GCC Implantable Medical Devices Market Size To Reach US$ 2.7 Billion by 2032
BROOKLYN, NY, USA, February 21, 2024 /EINPresswire.com/ — IMARC Group, a leading market research company, has recently releases report titled “GCC Implantable Medical Devices Market: Product (Orthopedic Implants, Dental Implants, Facial Implants, Breast Implants, Cardiovascular Implants, and Others), Material (Polymers, Metals, Ceramics, Biologics), End User (Hospitals, Ambulatory Surgery Centers (ASCs), Clinics), and Country 2024-2032”. The study provides a detailed analysis of the industry, including the GCC implantable medical devices market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the GCC Implantable Medical Devices Market?
The GCC implantable medical devices market size reached US$ 1.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 2.7 Billion by 2032, exhibiting a growth rate (CAGR) of 6.55% during 2024-2032.
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Factors Affecting the Growth of the GCC Implantable Medical Devices Industry:
• Rising Prevalence of Chronic Diseases:
The GCC region is witnessing a growing population with chronic diseases, such as cardiovascular diseases, diabetes, and orthopedic conditions. These conditions often require implantable medical devices as part of the treatment and management process. Improved healthcare infrastructure and services in the region are leading to increasing life expectancy. In addition, elderly people are more likely to develop chronic diseases that may necessitate implantable medical devices to maintain their health and quality of life. Moreover, changing lifestyles due to sedentary behavior, unhealthy diets, and increased stress levels are contributing to the higher incidence of chronic diseases. This, in turn, is catalyzing the demand for implantable devices to manage and treat these conditions effectively.
• Technological Advancements:
Manufacturers are focusing on creating more sophisticated and effective devices, offering improved treatment options for patients. Advanced materials, miniaturization, and wireless connectivity are contributing to the development of state-of-the-art implantable devices. Besides this, the integration of advanced technologies is enhancing the performance of implantable medical devices. This includes the accuracy and reliability of devices, such as pacemakers, insulin pumps, and neurostimulators, leading to better patient outcomes. Moreover, innovations are facilitating the development of minimally invasive (MI) implantation techniques, which is propelling the market growth in the region.
• Increasing Healthcare Expenditure:
Governments and healthcare institutions in the region are investing more in advanced medical technologies, including implantable medical devices. This funding enables research and development (R&D) activities to create innovative and more effective devices. In addition, increasing healthcare expenditure allows for the purchase and deployment of state-of-the-art implantable medical devices in healthcare facilities across the region. This improves access to cutting-edge medical technologies for patients. Apart from this, healthcare funding encourages manufacturers to innovate and develop new implantable devices, thereby bolstering the market growth.
GCC Implantable Medical Devices Market Report Segmentation:
Breakup by Product:
• Orthopedic Implants
• Dental Implants
• Facial Implants
• Breast Implants
• Cardiovascular Implants
• Others
Orthopedic implants represent the largest segment due to the rising prevalence of orthopedic conditions.
Breakup by Material:
• Polymers
• Metals
• Ceramics
• Biologics
Polymers account for the majority of the market share on account of their versatility, biocompatibility, and widespread use in various implantable medical devices.
Breakup by End User:
• Hospitals
• Ambulatory Surgery Centers (ASCs)
• Clinics
Hospitals hold the biggest market share as they are the primary healthcare institutions for complex surgical procedures and patient care.
Breakup by Regional Insights:
• Saudi Arabia
• UAE
• Qatar
• Oman
• Kuwait
• Bahrain
Saudi Arabia enjoys the leading position in the GCC implantable medical devices market owing to its large population, robust healthcare infrastructure, and significant government investments in the healthcare industry.
GCC Implantable Medical Devices Market Trends:
Customization of implantable devices to match individual patient needs is gaining traction, optimizing treatment outcomes in the GCC region.
The integration of remote monitoring capabilities in implantable devices enhances patient care and allows for real-time tracking of device functionality.
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Other Key Points Covered in the Report:
• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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