Market Trends of Saudi Arabia Wearable and Audio Devices Industry
This section covers the major market trends shaping the Saudi Arabia Wearable & Audio Devices Market according to our research experts:
Healthcare Segment Holds Significant Market Share
- The increasing focus of healthcare agencies on early diagnosis and treatment for improved quality of life and reduced health risks is leading to increased adoption of wearable medical devices and supporting their market growth. Increasing demand for diagnostic and surgical procedures and rising personal disposable income support the development of Saudi Arabia's wearable medical device market.
- Also, Siemens Healthineers and SAJAYA Healthcare Services Company just signed an agreement to provide the most comprehensive integrated diagnostic services (laboratories, radiology) and specialized home care in Saudi Arabia.
- Increasing investment in healthcare may further drive the studied market's growth. For example, according to the General Authority for Statistics (Saudi Arabia), this statistic describes Saudi Arabia's inpatient healthcare expenditures from 2017 to the previous year.Last year, the spending on inpatient healthcare in Saudi Arabia totaled 29.2 billion U.S. dollars.
- Furthermore, technology may significantly enable citizens to take greater ownership of their health and better engage with the health system and providers. For instance, telemedicine and wearable health monitors are changing how healthcare can be delivered. For instance, in June last year, Bupa Arabia launched an innovative telehealth platform for a seamless customer experience. The move is in line with the Ministry of Health's "E-Health Strategy" and its efforts to expand the scope of telemedicine services in the Kingdom.
- Cancer patients are undergoing chemotherapy and radiotherapy as therapeutic treatments for their cancer conditions. Demand for wearable medical devices is also increasing due to the rapidly growing population concerned about their health conditions. According to the World Bank, the country's population may reach 45.1 million by 2050, with a 1.02% average annual growth. This increase in population is anticipated to boost the demand for healthcare services in the country.
- The demand for electrocardiogram (ECG) devices is growing in Saudi Arabia due to the high prevalence of cardiovascular diseases, their underlying causes, such as obesity and high blood pressure, and technological developments in ECG monitoring. For instance, per the data published by the University Center for Obesity Research at King Saud University last year, obesity rates in the Kingdom are not well documented. However, several recent studies have found that they are alarmingly high, with 23.6 percent of women and 14 percent of men obese.
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Increasing Technologically Connected Youth Population
- Saudi Arabia has the largest, most literate, and technologically connected youth cohort in its history. The young generation is in the vanguard of the movement involving the growing use of innovations such as wearable devices and virtual reality (VR). They are always looking for something new and different, and they are becoming more picky about the technology they use.
- With over two-thirds of the population younger than 35, wearable devices have garnered increased attention in the country as they enable users, especially youth, to play virtual reality games, watch augmented reality videos, and listen to music. According to Saudi Aramco, the youth population is projected to grow by 25.2% to become one of the youngest nations on earth by 2030.
- In addition, the country has been witnessing increased internet and social media usage. Abdullah Alswaha, Saudi Arabia's Minister of Communication and Information Technology, anticipates that the adoption of technology will be fully powered by the youth population, with 70% of the population under the age of 30. Furthermore, according to MDPI, 29.50 million people in Saudi Arabia were recorded as social media users in the previous year.
- The increasing youth population in the country may further drive the demand for wearable and audio devices. For instance, according to the IMF, the country's total population amounted to 36.17 million inhabitants in the last year and is anticipated to grow to 39.93 million in 2027.
- Furthermore, in responding to such a change in behavior, entertainment providers in the country have accepted the challenge of attracting young Saudi Arabians who are strongly driven by social media and are known for their connectivity. For instance, the Qiddiya is slated to be the largest entertainment center in the world by 2030; being built near Riyadh, it aims to keep these young consumers technologically connected. Factors like these are expected to spearhead the demand for wearable devices in the region.
