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Saudi Arabia Health Tech Market Booms: $5.7 Billion by 2027 Fueled by Innovation & Access: Ken Research

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GURUGRAM, India, Feb. 15, 2024 /PRNewswire/ — Prepare for a digital transformation in healthcare! Saudi Arabia’s health tech market is experiencing a surge, fueled by government initiatives, rising smartphone penetration, and a growing demand for accessible and efficient healthcare solutions. Ken Research’s “KSA Health Tech Market” report predicts a promising 12.2% CAGR, translating to a substantial $5.7 billion market size by 2027. This press release unlocks the key drivers, challenges, and exciting prospects shaping this dynamic landscape. 

 

Market Overview: Redefining Healthcare, Empowering Lives 

Beyond simply offering digital solutions, the Saudi health tech market plays a crucial role in improving healthcare access, enhancing patient experience, and driving cost efficiencies within the healthcare system. In 2022, the market reached a size of $2.5 billion, and it’s on track for remarkable growth, driven by: 

Government Vision: Vision 2030 prioritizes health tech adoption, promoting innovation and supporting startups in the sector. Rising Smartphone Penetration: Widespread smartphone usage fuels accessibility and convenience for telemedicine, health apps, and digital platforms. Focus on Accessibility & Equity: Expanding digital healthcare solutions aim to bridge the gap in healthcare access, especially in remote areas. Growing Demand for Personalized Care: Patients increasingly seek personalized and preventive healthcare solutions, which digital tools can provide. 

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Market Segmentation: Diverse Needs, Tailored Solutions 

The report delves into the diverse segments of the Saudi health tech market, offering a comprehensive view: 

Technology Applications: Telehealth & virtual consultations lead the market (40%), followed by e-pharmacies (30%), health data analytics (20%), and wearable devices (10%). Target Population: Chronic disease management dominates (50%), followed by mental health solutions (25%), wellness & fitness apps (15%), and personalized medicine (10%). Business Models: B2C solutions hold the largest share (60%), but B2B solutions for hospitals and clinics are growing rapidly (40%). 

Competitive Landscape: Local & Global Players Collaborate 

The market features a mix of established regional players, global giants, and innovative startups: 

Regional Leaders: Careem Health, Babylon, and Tabarak e-services cater to the specific needs of the region and offer tailored solutions. Global Giants: Medtronic, Philips, and Roche are leveraging their global expertise to introduce advanced technologies and solutions. Emerging Startups: Innovative startups like Malaffi and MySehat are disrupting the market with niche offerings and data-driven approaches. 

Challenges: Navigating the Roadblocks to Healthcare Innovation 

Despite the promising outlook, some challenges need to be addressed: 

Regulatory Hurdles: Complex regulations and approval processes can hinder innovation and market entry for new players. Cybersecurity Concerns: Protecting sensitive patient data requires robust cybersecurity measures and patient awareness. Digital Literacy Gap: Bridging the digital divide and educating users about health tech solutions is crucial for wider adoption. Integration with Existing Infrastructure: Integrating digital solutions with existing healthcare systems requires seamless interoperability. 

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Future Outlook: A Healthier Future Built on Technology & Collaboration 

The Saudi health tech market is poised for continued growth, driven by several exciting factors: 

Focus on Artificial Intelligence: Adoption of AI in diagnostics, drug discovery, and personalized medicine will revolutionize healthcare delivery. Blockchain for Secure Data Management: Blockchain technology can enhance data security and transparency in healthcare transactions. Internet of Medical Things (IoT): Integration of IoT devices and sensors will provide real-time health data and improve remote patient monitoring. Public-Private Partnerships: Collaboration between government, healthcare providers, and tech companies will foster innovation and address industry challenges. 

Key Takeaways for Stakeholders: 

This report offers valuable insights for various stakeholders in the Saudi health tech market, including: 

Health tech companies: Identifying high-growth segments, partnering with established players, and prioritizing data security and user-friendly solutions. Investors: Understanding market trends, assessing investment opportunities in promising segments like AI and wearables, and supporting innovative startups. Policymakers: Formulating policies that facilitate innovation, address regulatory hurdles, and promote digital literacy and data privacy. Healthcare providers: Integrating health tech solutions seamlessly into existing systems, training staff on their use, and ensuring equitable access for all patients. Patients: Embracing health tech solutions responsibly, understanding data privacy concerns, and actively participating in their own healthcare journey. 

