Report Overview

Saudi Arabia Health Sensors Market - Industry Trends & Forecast Report, 2029

Saudi Arabia health sensors market size was estimated at USD 32.8 million in 2022. During the forecast period between 2023 and 2029, the size of Saudi Arabia health sensors market is projected to grow at CAGR of 15.8% reaching a value of USD 91.59 million by 2029. Major growth drivers for Saudi Arabia health sensors market include rising technological advancements, growing demands for round-the-clock monitoring, surging demand for health data tracking, and soaring chronic illness incidence. Remote patient monitoring has arisen as a new revenue stream for healthcare providers and vendors of digital health solutions. Also, the Saudi government's healthcare digitalization agenda completely matches the advances in this field. However, healthcare institutions have already included this into their capabilities. Likewise, remote patient monitoring is also viewed as a panacea for the expanding supply and demand imbalances in Saudi Arabia's healthcare industry, despite the fact that the country is one of the largest in the Middle East in terms of both population and GDP.

The fast rise in diabetes and hypertension patients in Saudi Arabia has raised demand for hospital beds. The country had 2.2 beds per 1,000 citizens in 2020, compared to the required 2.7. As a result, the government has already connected this strategic strategy with the Saudi Vision 2030 to improve the healthcare sector in the country. Authorities have already committed USD66 billion to updating healthcare infrastructure, with healthcare digitalization services accounting for around 17% of the total corpus throughout 2022-30. The Saudi government is already developing a five-year Digital Health plan with IBM and other stakeholders.

People’s increasing interest in recording and tracking information about their health habits is expected to drive industry growth, as the personal informatics movement gained traction initially through the introduction of mobile apps that made it easier for people to keep track of miles run and calories consumed per day, among other things.

Many firms have developed products that include accelerometers and sensors to automatically record data, freeing consumers from having to fill out information on their own. More firms are releasing health sensor gadgets that can detect blood oxygen and respiration levels, heart and pulse rate, heat flux, galvanic skin responses, and skin temperature, among other things. As a result, interest in collecting health data has grown. Hence, such factors are expected to boost the expansion of Saudi Arabia health sensors market during period in analysis.

Saudi Arabia Health Sensors Market

Growth Drivers

Increasing Demand for Wearable Health Tracking Devices

During the forecast period, the Saudi Arabia health sensor market will increase due to rising need for a better healthcare system in the country. Furthermore, the general public is becoming more aware of medical equipment and wearable technologies. With increased use of wearable medical devices for various aspects such as monitoring health conditions and vitals, tracking prescriptions, following the recovery of post-op patients, and tracking sleep, Saudi Arabia health sensors market is predicted to expand in the next five years. Also, Saudi Arabia has one of the most well-established and free healthcare systems in the world. Insurances provided by private and governmental organizations assist patients who require expensive wearable medical equipment, hence encouraging the growth of the Saudi Arabia wearable medical devices market in the predicted years, till 2026. The public funds around 75% of free healthcare services, with the remaining 25% coming from patient out-of-pocket expenses. The government of the country constantly funds the healthcare business through its annual budgets, and royal investments from the royal family are provided through special health program and healthcare initiatives.

Restraints

High Cost of Sensors

Technology advancements have contributed to the creation of highly specialized equipment used in medical sensing, resulting in a price increase for these tests. According to the NIH, a hospital charges USD 4.19 per test for bedside glucose testing, but a clinical laboratory charge USD 3.84 per test. A blood glucose meter, on the other hand, costs between USD 8.9 and USD 1,150. This meter necessitates the purchase of test strips that can be used twelve times each day. Sensors such as cholesterol and other medical sensing tests, on the other hand, necessitate the purchase of these strips. As a result, the high cost of medical sensors may limit market growth throughout the projection period.

Impact of COVID-19 on Saudi Arabia Health Sensors Market

COVID-19 had a positive impact on the health sensors market. This is due to factors such as high product demand to remotely monitor the health status of coronavirus-infected patients or self-quarantined individuals receiving treatment in a personal room, to decrease the transmission rate of COVID-19 infectious among caretakers, surgeons, patients with other diseases, and hospital management personnel as wearable technology allows carers and surgeons to check patients in real-time, and others. The coronavirus has also necessitated a thorough rethinking of clinical trial design. One area with tremendous potential is the use of wearables in decentralized clinical trials (DCTs). Also, Furthermore, the pandemic has increased product demand in Saudi Arabia. In the current era of Artificial Intelligence (AI), new and improved technologies can play an important part in assisting the world in combating the pandemic. The health sensors may capture a wide range of data, including blood pressure, ECG, body temperature, blood oxygen saturation levels, heart rate, and so on, and so aid in the prevention of the coronavirus's spread. With this technology, the healthcare system allows surgeons to remotely monitor infected or suspected patients, assess health risks, and forecast future circumstances.

