Staff Reporter
,
Saudi Arabia
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It is expected to reach $3.1b by 2028.
Saudi Arabia’s medical devices market is now projected to grow at a 6.2% compound annual growth rate from 2023 to 2028, up from 5.4%, reaching $3.1b by 2028, according to BMI.
The revision follows expectations of accelerated economic growth this year and 2025 after a contraction in 2023.
Factors driving this growth include stronger oil production, rate cuts, and increased investments aligned with Vision 2030.
“This will support growth in the medical devices market, driving demand for advanced medical technologies and supporting infrastructure enhancements,” the report said.
Moreover, strategic initiatives such as the “Health Sector Transformation Programme” are expected to sustain market growth by addressing the rising burden of chronic diseases and ensuring continued demand for medical products and services.
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