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Saudi Arabia Medical Equipment Financing Market

Saudi Arabia Medical Equipment Financing Market

Saudi Arabia Medical Equipment Financing Market - By Device Finance Type (New Medical Equipment, Rental Equipment, Refurbished Equipment, Others); By Device (Diagnostic Equipment, Therapeutic Equipment, Patient monitoring Equipment, Others); By End User (Hospitals, Clinics, Diagnostic Centers, Laboratories Research labs, Specialty Centers, Others), Trend Analysis, Competitive Landscape & Forecast, 2019–2029

  • Published Date: January 2023
  • Report ID: BWC23068
  • Available Format: PDF
  • Page: 240

Report Overview

High demand for premium, high-quality, and cutting-edge healthcare facilities across the country owing to growing healthcare industry and improving healthcare infrastructure could boost the growth of Saudi Arabia Medical Equipment Financing Market during the forecast period between 2023 and 2029.

Saudi Arabia Medical Equipment Financing Market Trends & Forecast Report, 2029

Saudi Arabia medical equipment financing market size was estimated at USD 2,737 million in 2022. During the forecast period between 2023 and 2029, Saudi Arabia medical equipment financing market size is expected to grow at a significant CAGR of 13.6% reaching a value of USD 4,747.4 million by 2029. The major factors driving the growth of Saudi Arabia medical equipment financing market are the high cost of healthcare equipment, the increasing demand for medical equipment in developing regions, and the presence of cutting-edge technology in developed regions. The market will grow as a result of accumulating cash reserves as insurance against the worst-case scenarios of reimbursement. Saudi Arabia is one of many developing nations with an increasing number of medical facilities, which is expected to increase market demand for medical equipment. There is a sizable supply and demand gap for medical devices, and this presents a sizable opportunity for various manufacturing devices. When it comes to diagnosing various illnesses and medical conditions, medical equipment can be a lifesaving factor in the treatment of the geriatric population.

Saudi Arabia Medical Equipment Financing Market

Saudi Arabia Medical Equipment Market - Overview

Finance options that can be used to help pay for all of the medical facility's machinery and equipment are referred to as medical equipment financing. One of the most popular ways for large and small medical hospitals and clinics to invest in their businesses is through medical equipment financing. To provide patients with the best medical care, it is essential to make sure that medical professionals have access to the best infrastructure and equipment. These kinds of medical equipment financing services provide the capital required to launch or grow a healthcare enterprise.

Growth Drivers

Growing Popularity of Same-Day Surgery

Future developments in endoscopic and laparoscopic surgical techniques at ambulatory surgery centers (ASCs), which have increased outpatient visits, will contribute to the segmental expansion. Demand will also rise as a result of the accessibility of inexpensive treatment options and the presence of knowledgeable medical personnel at ASCs. ASCs offer same-day surgery options to patients, saving both the patient and the surgeon time. Thus, the aforementioned factors support segmental expansion.

Technology Advancements in Medical Equipment & Devices

The medical equipment sector has experienced rapid expansion in recent years. AI and rapid technology advancements have maximized the potential of the medical sector. This is the main driver of demand for and the attraction of doctors, physicians, and other healthcare professionals to the market for equipment financing. The expensive and highly advanced equipment has forced hospitals and diagnostic centers to choose to finance. Medical finance companies have also offered their clients flexible financing options. Additionally, upgrading the current equipment versions raises the cost to a point where it is ultimately out of reach for doctors in middle- or lower-income countries.

Restraints

Increasing Capital Expenditures

As their economies grow, equipment finance companies face numerous challenges. Even though banks now have more resources and are looking for opportunities in the medical equipment sector, most businesses have become more conservative in their capital expenditures. Businesses, such as hospitals, clinics, and diagnostic centers, are more likely to invest in maintaining existing equipment rather than purchasing new ones. It has caused the medical equipment financing market growth index to fall in recent years. Rising equipment costs, such as those for X-ray machines, MRI scans, CT scans, and other services, force end users to reconsider capital investments. The aforementioned factors are expected to harm the market during the forecast period.