Saudi Arabia Health Sensors Market

Segmental Coverage

Saudi Arabia Health Sensors Market – By Product

By product, Saudi Arabia health sensors market is bifurcated into Hand-held Diagnostic Sensors, Wearable Sensors, and Implantable/Ingestible Sensors. The wearable sensor segment held the highest market share in 2022 due to its numerous advantages. Rising R&D spending and commercial alliances will drive market expansion. The shrinking of physiological sensors, increasing expansion towards better working smart gadgets, improvements in battery sizes, and rising demand for continuous monitoring in healthcare services are the key drivers of the lucrative growth of the wearable health sensors market. Wearable sensors allow devices to monitor patients' physiological and movement activity. These sensors can be worn directly on the body or hidden within clothing, footwear, bracelets, and headbands. The wearable sensors include disposable wearable sensors, non-disposable wearable sensors, wellness monitoring, chronic illness & at risk-monitoring, and patient admission triage.

Saudi Arabia Health Sensors Market – By Application

Based on application, Saudi Arabia health sensors market is divided into Chronic Illness & At Risk-Monitoring, Wellness Monitoring, Patient Admission Triage, and Logistical Tracking. The chronic illness and at-risk monitoring segment had the highest market revenue share. Continuous Glucose Monitors (CGM) are also used to track the progress of chronic disorders like diabetes. An electrochemical sensor is attached to the user's watch/smartphone and placed on the body. Real-time data is communicated from these sensors to the connected device in order to analyze patients' glucose levels and alert them to take the necessary steps to maintain their average glucose levels. This device is used to customize a diabetic treatment regimen for newly diagnosed individuals. As a result of increased awareness of the benefits of health sensors, as well as the availability of supportive reimbursement schemes, demand for these devices is likely to rise.

Competitive Landscape

Major players operating in Saudi Arabia health sensors market include Abbott Laboratories, Roche, Analog Devices Inc., Avago Technologies Ltd., Danaher Corp., GE Healthcare, Honeywell International Inc., Medtronic Plc., Smith’s Medical Inc., and Stryker Corp. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Product

• Hand-held Diagnostic Sensors

• Wearable Sensors

• Implantable/Ingestible Sensors

By Application

• Chronic Illness & At Risk-Monitoring

• Wellness Monitoring

• Patient Admission Triage

• Logistical Tracking

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Saudi Arabia Health Sensors Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Rising adoption of sensors in portable and connected medical devices
         2. Increasing demand of tracking health data
      2. Restraints
         1. Data security & privacy issues
         2. Lack of reimbursement policies available
      3. Opportunities
         1. Increasing penetration of AR and VR in Healthcare
      4. Challenges
         1. Low penetration of medical devices in emerging countries
   3. Technology Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. 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 Health Sensors Market Overview
   1. Market Size & Forecast, by Value, 2019–2029
      1. 1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product
         1. Handheld Diagnostic Sensors
            1. Chronic Illness & At Risk-Monitoring
            2. Patient Admission Triage
            3. Logistical Tracking
            4. Others
         2. Wearable Sensors
            1. Disposable Wearable Sensors
            2. Non-Disposable Wearable Sensors
               1. Wellness Monitoring
               2. Chronic Illness & At Risk-Monitoring
               3. Patient Admission Triage
               4. Others
         3. Implantable/Ingestible Sensors
            1. Wellness Monitoring
            2. Chronic Illness & At Risk-Monitoring
            3. Patient Admission Triage
            4. Others
      2. By Application
         1. Chronic Illness & At Risk-Monitoring
         2. Wellness Monitoring
         3. Patient Admission Triage
         4. Logistical Tracking
         5. Others
5. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Saudi Arabia Health Sensors Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
6. Impact of Covid-19 on Saudi Arabia Health Sensors Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. Abbott Laboratories
   2. Roche
   3. Analog Devices Inc.
   4. Avago Technologies Ltd.
   5. Danaher Corp.
   6. GE Healthcare
   7. Honeywell International Inc.
   8. Medtronic Plc.
   9. Smith’s Medical Inc.
   10. Stryker Corp.
   11. 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 of 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 Health Sensors Segmentation

Figure 2       Saudi Arabia Health Sensors Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       Saudi Arabia Health Sensors Market Size, By Value (USD Million), 2019–2029

Figure 5       Saudi Arabia Health Sensors Market Share, By Product, By Value, 2019–2029

Figure 6       Saudi Arabia Health Sensors Market Share, By Application, By Value, 2019–2029

List of Tables

Table 1        Saudi Arabia Health Sensors Market Size, By Product, By Value, 2019–2029                    

Table 2        Saudi Arabia Health Sensors Market Size, By Application, By Value, 2019–2029                       

Table 3        Abbott Laboratories Company Overview

Table 4        Abbott Laboratories Financial Overview

Table 5        Roche Company Overview

Table 6        Roche Financial Overview

Table 7        Analog Devices Inc. Company Overview

Table 8        Analog Devices Inc. Financial Overview

Table 9        Avago Technologies Ltd. Company Overview

Table 10      Avago Technologies Ltd. Financial Overview

Table 11      Danaher Corp. Company Overview

Table 12      Danaher Corp. Financial Overview

Table 13      GE Healthcare Company Overview

Table 14      GE Healthcare Financial Overview

Table 15      Honeywell International Inc. Company Overview

Table 16      Honeywell International Inc. Financial Overview

Table 17      Medtronic Plc. Company Overview

Table 18      Medtronic Plc. Financial Overview

Table 19      Smith’s Medical Inc. Company Overview

Table 20      Smith’s Medical Inc. Financial Overview

Table 21      Stryker Corp. Company Overview

Table 22      Stryker Corp. Financial Overview