Conclusion: Building a Resilient and Inclusive Health Tech Ecosystem 

Saudi Arabia’s health tech market stands poised for a remarkable journey, fueled by ambitious government initiatives, a tech-savvy population, and an increasing demand for accessible and efficient healthcare solutions. By overcoming challenges like regulatory hurdles and the digital literacy gap, the sector can unlock its full potential and contribute to a healthier, more empowered population. This will require not only innovation and collaboration between established players and agile startups, but also the active participation of healthcare providers, policymakers, and, most importantly, patients themselves. Ultimately, navigating these opportunities and challenges will determine whether Saudi Arabia’s health tech market can truly revolutionize healthcare delivery, ensuring equitable access, personalized care, and a brighter, healthier future for all.

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Taxonomy

KSA Health Tech Market

KSA Health Tech Market Segmentation

By Product Segment

Healthcare IT Systems

Online Pharmacy

Online Consultation

KSA Online Pharmacy Market Segmentation

By Order Split

Prescribed Drugs

OTC Drugs

Non-Pharmaceutical Products and Medical Devices

By Order Platform

Web Browser

Mobile Application

By Cities

Mecca

Jeddah

Riyadh

Others

KSA Online Health Consultancy Market Segmentation

By Mode of Consultation

Audio Consultation

Video Consultation

Chat Consultation

By Type of Doctor

Specialized Doctor

General Practitioner

By Cities

Mecca

Jeddah

Riyadh

Others

By Specialties

Psychiatry & Psychology

Family Medicine

Others

KSA Healthcare IT Systems Market Segmentation

By Type of Product

Clinical Management System

Pharmacy Management System

Hospital Management System

Laboratory Management System

By Payment Type

Subscription Based

Annual License

By Cities

Mecca

Jeddah

Riyadh

Others

For More Insights On Market Intelligence, Refer To The Link Below: –

KSA Health Tech Market

Related Reports by Ken Research: –

UAE Health Tech Market Outlook to 2026 Driven by Increasing demand for Faster Delivery & Convenience and Shifting Customer behavior

The demand for the UAE Health Tech Market is expected to expand with at a double digit CAGR on the basis of GTV between 2022 and 2026. Emergence of the teleconsultation platform ecosystem enabled by mobile medical units and intermediaries, VR technology, AI & Blockchain are some of the technologies to revolutionize the world.

Global Stem Cell Banking Market Outlook to 2028 Driven by Increasing R&D for Therapeutic Purposes and Rising Investment in Stem Cell Therapy and Banking

According to Ken Research estimates, the Market Size of Global Stem Cell Banking has shown increasing trend from 2017 to 2022. However, due to COVID-19 restrictions and national & international guidelines, additional measures were taken to ensure secure stem cells collection from patients as well as donors, which resulted in decline in the overall stem cell banking market.

Germany Fitness Services Market Outlook to 2027 Driven by the Growing Health Consciousness, Digital Innovations, and Changing Lifestyles

The market will grow at a CAGR of 5.72% during 2022-2027 due to increasing recognition of the benefits of employee wellness which has led to the implementation of corporate wellness programs, contributing to the growth of the fitness market. Potential government initiatives or policies such as fitness campaign (BEACTIVE DAY) promoting physical activity and wellness may further stimulate growth in the fitness market.

Vietnam Health Tech Market Outlook to 2026 Driven by Increase in Internet Penetration and Mobile Applications along with Technology Advancement in the country

The Health IT Solutions in Vietnam has grown with CAGR 4.5% from 2018 to 2021 due to integration of digital health systems in hospitals for easy administration the competition in Health IT Solutions was identified to be moderately concentrated with three major dominating players in the market, namely: FPT, VNPT and Viettel Solutions. Key competitive parameters include price, type of product, customization, after sale service, ease of expansion, technology advancement, service offerings, etc.

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Contact Us:-
Ken Research Private Limited
Ankur Gupta, Director Strategy and Growth
Ankur@kenresearch.com
+91-9015378249

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Galloway Company Expansion Nearly Doubles United States Industrial Sweetened Condensed Milk Capacity

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NEENAH, Wis., Jan. 9, 2025 /PRNewswire/ — Galloway Company, a leader in premium dairy ingredients, announces the completion of a major expansion to its production capabilities. The addition of a custom-built evaporator will nearly double the United States’ total capacity for industrial sweetened condensed milk. The expansion comes at a critical time, relieving a highly constrained market for premium concentrated dairy ingredients in the United States.

The expansion will set new industry benchmarks in capacity, operational efficiency, and quality.

The expansion will allow the company to serve existing clients with the same premium quality ingredients they’ve come to rely on, while also welcoming new customers for the first time in four years.

“Over the last four years, we’ve seen growing constraints from the bakery and confectionery markets, with extended lead times and maxed-out production capacities,” said Mike Hasler, Director of Industrial Sales, Galloway Company. “This expansion ensures we can not only meet the demand of our existing customers but also welcome new business.”

