Saudi Arabia Diabetes Devices Market Size, Share & Trends Analysis Report By Type (BGM Devices, Insulin Delivery Devices), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies), By End-use (Hospitals, Diagnostic Centers), And Segment Forecasts,

Saudi Arabia Diabetes Devices Market Size, Share & Trends Analysis Report By Type (BGM Devices, Insulin Delivery Devices), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies), By End-use (Hospitals, Diagnostic Centers), And Segment Forecasts, 2024 - 2030

Saudi Arabia Diabetes Devices Market Growth & Trends

The Saudi Arabia diabetes devices market size is anticipated to reach USD 319.3 million by 2030, exhibiting a CAGR of 8.14% during the forecast period, according to a new report by Grand View Research, Inc. The major factors contributing to market growth include the increasing prevalence of diabetes in the nation, technological advancements, and growing initiatives undertaken by the government. For instance, in January 2023, Saudi Arabia signed two agreements with the goal of improving diabetes treatment and prevention. These memorandums of understanding were signed with Boehringer Ingelheim, a German pharmaceutical firm, and Novo Nordisk, a Danish healthcare company. The aims of these agreements encompass fostering collaboration within the biotech and pharmaceutical sector, advancing local manufacturing, enhancing awareness about diabetes, and establishing research centers within the Kingdom.

Diabetes devices serve as highly effective instruments in diabetes management, providing both patients and healthcare providers with streamlined methods for monitoring blood glucose levels, administering insulin, and enhancing treatment effectiveness. A critical element of these devices efficiency is their capacity to deliver precise and prompt information on glucose levels. Technological progressions in these devices are anticipated to bolster market expansion. Notably, the development of continuous glucose monitoring (CGM) systems represents a significant advancement, furnishing real-time glucose readings around the clock, and eliminating the necessity for frequent fingerstick tests.

Furthermore, companies operating in the Saudi Arabia diabetes devices industry are working to improve their product offerings by upgrading their products, leveraging important cooperative drives, as well as considering acquisitions and government approvals these efforts are aimed at expanding their customer base and gaining a larger share of the market. For instance, in August 2023, Nemaura Medical received Saudi Food and Drug Authority (SFDA) approval for its sugarBEAT sensor, a non-invasive glucose sensor.

Saudi Arabia Diabetes Devices Market Report Highlights

• In 2023, the insulin delivery devices segment dominated the type segment by capturing a revenue share of 54.2%
• The insulin delivery devices segment is anticipated to grow at the fastest CAGR during the forecast period
• Based on distribution channel, hospital pharmacies segment held the largest market share of more than 50% in 2023
• Retail pharmacies segment is expected to grow at the fastest CAGR during the forecast period
• Among end-use, hospitals held a majority share of the market of 40.8% in 2023
• The diagnostic centers segment is expected to grow at the fastest rate over the forecast period

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