Market Size of Saudi Arabia Neurology Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.10 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Saudi Arabia Neurology Devices Market Analysis
The Saudi Arabian neurology devices market is expected to register a CAGR of 7.1% during the forecast period.
The COVID-19 pandemic had a significant impact on the neurology devices market in Saudi Arabia, which was majorly due to the restrictions on non-emergency visits to hospitals. As per a study published by the National Institute of Health in December 2020, there was an approximately 24% reduction in the number of visits for common neurological symptoms in hospitals across Saudi Arabia. With the decline in hospital visits, the growth of the neurology device segment was hampered significantly. With the increasing burden of COVID-19 across the country in 2020-2021, many hospitals acquired telemedicine facilities for neurological issues. The pandemic transformed neurology outpatient clinics from strictly traditional in-person, office-based contacts to an almost entirely virtual system of direct-to-patient appointments. Hence, the market for neurology devices was majorly hampered due to COVID-19 in Saudi Arabia.
Key factors propelling the growth of the market are the increasing incidence of neurological disorders, huge investments by private players in neurological devices, an increase in R&D in the field of neuro therapies, and the growing aging population.
According to the World Ageing Report, in Saudi Arabia, the proportion of the population aged 65 years and above is expected to increase from 1.169 million (3.4%) in 2020 to 7.681 million (17.2%) by 2050. Similarly, in the United Arabs Emirates, the population aged 65 years and above is expected to increase from 0.113 million (1.2%) in 2020 to 1.679 million (16.1%) by 2050. Since this growing geriatric population is more prone to neurodegenerative disorders, such as dementia and cognitive disorders, the growth of the market studied is expected to increase in the future.
However, the high cost of devices and stringent regulations and guidelines for new devices restrain the market growth.