Impact of COVID-19 on Saudi Arabia Medical Equipment Financing Market

The COVID-19 pandemic spurred the demand for medical equipment financing and had a positive impact on the market expansion. Increasing COVID-19 cases during the pandemic contributed to an increase in demand for diagnostic equipment, therapeutic equipment, and patient monitoring systems, among other things. Many healthcare facilities that were unable to purchase medical equipment such as oxygen concentrators, ventilators, and hospital beds through internal accruals immediately shifted to medical equipment financing options. This trend influenced market growth positively.

Saudi Arabia Medical Equipment Financing Market

Segmental Coverage

Saudi Arabia Medical Equipment Financing Market - By Device Finance Type

Saudi Arabia medical equipment financing market is divided into New Medical Equipment, Rental Equipment, Refurbished Equipment, and other segments. Medical equipment that have been reconditioned or restored to usable condition without altering its primary function or original specifications are referred to as refurbished equipment. Only after thorough maintenance, disinfection, and the replacement of any worn or damaged parts is this equipment used. Due to financial constraints, the demand for refurbished medical equipment is particularly high in developing economies. New medical equipment costs between 30% and 50% more than refurbished equipment.

Saudi Arabia Medical Equipment Financing Market - By Device

On basis of the device, Saudi Arabia medical equipment financing market is divided into Diagnostic Equipment, Therapeutic Equipment, Patient Monitoring Equipment, and other segments. In terms of value and market share, the diagnostic equipment segment dominated the Saudi Arabia market. Because of the rising prevalence of infectious diseases and technological advancements, funding for diagnostic equipment is increasing. To provide advanced medical care to patients, end-users tend to invest in advanced diagnostic and therapeutic equipment such as dialysis machines, ventilators, and ICU equipment.

Saudi Arabia Medical Equipment Financing Market Size

Saudi Arabia Medical Equipment Financing Market– By End User

On basis of the end user, Saudi Arabia medical equipment financing market is divided into Hospitals, Clinics, Diagnostic Centers, Laboratories Research labs, Specialty Centers, and other segments. The hospital segment currently holds the leadership position in the market. The population at hospitals and clinics is one factor that contributes to this dominance. Due to the presence of an established medical infrastructure and increased patient preference, the hospital sector is experiencing significant growth. Due to infectious diseases, such as COVID-19, respiratory illnesses, and cardiology disorders, that are facilitating the need for therapeutic equipment, the newly introduced medical systems are adopted and installed by hospitals and clinics in a short period, creating a variety of opportunities for finance companies.

Competitive Landscape

Major companies in Saudi Arabia medical equipment financing 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, Roche Diagnostics. The key strategies used by these market leaders are new product launches, mergers & acquisitions, and alliances. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Scope of the Report

Attributes

Details

Years Considered

Historical Data – 2019–2022

Base Year – 2022

Estimated Year – 2023

Forecast Period – 2023–2029

Facts Covered

Revenue in USD Million

Market Coverage

Saudi Arabia

Product/ Service Segmentation

Device Finance Type, Device, End User

Key Players

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, Roche Diagnostics.

 

By Device Finance Type

  • New Medical Equipment

  • Rental Equipment

  • Refurbished Equipment

  • Others

By Device

  • Diagnostic Equipment

  • Therapeutic Equipment

  • Patient monitoring Equipment

  • Others

By End User

  • Hospitals

  • Clinics

  • Diagnostic Centers

  • Laboratories Research labs

  • Specialty Centers

  • Others

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Executive Summary
  3. Saudi Arabia Medical Equipment Financing Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
        1. Increase in Trade war and Healthcare Needs
        2. Increasing Demand for Medical Equipment
      2. Restraints
        1. Lack of Awareness Among people
      3. Opportunities
        1. Increase in Technological Advancement
      4. Challenges
        1. Risk of Obsolescence of Medical equipment
    3. Technology Advancements/Recent Developments
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  4. Saudi Arabia Medical Equipment Financing Market Overview
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Device Finance Type
        1. New Medical Equipment
        2. Rental Equipment
        3. Refurbished Equipment
        4. Others
      2. By Device
        1. Diagnostic Equipment
        2. Therapeutic Equipment
        3. Patient monitoring Equipment
        4. Others
      3. By End User
        1. Hospitals
        2. Clinics
        3. Diagnostic Centers
        4. Laboratories Research labs
        5. Specialty Centers
        6. Others.
  5. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Saudi Arabia Medical Equipment Financing Company Market Share Analysis, 2022
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
  6. Impact of Covid-19 on Saudi Arabia Medical Equipment Financing Market
  7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
    1. GE Healthcare,
    2. Mindray
    3. Siemens Ltd.,
    4. Philips Healthcare
    5.  Hitachi Medical Systems
    6. Shimadzu
    7.  Hologic, Inc.
    8. Fujifilm
    9.  Medtronic Saudi Arabia Co.
    10. Johnson & Johnson Medical
    11. Abbott Becton
    12. Dickinson and Company
    13. Baxter Company Limited
    14. Canon Medical
    15. Roche Diagnostics
    16. Other Prominent Players
  8. Key Strategic Recommendations
  9. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3.  Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
    4.  Breakdown of Primary Research Respondents, By Region
    5.  Assumptions & Limitations

 

*Financial information in case of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

 

List Of Figures

Figure 1       Saudi Arabia Medical Equipment Financing Segmentation

Figure 2       Saudi Arabia Medical Equipment Financing Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       Saudi Arabia Medical Equipment Financing Market Share, By Value (USD Million), 2019–2029

Figure 5       Saudi Arabia Medical Equipment Financing Market Share, By Device Financing Type, By Value, 2019–2029

Figure 6       Saudi Arabia Medical Equipment Financing Market Share, By Device, By Value, 2019–2029

Figure 7       Saudi Arabia Medical Equipment Financing Market Share, By End User, By Value, 2019–2029

 

List of Tables

Table 1 Saudi Arabia Medical Equipment Financing Market Size, By Value (USD Million), 2019–2029

Table 2 Saudi Arabia Medical Equipment Financing Market Size, By Device Financing Type, By Value, 2019–2029

Table 3 Saudi Arabia Medical Equipment Financing Market Size, By Device, By Value, 2019–2029

Table 4 Saudi Arabia Medical Equipment Financing Market Size, By End User, By Value, 2019–2029

Table 5 GE Healthcare, Company Overview

Table 6 GE Healthcare, Financial Overview

Table 7 Mindray Company Overview

Table 8 Mindray Financial Overview

Table 9 Siemens Ltd., Company Overview

Table 10      Siemens Ltd., Financial Overview

Table 11      Philips Healthcare Company Overview

Table 12      Philips Healthcare Financial Overview

Table 13      Hitachi Medical Systems Company Overview

Table 14      Hitachi Medical Systems Financial Overview

Table 15      Shimadzu Company Overview

Table 16      Shimadzu Financial Overview

Table 17      Hologic, Inc. Company Overview

Table 18      Hologic, Inc. Financial Overview

Table 19      Fujifilm Company Overview

Table 20      Fujifilm Financial Overview

Table 21      Medtronic Saudi Arabia Co. Company Overview

Table 22      Medtronic Saudi Arabia Co. Financial Overview

Table 23      Johnson & Johnson Medical Company Overview

Table 24      Johnson & Johnson Medical Financial Overview

Table 25      Abbott Becton Company Overview

Table 26      Abbott Becton Financial Overview

Table 27      Dickinson and Company Overview

Table 28      Dickinson and Company Financial Overview

Table 29      Baxter Company Limited Company Overview

Table 30      Baxter Company Limited Financial Overview

Table 31      Canon Medical Company Overview

Table 32      Canon Medical Financial Overview

Table 33      Roche Diagnostics Company Overview

Table 34      Roche Diagnostics Financial Overview

Market Segmentation

By Device Finance Type

  • New Medical Equipment

  • Rental Equipment

  • Refurbished Equipment

  • Others

By Device

  • Diagnostic Equipment

  • Therapeutic Equipment

  • Patient monitoring Equipment

  • Others

By End User

  • Hospitals

  • Clinics

  • Diagnostic Centers

  • Laboratories Research labs

  • Specialty Centers

  • Others

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