Saudi Arabia Ultrasound System Market to Grow at more than 6.2 Percent
Published | 27 July 2022
Saudi Arabia Ultrasound System Market is flourishing owing to the availability of medical reimbursements for diagnostic ultrasound procedures in developed regions, ongoing technological advancements in the field of diagnostic and therapeutic ultrasound imaging, and the expanding use of emerging ultrasound techniques…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Saudi Arabia Ultrasound System Market is forecast to grow at a CAGR of 6.2% during 2022 - 2028. The Saudi Arabia Ultrasound System Market is booming because of the rise in prevalence of chronic disorders such as cancer tumors, gallstones, and fatty liver disease, among others, as is high spending in the healthcare industry. Moreover, rising awareness about early disease detection and technological advancements in ultrasound imaging devices are expected to drive market demand during the forecast period. Furthermore, Saudi Arabia Ultrasound System Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. However, the high cost of ultrasound devices, on the other hand, is expected to limit their use and slow the growth of the ultrasound imaging devices market during the forecast period.
Expanding Ultrasound Applications
Additionally, over the past ten years, applications of this technology have grown to include clinical areas like surgery, gastroenterology, and musculoskeletal. These uses were formerly restricted to obstetrics, cardiology, obesity, and radiography. The use of these systems in primary care, anesthesia, emergency medicine, and critical care applications has therefore increased as a result of recent innovations and the launch of numerous products in the point-of-care (POC) sector and handheld devices. This is anticipated to support market expansion over the anticipated time frame. As a result, the Saudi Arabia Ultrasound Systems Market is predicted to develop at a significant rate during the forecast period (2022-2028).
Increasing Number of the Target Diseases
The employment of effective diagnostic and therapeutic procedures is anticipated to be encouraged by the prevalence of the target diseases and disorders. Chronic and preventable diseases are becoming more important than ever. Additionally, because they are more accessible, safe, and capable of early diagnosis and treatment of specific ailments, ultrasound technologies are expected to see an increase in demand in the sickness management sector throughout the forecast period. The rising incidence of chronic diseases has also increased the demand for healthcare services, leading to an increase in operations, hospital admissions, and patient visits. Additionally, the elderly population is expanding across the country, and they are more prone to have chronic conditions. As a result, ultrasonography is in noticeably greater demand.
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Challenge: End-user preference for refurbished equipment is growing.
The preference for refurbished ultrasound equipment has grown as a result of the high prices of novel ultrasound technologies such as focused ultrasound. Also, due to the budgetary constraints faced by small-sized healthcare providers. In Saudi Arabia, for example, a typical 3D/4D ultrasound system costs USD 20,000-75,000, while a refurbished 3D/4D ultrasound system costs USD 5,000-40,000. As a result, the growing preference for refurbished systems is expected to pose a significant challenge to market growth.
Segmental Coverage
Saudi Arabia Ultrasound System Market - By Application
Based on application, the Saudi Arabia Ultrasound System Market is segmented into Radiology Applications, Obstetrics Applications, Urology Applications, Cardiology Applications, Vascular Applications, Orthopaedic and Musculoskeletal Applications. During the forecast period, the radiology applications segment is expected to dominate the Saudi Arabia Ultrasound System Market. Driving factors are such as rising cancer incidence in major countries, technological advancements in the field of ultrasound-based diagnosis and treatment, increasing market availability, and physician preference for HIFU in cancer treatment. Also, increasing usage of ultrasound in cancer diagnosis and tissue biopsy, and rising adoption of focused ultrasound in disease therapies are propelling the radiology applications segment forward. All these factors boost the growth of the Saudi Arabia Ultrasound System Market during the forecast period (2022-2028).
Impact of COVID-19 on Saudi Arabia Ultrasound System Market
The effects of the COVID-19 pandemic and the lockdowns it caused can be seen in a variety of industries, including the ultrasonography industry. Over the last year, the overall growth of numerous sectors has been significantly impacted. The healthcare, biotechnology, and pharmaceutical industries are focusing on streamlining their operations to serve the greatest number of patients and healthcare professionals possible, whereas industries such as oil and petroleum, aviation, and mining are experiencing significant revenue declines. Furthermore, the pandemic has harmed the ultrasound system market. This market's expansion is being hampered by unfavorable changes in legislation and guidelines. The contraction of the ultrasound market as a whole was hampered by the closure of manufacturing facilities as a result of lockdowns, disruptions in supply chains, and challenges in recruiting participants for clinical research.
Competitive Landscape
The leading market players in the Saudi Arabia Ultrasound System Market are GE Healthcare, Bioventus, Mindray Saudi Arabia, Siemens Ltd Saudi Arabia, Philips Healthcare Saudi Arabia, Hitachi Medical Systems Saudi Arabia, Gulf Medical Co Ltd, Shimadzu Middle East & Africa FZE, Fujifilm-Middle East, and other prominent players. The Saudi Arabia Ultrasound System Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Saudi Arabia Ultrasound System Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Saudi Arabia Ultrasound System 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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