Boston, MA -- (SBWIRE) -- 04/03/2014 -- Hydrocarbon-rich Saudi Arabia has the dominant economy of the Middle East. Oil receipts in 2012 were buoyed by a year of high barrel prices (Brent crude averaged US$112) and elevated domestic production, which grew by 5% year-on-year. BMI's Country Risk team forecasts that GDP will post a moderate 2013-2018 CAGR. The key risks to this outlook is military conflict in the region, a power struggle following the succession of King Abdullah bin Abdulaziz Al Saud and the re-emergence of Arab Springtype discontent.
Saudi Arabia's medical device market is valued at US$1,815mn in 2013, making it the largest in the Middle East, ahead of Israel (US$1,099mn), the UAE (US$841mn) and Iran (US$767mn). However, annual percapita spending is US$62, which is the third highest in the region. Medical device spending in Saudi Arabia as a percentage of GDP and healthcare expenditure is 0.3% and 6.3%, respectively.
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The few medical device manufacturers in Saudi Arabia focus on low-end consumables or act as agents for foreign firms. High-end products are generally imported from the US and Western European multinationals. The most prominent local firms are Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO), Alshifa Medical Syringes Manufacturing Co and Jamjoon Hospital Supply (JHS).
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