Press Release Description

Proposed USD66 Billion Government Investments in Modernizing Saudi Arabia’s Healthcare Industry to boost the Remote Patient Monitoring Market

According to MarkNtel Advisors, the Saudi Arabia Remote Patient Monitoring Market is projected to observe around 18% CAGR during 2022-27. Remote patient monitoring has emerged as a new revenue-generating stream for healthcare providers and digital health solution providers. In addition, the healthcare digitalization program of the Saudi government entirely complements the developments in this space. Although, healthcare institutes have already integrated the same into their capabilities.

However, the progress was quite slow during 2017-19, and the overall market was in a state of infancy in early 2020. The market gained the spotlight in Saudi Arabia due to the Covid-19 Pandemic, which resulted in a multifold rise in investments from healthcare service providers and government authorities toward telehealth. In 2021, patients started opting for remote monitoring systems owing to their convenience and greater control over personal health. With the gradual simplification of technology & cost competitiveness, the adoption of remote health monitoring solutions is expected to soar in the forthcoming years.

Remote patient monitoring is also seen as a panacea to the widening supply & demand gaps in the healthcare sector of Saudi Arabia, i.e., one of the biggest countries in the Middle East in terms of both population & economy. The rapid increase in the cases of diabetes and hypertension in Saudi Arabia has increased the demand for hospital beds. In 2020, the country had 2.2 beds per 1000 citizens, against the required 2.7.

Therefore, the government has already aligned this strategic plan with the Saudi Vision 2030 to transform the country's healthcare sector. Authorities have already committed USD66 billion toward modernizing the healthcare infrastructure, and around 17% of the entire corpus would be toward healthcare digitalization services during 2022-30. The Saudi government is already working with IBM and other stakeholders to develop a five-year Digital Health roadmap (updated as of December 2021).

As per a research study conducted by MarkNtel Advisors, around 85% of citizens are willing to opt for remote monitoring systems in the next 2-3 years, i.e., during 2023-25. Besides, 72% of the residents shall buy these systems for their vitals like blood pressure & heart rate monitoring, diabetes levels, & blood oxygen status.

In addition, around 20% of the healthcare institutes have already started integrating the advanced level of remote patient monitoring, which would be successfully operationalizing the same in the coming 1-2 years. Nevertheless, in 2021, around 37% of healthcare institutes have started investing in integrating remote patient monitoring systems.

Remote Patient Monitoring Devices to Continue Dominating the Market during 2022-27 

In 2021, remote patient monitoring Devices completely overpowered the Software & Services with a market share of more than 50%. It owes to the burgeoning sales of Electroencephalography (EEG) headsets, Pulse Oximeters, Fetal Monitors, Temperature & Blood Glucose Monitoring devices, & Blood Pressure Monitors. However, the Software segment is expected to register an exponential CAGR of around 22% during 2022-27 owing to the gradual adoption of disruptive IT solutions.

Riyadh and Jeddah to be the Major Markets for Remote Patient Monitoring Systems during 2022-27

During 2022-27, Riyadh and Jeddah would remain the key hotspots for the remote patient monitoring market and grab around 50% of its share due to the gradual modernization of the healthcare infrastructure and greater patient footfall. On the other hand, Mecca, Madina, and Al-Hofuf are other emerging markets.

Key Competitors

According to MarkNtel Advisors, the leading players in the Saudi Arabia Remote Patient Monitoring Market are Welch Allyn, Bosch, Johnson & Johnson, Intel, Roche, Philips Healthcare, Honeywell, American Telecare, Biotronik, and Covidien Plc.

Key Questions Answered in the Study

  1. What are the current & future trends in the Saudi Arabia Remote Patient Monitoring Market?
  2. How has the industry been evolving in terms of geography & service adoption?
  3. How has the competition been shaping across Saudi Arabia, followed by competitors’ comparative factorial indexing?
  4. What are the key growth drivers & challenges for the Saudi Arabia Remote Patient Monitoring Market?
  5. What are the customer orientation, purchase behavior, and expectations from Remote Patient Monitoring solution providers across Saudi Arabia?

Market Segmentation:

  1. By Component (Devices, Services, Software)
  2. By Condition (Cardiovascular Distress, Diabetes, Chronic Obstructive Pulmonary Disease, Blood Pressure, Mental Health, Cancer Treatment, Sleep Disorder, Others (Weight Management, Fitness Monitoring, etc.))
  3. By End Users (Hospitals, Ambulatory Surgical Center, Specialty Clinics, Home Care)
  4. By City (Riyadh, Jeddah, Mecca, Medina, Al-Hofuf, Others)
  5. By Competitors (Welch Allyn, Bosch, Johnson & Johnson, Intel, Roche, Philips Healthcare, Honeywell, American Telecare, Biotronik, Covidien Plc)