According to Transparency Market Research (TMR), the Saudi Arabia defibrillators market has a fragmented landscape as numerous local and global companies are offering services in the country. Some of the key players operating in the market are HeartSine Technologies, Inc., Philips Healthcare, Cardiac Science Corporation, Schiller AG, Physio-Control Inc. These players are increasingly focusing on the improving product quality in order to build their goodwill. Companies are trying to expand their business through impactful promotional campaigns.
According to a report by Transparency Market Research (TMR), the defibrillators market in Saudi Arabia is expected to expand with a CAGR of 8.3% from 2014 to 2020, to attain the value of US$49.8 mn by the end of 2020 from US$28.6 mn in the year 2013. The defibrillators market is dominated by the ALS defibrillators and expected to continue its dominance over the forecast periods to attain the value of US$36.5 mn in 2020.
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Increasing adoption of the ALS defibrillators in the expanding healthcare sector is creating lucrative opportunities in the defibrillators market in Saudi Arabia. Based on the end user, the hospitals segment is dominating the global market and expected to attain value of US$37.6 mn, by expanding with the CAGR of 7.5%.
Advanced Features of Defibrillators to Fuel Adoption
Some of the technologically advanced defibrillators provides medical assistance in local and regional languages such as Arabic languages. As these mechanics requires skilled person to operate them and employment of the vernacular languages which makes them to be used by less skilled professionals. These features are expected to improve uptake of the defibrillators in Saudi Arabia, which is likely to fuel growth of the defibrillators market.
Initiatives by private and public medical organizations to ensure safety of human life is supporting growth of the market. Additionally, the advanced features for remote patients monitoring and telemedicine are driving growth of the market over the forecast period.
Advancement and Product Innovations to Create Opportunities
Despite of these growth prospects, the factors such as poor collaboration between the public and private enterprises, lack of government interventions, and in supportive regulatory framework are some of the factors which are hampering the sales and likely to hamper growth of defibrillators across Saudi Arabia. In addition, poor branding and awareness campaigns are restraining growth of the defibrillators market. Nevertheless, advancement and product innovations are creating lucrative opportunities for growth of the defibrillators market.
This post was originally published on The Market Plan