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The market is segmented by Modality (MRI, Computed Tomography, Ultrasound, X-Ray, Nuclear Imaging, Fluoroscopy, and Mammography), Applications, and End-user
The market for diagnostic imaging in Saudi Arabia is majorly influenced by factors such as increasing chronic diseases burden in the country along with the rising geriatric population. These factors are fuelling market growth in Saudi Arabia.
A survey from the National Institute of Health (NIH) has stated that the demographic composition of Saudi Arabia has changed due to the increased life expectancy and decreased fertility rate. This factor is augmenting the growth of elderly people in the country. Estimations from organizations such as NIH has suggested that 20% of people in the country will be aged above 65 years by 2050 which was around 3% in 2010.
Added to that, Saudi Arabia is the leading country in the globe with a high prevalence of chronic diseases and their associated risk factors. For instance, one in every four adults in the country is either obese or diabetic. The prevalence of Hypertension is 25% and that of coronary heart disease is around 6%, as per the statistic of NIH.
The burden of chronic diseases in Saudi Arabia is augmenting the demand for diagnosis which is propelling the growth of the diagnostic imaging market in the country.
As per the scope of this report, diagnostic medical imaging is a common technique to help visualize physical diagnosis among the clinical community. For diagnostic purposes, these systems are used to visualize the body to obtain a correct diagnosis and determine future care. Medical imaging is the technique or process of creating visual illustrations of the inner body for clinical examination and medical interpolation, along with the visual representation of the function of certain organs or tissues.
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Due to the growing incidence of cancer and the rising mortality rate in Saudi Arabia, the oncology segment is expected to witness rapid growth over the forecast period.
As per the latest statistics by the World Health Organization, 24,485 new cancer cases were diagnosed during the year 2018. Among these, 12,263 were men and 12,222 were females. Among the females, breast cancer was the most common cancer and contributed to 29.7% of the total cancers in females. Colorectal cancer was the most common cancer for males in Saudi Arabia which contributed to 19.6% of all cancers in males. Furthermore, during the same year, 10,518 deaths due to cancer were recorded in Saudi Arabia. Therefore, the demand for diagnostic imaging to reduce cancer cases and provide better treatment is increasing.
Diagnostic imaging plays a vital role in interventional oncology (with rising opportunities to diagnose and treat in a targeted and minimally or non-invasive manner) as well as in chemo and radiation therapy. Equipment, such as CT, is the highly beneficial and preferred method of imaging for many conditions, including trauma patients. Comparatively, PET is mostly preferred as compared to SPECT, and there are hybrid medical devices also available such as PET/CT or PET/MRI.
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The market for diagnostic imaging in Saudi Arabia is moderately competitive and consists of the global players along with a few local players. Due to the rising focus of companies to expand to the Middle East region, the Saudi Arabian market is witnessing a large number of these players with an active presence. With technological advancements and product innovation, more companies are expected to penetrate the market in the coming future.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Incidence of Chronic Diseases
4.2.2 Growing Geriatric Population
4.2.3 Increased Adoption of Advanced Technologies in Medical Imaging
4.3 Market Restraints
4.3.1 High Cost of Diagnostic Imaging Procedures and Equipment
4.3.2 Side Effects of Diagnostic Imaging
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Modality
5.1.2 Computed Tomography
5.1.5 Nuclear Imaging
5.2 By Application
5.2.7 Other Applications
5.3 By End-User
5.3.2 Diagnostic Centers
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 GE Healthcare
6.1.2 Hitachi Medical Systems
6.1.3 Koninklijke Philips N.V.
6.1.4 Esaote SpA
6.1.5 Canon Medical Systems Corporation
6.1.6 Siemens Healthcare
6.1.7 FUJIFILM Holdings Corporation
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments