Overview of Middle East Medical Device Market Prospects

Release time:

2024-06-18

Overview of Middle East Medical Device Market Prospects

The Middle East is one of the most developed economies in the world and presents unique opportunities and challenges for multinational companies working in the medical device industry. Although the gap between some economies in the Middle East is still large, most countries have shown sustainable growth in multiple medical technology fields such as interventional cardiology. This increase is mainly due to a large increase in the population, increased spending on health care, abundant hydrocarbon wealth, increased per capita income, expanded insurance coverage, improved medical and health indicators, an increase in the middle class of the population and other factors, and the increasing burden of lifestyle-related diseases (diabetes, obesity and cardiovascular diseases).

02 Supervision system

Turkey, Saudi Arabia and the United Arab Emirates are the three largest medical device markets in the Middle East, and governments have taken corresponding measures to promote the development of the medical market, creating new opportunities for companies such as medical device and pharmaceutical companies. Regarding medical device regulations, most Middle Eastern countries have their own monitoring and approval systems at different stages of development, which are mainly responsible for supervision. And there are clear differences in legal, administrative and economic performance among Middle Eastern countries. Industry insiders point to the volatile and opaque political environment in the region as other major obstacles facing multinationals entering the city's premises.

Although the Middle East medical device market faces some challenges, significant progress has been made in recent years in regulating regulations that meet global standards. The International Medical Device Regulatory Forum (IMDRF), established under the strong framework of the Global Harmonization Task Force (GHTF), is working to harmonize device regulation and streamline regulatory relationships between Middle Eastern countries and international healthcare stakeholders. Equipment companies. This will have a positive impact on cooperation between these countries and foreign equipment manufacturers.

03 Challenges and Opportunities

Turkey is the largest medical device market in the Middle East and offers exciting opportunities for foreign device manufacturers. However, the issue of regulation and reimbursement at different levels remains a domestic challenge. Turkey recognizes CE certificates, so European companies have a slight advantage. To enter the Saudi Arabian market, multinational companies must go through the approval process of the Saudi Food and Drug Administration (SFDA).

Local companies in the Middle East are mainly engaged in the production of low-end consumables or as distributors for foreign companies, while high-end medical equipment is usually imported from the United States, Europe or East Asian multinationals. Devices from the United States, Japan, the Netherlands, Switzerland, France and Germany are widely accepted in the Middle East market, while devices from Eastern Europe, China and South Korea dominate the market with a price advantage.

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