A medical device is defined as an instrument, apparatus, implant, machine, tool, in vitro reagent, or analogous item designed for the detection, prevention, reduction, treatment, or cure of diseases or disorders. Unlike pharmaceuticals or biologics, medical devices operate through physical, structural, or mechanical means within or on the body, as opposed to chemical or metabolic processes.
Oman Medical Devices Market Driving Factors and Challenges
The medical device industry in Oman will gain from the country's predicted robust economic growth, which will be mostly driven by private spending. By supporting exports of non-hydrocarbon items, continuous diversification activities will lessen the negative economic effects of low hydrocarbon output. The construction of new hospitals will promote the long-term growth of the medical device market and present opportunities for businesses that manufacture medical equipment worldwide. Also, growing R&D spending by medical technology businesses for the creation of novel and cutting-edge medical devices, together with quick regulatory approval of those items, are anticipated to drive the market expansion of medical devices in the ensuing years. The increasing need for novel medications and technical advancements in medical devices to fulfil unmet requirements in the healthcare industry will be the primary drivers of the growth of medical devices in the coming years.
A number of variables, including an increase in chronic diseases brought on by changing lifestyles, a preference for home healthcare, and an increase in the population of elderly people, are expected to lead to growth in the medical device market in the upcoming years. In addition, rising consumer awareness of the advantages of portable devices and wireless medical equipment, as well as the spread of smart technologies, are driving market expansion. The demand for home monitoring devices, along with the rising global ageing population and prevalence of chronic diseases, is causing the market to grow.
However, there are still many issues in the Oman Medical Devices industry. The high cost of these devices, which also includes a substantially higher acquisition cost and ongoing maintenance charges, raises the overall cost of ownership of the equipment. Some of the more complicated gadgets have a lot of supplementary parts that need to be replaced on a regular basis, including chips, batteries, sensors, and other accessories. Moreover, since the transfer of patient data from remote devices to the doctor requires an internet connection, data security concerns could restrain the market growth for medical devices. The risk to data security so increases. The popularity of linked gadgets makes them more appealing, which raises the possibility of hacking or data breaches.
Impact of COVID-19 on Oman Medical Devices Market
The medical device business is the one that is being hit the most by the coronavirus outbreak, but supply chains are breaking down everywhere. The COVID-19 outbreak has changed the working atmosphere for many firms and impacted the industrial landscape. To keep up with the growing demand for basics, the bulk of enterprises have boosted their production capacity. Covid-19 had a substantial detrimental effect on the medical device market as a whole, which had an immediate effect on hospital capacity as well as patient access to care for different ailments. Medical supply demand increased dramatically as a result of the coronavirus epidemic. The supply chain for relevant medical devices for COVID-19, such as personal protective equipment (PPE), ventilators, and testing supplies and equipment, was not prepared to satisfy demand.
Oman Medical Devices Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; My Clinic, Nova Medical Centers Middle East LLC, Pulsemed LLC, Starcare First Medical Center, Taiba Medserv LLC, Yas Medical Centre, Others.
Oman Medical Devices Market Segmentation:
By Type: Based on the Type, Oman Medical Devices Market is segmented as; Cardiovascular Devices, Diabetes Care, Diagnostic Devices, IVD, MIS, Orthopedic Devices, Wound Management, Others.
By Application: Based on the Application, Oman Medical Devices Market is segmented as; Clinics, Hospitals & Ambulatory Surgical Centers, Others.
By Region: This research also includes data for Eastern Region, Northern Region, Southern Region, Western Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.