Saudi Arabia Hospital Market to grow at a Significant Rate through 2026
Rapidly expanding population and increasing prevalence of chronic diseases is expected to drive the demand for Saudi Arabia hospital market in forecast period.
According to TechSci Research report, “Saudi Arabia Hospital Market By Ownership (Public v/s Private) By Type (General, Specialty, Multi- Speciality) By Type of Services (In-Patient Services v/s Out-Patient Services) By Bed Capacity (Up to 100 beds, 100-500 beds, Above 500 beds), By Region, Company Forecast & Opportunities, 2026”, The Saudi Arabia hospital market is expected to witness steady growth for the next five years. Presence of large number of foreign workers who have come either in search of better job opportunities or to afford quality living standards are influencing the healthcare market growth. Leading authorities are providing healthcare insurance coverage for both of its citizens as well as foreigners to increase the access and affordability of healthcare services among the residents of Saudi Arabia. They are also introducing fee for service in government hospitals to provide more effective treatment to patients which is expected to boost the growth of the hospital market. Increase in the presence of old age population who have lower immunity levels and are more prone to getting affected by diseases are the major driver for the hospital market growth for the next five years. Presence of disposable income is enabling people to afford effective healthcare services. Also, rise in adoption of unhealthy eating habits such as junk food and high sugar containing edible food items and beverages are generating a number of diseases which require treatment from healthcare facilities.
The COVID-19 outbreak across the world which has been declared as pandemic by World Health Organization has affected countries adversely. Leading authorities in Saudi Arabia imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. Coronavirus affected patients started suffering from shortness of breath along with coughing and sneezing. Saudi Arabia authorities increased the capacity of hospitals as a greater number of patients were getting affected daily and getting admitted into the hospital facilities. The demand for critical care devices increased during this period. Collaborations between the healthcare and non-healthcare industries to increase the production of medical devices and integration of advanced technologies is expected to foster the growth of the hospital market.
However, lack of presence of skilled healthcare professionals may hamper the hospital market growth for the forecast period.
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Saudi Arabia hospital market is segmented into ownership, type, type of services, bed capacity, regional distribution, and company. Based on type, market can be further divided into general, specialty, and multi- speciality. The multi-specialty segment is expected to hold major market share for the forecast period, 2022-2026. Presence of skilled healthcare professionals and specialized department to cure the diseases is attracting large number of patients into the hospitals. Based on type of services, market can be fragmented into in-patient services and out-patient services. The out-patient services are expected to witness fastest incremental growth during the predicted period. Due to advances in medical equipment and wound healing capabilities for faster recovery hospital stays has declined significantly. Development of communication technology and the growth of telemedicine market is accelerating the growth of this segment.
Middle East Healthcare Co., King Faisal Specialist Hospital and Research Centre, National Guard Health Affairs Hospital, Riyadh Military Hospital, Royal Commission Hospital, Abeer Medical Group, King Fahad Medical City, King Saud University Medical City, Dr. Sulaiman Al Habib Medical Group, Al Mouwasat Hospital are the leading players operating in Saudi Arabia hospital market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several hospital manufacturers are coming up with their technologically advanced offerings.
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“Market players are investing huge amounts for development of healthcare infrastructure and adopt advanced technologies to provide quality treatment to patients. Introduction of smart hospital technology to digitize the healthcare system and of interconnected asses to provide valuable information and the facility for constant monitoring of patients and privatization of healthcare system to provide effective treatment to patients is expected to propel the growth of the hospital market till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Saudi Arabia Hospital Market By Ownership (Public v/s Private) By Type (General, Specialty, Multi- Speciality) By Type of Services (In-Patient Services v/s Out-Patient Services) By Bed Capacity (Up to 100 beds, 100-500 beds, Above 500 beds), By Region, Company Forecast & Opportunities, 2026” has evaluated the future growth potential of Saudi Arabia hospital market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of Saudi Arabia hospital market.
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