Saudi Arabia Diagnostic Imaging Market to Grow at 9.2% during Forecast Period
Published | 06 July 2022
Saudi Arabia Diagnostic Imaging Market is gaining significant traction owing to the increasing use of precise diagnostic methods and expanding healthcare industry along with the introduction to advanced technology in diagnosis system…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Saudi Arabia Diagnostic Imaging Market is projected to grow at a CAGR of 9.2% through 2028. The country’s Diagnostic Imaging Market is booming because of the growing number of multi-specialty hospitals and diagnostic centers. Also, the Saudi government has launched supportive government policies, such as the Health Care Sector Transformation Program, to help the country's pharmaceutical and healthcare industries. Moreover, diagnostic imaging plays an important role in the field of diagnostic imaging. Long-term health issues necessitate an effective treatment plan, which necessitates an efficient analysis. Furthermore, Saudi Arabia Diagnostic Imaging 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 diagnostic imaging systems and instruments is limiting market growth. Also, the technological constraints associated to diagnosis imaging, in turn, may act as a huge restraining factor for the market growth.
Introduction of Cutting-Edge Technology
The demand for diagnostic imaging equipment is expected to be influenced by factors such the rising need for early and affordable diagnosis of chronic diseases and the nation's ageing population. The development of Saudi Arabia's healthcare industry and the introduction of cutting-edge technology are two major factors propelling market expansion. In Saudi Arabia, expanding multi-specialty hospitals and diagnostic facilities are also anticipated to contribute to the market's expansion over the coming years. Additionally, an increase in the use of precise diagnostic methods, such as genetic tests, neonatal screening tests, and esoteric diagnostics, is anticipated in the years to come. This results in offering lucrative opportunities for the Saudi Arabia Diagnostic Imaging Market during the forecast period (2022-2028).
Diagnosis Imaging Equipment Powered by AI to Drive Product Demand
One of the key factors driving the market's growth is the introduction of technologically enhanced imaging equipment. One of the key factors projected to significantly contribute to the rising product demand during the projection period is the growing adoption of AI-enabled diagnostic equipment for speedy diagnosis and predictive analysis in developed nations. Additionally, technologists and radiologists use (Artificial Intelligence) AI as an optimizing tool to select a personalized patient's protocol, track the patient's dosage parameters, and assess the radiation risks. Moreover, people are now adopting the use of cutting-edge diagnostic imaging procedures, such as X-ray imaging, ultrasound, MRI, and nuclear imaging, to detect diseases such as cancer at an early stage, which will have a positive impact on the market's overall growth.
Sample Report @ https://www.blueweaveconsulting.com/report/saudi-arabia-diagnostic-imaging-market/report-sample
Challenges: Product Recalls Will Slow Market Growth
Frequent product recalls in imaging equipment are expected to be one of the major factors impeding market growth during the forecast period. This, in conjunction with the presence of a large and regulated refurbished equipment market, particularly in emerging regions and lucrative markets, has limited the adoption of new and innovative equipment. Furthermore, a number of established players have entered this market, offering low-cost and refurbished equipment to healthcare facilities. The overall cost of these refurbished devices is higher for small and medium-sized healthcare facilities, resulting in lower adoption of new systems. All these factors hinder the growth of the Saudi Arabia Diagnostic Imaging Market.
Segmental Coverage
Based on technology, the Saudi Arabia Diagnostic Imaging Market is divided into X-ray Imaging Systems (Digital and Analog), Computed Tomography (CT) (Scanners, Conventional CT systems, Cone Beam CT Systems), Ultrasound Systems, (2D Ultrasound, 3D and 4D Ultrasound, Doppler Ultrasound), Nuclear Imaging Systems, Magnetic Resonance Imaging (MRI) Systems (Closed MRI, Open MRI), Hybrid PET Systems, SPECT Systems (Standalone SPECT Systems, Hybrid SPECT Systems), and Others. Among these, the X-ray Imaging Systems comprising Digital holds largest share in the Saudi Arabia Diagnostic Imaging Market. This is due to an increase in the number of injuries and accidents, as well as an increase in the elderly population, among other factors, which are driving up the demand for digital X-Ray imaging systems. The rising demand for portable X-Ray equipment is also expected to fuel market growth in the coming years.
Moreover, due to the widespread use of CT scanners in the diagnosis of various cardiac conditions, Computed Tomography (CT) comprising Scanners is expected to dominate the market. Furthermore, the use of CT scanners in the treatment of a variety of neurological illnesses is rapidly increasing, particularly in patients who do not have access to MRI. All these factors boost the growth of the Saudi Arabia Diagnostic Imaging Market during the forecast period (2022-2028).
Impact of COVID-19 on Saudi Arabia Diagnostic Imaging Market
Because most hospitals were closed due to COVID-19, as well as ongoing lockdowns in many countries, the COVID-19 epidemic hampered the growth of the medical/diagnostic imaging market. The main factor impeding market growth is the significant decrease in patient visits to hospitals during the pandemic. Furthermore, the spread of COVID-19 caused significant public health issues. A large number of clinics and hospitals across the country were restructured in order to increase hospital capacity and provide better care. Furthermore, during the COVID-19 epidemic, elective imaging services and ambulatory imaging temporarily decreased. Furthermore, various hospital and radiology department regulations concerning technician availability, PPE availability, and COVID-19 testing have been modified.
Competitive Landscape
The leading market players in the Saudi Arabia Diagnostic Imaging Market are Medtronic Saudi Arabia Co., Johnson & Johnson Medical Saudi Arabia Limited, GE Healthcare, Koninklijke Philips N.V., Abbott Saudi Arabia Trading LLC, Becton, Dickinson and Company Saudi Arabia, Esaote SpA, Hitachi Medical Corporation, Siemens Saudi Arabia, Shimadzu Middle East & Africa FZE, Fujifilm-Middle East, Baxter Company Limited, Canon Medical Middle East, and other prominent players. The Saudi Arabia Diagnostic Imaging 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 Diagnostic Imaging Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Saudi Arabia Diagnostic Imaging 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.
About Us
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
Contact Us:
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662