthcare facilities immediately turned to medical equipment financing options when they could not afford to buy items, such as oxygen concentrators, ventilators, and hospital beds through internal accruals. It has had a favorable impact on the market expansion.
Saudi Arabia Medical Equipment Financing Market – By End User
Saudi Arabia medical equipment financing market by end user is classified as Hospitals, Clinics, Diagnostic Centers, Laboratories Research Labs, Specialty Centers, and other segments. The hospital segment currently dominates the market. One factor contributing to this dominance is the population at hospitals and clinics. Hospital sector is expanding rapidly due to the presence of an established medical infrastructure and increased patient preference. Because infectious diseases such as COVID-19, respiratory illnesses, cardiology disorders, and others are increasing the demand for therapeutic equipment, newly introduced medical systems are quickly adopted and installed by hospitals and clinics, opening up a wide range of opportunities for finance companies.
Saudi Arabia medical equipment financing market is fiercely competitive. Prominent players in the market include GE Healthcare, Mindray, Siemens Ltd., Philips Healthcare, Hitachi Medical Systems, Shimadzu, Hologic, Inc., Fujifilm, Medtronic Saudi Arabia Co., Johnson & Johnson, Medical, Abbott Becton, Dickinson and Company, Baxter Company Limited, Canon Medical, and Roche Diagnostics. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Saudi Arabia medical equipment financing market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Saudi Arabia Medical Equipment Financing Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Saudi Arabia Medical Equipment Financing Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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