Market Trends of MEA Fluoroscopy Industry
Cardiovascular Segment is Expected to Hold Significant Market Share over the Forecast Period
The cardiovascular segment is expected to grow over the forecast period due to the rising prevalence of cardiovascular diseases in the Middle East and Africa. The increased death rate due to cardiovascular diseases across developed countries and the increased geriatric population are expected to drive segmental growth. For instance, according to Saudi Health Ministry statistics, in 2021, 15% of the Saudi population suffered from hypertension, a risk factor contributing significantly to cardiovascular diseases. Hence, with the increasing risk factors and associated cardiovascular diseases, the demand for fluoroscopy is likely to increase, thereby boosting market growth.
Additionally, the government's increase in healthcare expenditure is also contributing to market growth. For instance, according to the Unicef MENA Generation 2030 regional Fact Sheet, total health expenditure per capita for 2030 and 2050 is projected to be USD 160 and USD 129, respectively. Thus, the increasing healthcare expenditure is expected to uplift the market in the coming years.
Hence, all the above-mentioned factors are expected to contribute to segmental growth over the forecast period.
GCC is Expected to Witness a Growth in the Studied Market Over the Forecast Period
The Gulf Cooperation Council (GCC) comprises six countries Saudi Arabia, Kuwait, Bahrain, Qatar, the United Arab Emirates (UAE), and Oman. Factors such as the growing burden of diseases in these countries, product launches, and strategic initiatives by market players are likely to drive market growth during the study period. Fluoroscopy is a vitally important imaging modality for obese patients, commonly used to image post-gastric bypass patients. Therefore, an increased risk of obesity is expected to drive market growth. For instance, according to the World Obesity Atlas report of 2022, the prevalence of obesity is expected to increase by 50% in women, and 37% in men by 2030 in UAE. Hence, increased risk factor such as obesity is expected to increase the demand for fluoroscopy.
Furthermore, the presence of competitors and strategic initiatives undertaken by players is also contributing to market growth. For instance, in May 2022, Ibnsina Pharma acquired EI Shorouk Hospital, Egypt which aims to diversify the strategies in the healthcare sector to improve and equip all the healthcare services in the hospital, including the endoscopic unit. Thus, such mergers, acquisitions, and partnerships are driving the growth of the market growth.
