Saudi Arabia Cardiovascular Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Saudi Arabia Cardiovascular Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Saudi Arabia cardiovascular devices market is expected to register a CAGR of 10.14% over the forecast period (2022-2027).

The outbreak of COVID-19 in the country has affected the cardiovascular devices market in many ways as it has limited the intensive care unit (ICU) beds and ventilation sites owing to the necessity of postponing elective and/or complex cardiac surgeries. A shortage of healthcare workers and sick healthcare staff was unavoidable and limited the number of attendees in heart-team meetings witnessed. However, according to the study titled "Cardiovascular Risk Factors Among Patients Infected with COVID-19 in Saudi Arabia" published in April 2021, patients infected with COVID-19 were highly prevalent in cardiovascular diseases. The major risk factors associated with these diseases in COVID-19 patients were pneumonia and increased length of stay in the hospital. Thus, such incidents are likely to increase the adoption of cardiovascular devices among the COVID-19 patient population. Therefore, the impact of COVID-19 on the Saudi Arabia cardiovascular diseases market was adverse in its initial phase, however, the market is anticipated to gain traction over the coming years.

Furthermore, factors such as the growing burden of cardiovascular diseases and rapid technological advancements are driving the market's growth. For instance, the study titled "Stroke Risk Factor Awareness Among Populations in Saudi Arabia" published in August 2021, concluded that the incidence of stroke in Saudi Arabia is 43.8 per 100,000. Personal history of hypertension was chosen as a risk factor by the majority of the participants (81.7%), followed by a personal history of stroke (74.1%) and personal history of dyslipidemia (57.2%). The study further stated that there was a low level of awareness regarding cardiovascular diseases and their risk factors, which resulted in a higher prevalence of the disease. Therefore, such a growing burden of cardiovascular diseases is expected to boost the growth of the market over the analysis period.

In addition, the launch of specialized clinics focused on treating cardiovascular diseases in the country will help in managing the mortality rate associated with this disease and assist in market growth. For instance, per the data published by the Ministry of Health, in February 2021, the King Abdulaziz Specialist Hospital in Taif's Cardiac Catheterization Unit completed 3,337 procedures, including lifesaving, emergency, and inpatient cases 2020. In addition to the other 1,336 procedures, the unit carried out 1,338 imaging and sound wave procedures, 614 cardiac catheterizations, implanted 29 pacemakers, and placed 2 heart valves. Additionally, 52 diagnostic catheterizations and 187 cardiac catheterizations were completed by the hospital's heart center in January 2021. Thus, these factors above are likely to contribute to the market's growth shortly.

However, the high cost of instruments and procedures may restrict the number of people in the country undergoing diagnosis and treatment for cardiovascular diseases, which is expected to restrain the market growth during the study period.

Key Market TrendsElectrocardiogram (ECG) Segment Holds Major Share In The Market and Expected To Do Same Over The Forecast Period

An electrocardiogram is a painless test that measures the electrical activity of the heart. It's also called an ECG or an EKG. Every heartbeat is caused by an electrical signal that travels from the top to the bottom of the heart. An ECG can display if the heart is beating at a normal rate and strength. It also aids in demonstrating the size and location of the heart chambers. The demand for electrocardiogram (ECG) devices is growing in Saudi Arabia due to the high prevalence of cardiovascular diseases, its underlying causes such as obesity and high blood pressure, and technological developments in ECG monitoring. For instance, as per the data published by the University Center for Obesity Research at King Saud University in 2022, obesity rates in the Kingdom are not well-documented, although several recent studies have found that they are alarmingly high, with 23.6 percent of women and 14 percent of males obese.

Additionally, with the high prevalence of cardiovascular diseases and underlying conditions associated with an increased mortality rate amongst Saudi citizens, companies are introducing advanced wearable ECG devices into the market. For instance, In May 2020, Apple Inc. launched an ECG app on the Apple Watch Series 4 which was made available in the Kingdom of Saudi Arabia with its next software update with iOS 13.5 and watchOS, which enables customers to take an electrocardiogram right from their wrist, capturing heart rhythm during experience symptoms like a rapid or skipped heartbeat and helping to provide critical data to physicians.

Furthermore, the introduction of such portable and compact ECGs is accelerating adoption, particularly in the home healthcare market. Wearable smart devices with heart-monitoring capabilities, such as bands, watches, and rings, have also become the norm for many people among the new technologies in cardiac devices. For instance, in June 2021, Cardiac Insights, Inc., a United States-based healthcare innovator specializing in wearable cardiac sensors and proprietary software that automatically analyzes electrocardiogram (ECG) data to improve early detection and diagnosis of cardiac arrhythmias, such as atrial fibrillation (Afib), announced the launch of its Cardea SOLO ECG System at Arab Health 2021, the largest healthcare exhibition in the Middle East. Hence, the introduction of innovative products and growing incidences of cardiovascular diseases are expected to augment the segment’s growth over the coming years.

Competitive Landscape

The market is moderately competitive and is dominated by international market players. For strengthening the position in the market the players are strategically involved in the distribution agreements with local players to expand their presence in the country. Some of the key market players in the market studied are Abbott Laboratories, Cardinal Health, GE Healthcare, Johnson and Johnson, and Medtronic PLC.

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