With the addition of the second evaporator, Galloway Company is building redundancy into its production process, minimizing the risk of service interruptions for clients. The new system will also enable greater customization of products, allowing the company to meet the needs of clients of all sizes—from full tanker trucks to smaller batches packaged in totes and 5-gallon pails.

The expansion will set new industry benchmarks in capacity, operational efficiency, and quality. The upgraded system includes high-efficiency motors and precision-engineered valve systems, with a fully automated homogenization process, advanced lactose seeding technologies, and state-of-the-art cooling systems. These updates minimize energy consumption and reduce environmental impact while advanced quality control measures ensure consistent performance and accuracy. 

For more information or to place an order, please visit gallowaycompany.com or contact Mike Hasler at mhasler@gallowaycompany.com.

About Galloway Company

Galloway Company is the number one supplier of cream liqueur bases and sweetened condensed milk in the U.S. Located in Neenah, Wisconsin, Galloway specializes in producing unique formulations of condensed dairy blends and beverage bases. Classic Mix Partners, a subsidiary of Galloway Company, is the largest manufacturer of frozen dairy dessert mixes in Wisconsin, serving customers nationwide. For more information on our complete line of innovative dairy product mixes and bases, visit gallowaycompany.com.

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SOURCE Galloway Company

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SOCi Scales its AI Agent Solutions While Bolstering Path to Profitability

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SAN DIEGO, Jan. 9, 2025 /PRNewswire/ — SOCi, Inc., the leader in AI-powered marketing solutions for multi-location businesses, today announced initial results from its AI Agent strategy. In less than eight months, SOCi’s Genius AI™ solutions now account for more than 10% of the company’s annual recurring revenue (ARR). These results cap off a year of remarkable milestones for SOCi, including surpassing $100 million in ARR—a feat that places the company among the elite Centaur SaaS organizations globally.

In 2025, the company plans to continue to enhance and expand its advanced Genius AI™ technology, allowing SOCi’s AI Agents to take on even more local marketing tasks at scale and deliver unprecedented efficiency and value for SOCi’s nearly 1,000 multi-location customers. Additionally, SOCi is committed to accelerating its journey to profitability by strategically realigning resources to focus on high-impact areas with proven success. This reorganization is designed to enhance efficiency, drive scalability, and position the company for sustainable, long-term growth.

“We remain committed to revolutionizing the industry with our AI Agent innovation and Genius solutions, delivering the first digital workforce to drive unparalleled value for our customers,” said Afif Khoury, CEO of SOCi. “Simultaneously, we are focused on achieving sustainable growth by prioritizing financial stability and operational efficiency, solidifying our position as the leader in marketing innovation.”

Recently recognized as an Inc. 5000 fastest-growing company for the seventh consecutive year, and named one of Fast Company Most Innovative Companies, SOCi continues to expand its reach into new high-growth markets with its cutting-edge local marketing solutions. Over the past two years, the company has forged partnerships with iconic enterprises such as Ford, Jersey Mike’s Subs, and Ace Hardware, while establishing a strong presence in the Financial Services and Insurance sectors with notable partners like Liberty Tax and Motto Mortgage.

About SOCi, Inc.
SOCi is the leader in AI-powered marketing solutions for multi-location businesses. With its proprietary Genius AI™ and suite of Genius Agents™, SOCi provides a first-of-its-kind, AI-powered digital workforce capable of handling the workload of 1,000 local marketers™, empowering brands to achieve unmatched digital visibility, strengthen customer engagement, and scale faster than ever before.

SOCi is recognized by Fast Company as one of the World’s Most Innovative Companies, and is trusted by nearly 1,000 top brands—including Ford, Ace Hardware, Kumon, Liberty Tax, and more—to automate and optimize local marketing tasks across all locations. Founded in 2012 and backed by leading strategic investors, SOCi is transforming how multi-location brands manage and scale their marketing efforts. Learn more at www.soci.ai or contact us at hello@soci.ai.

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SOURCE SOCi, Inc.

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Verdantas Acquires M-H-M, Inc. Expanding Water Services Throughout Northern California

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TAMPA, Fla., Jan. 9, 2025 /PRNewswire/ — Verdantas, a leader in digitally enabled technical consulting solutions for the environment, water, and energy transition markets, backed by Sterling Investment Partners, is pleased to announce the acquisition of M-H-M, Inc. (MHM). The acquisition aims to enhance Verdantas’ expertise in the northern California water market and expand the services offered by both firms.

Based in Marysville, California, MHM brings invaluable expertise and experience to Verdantas, broadening the depth and range of services within the water, and land development markets with strong relationships with municipalities, public agencies, and private clients. The integration of MHM into Verdantas enhances its water service capabilities bringing valuable expertise in water supply and storage, distribution, irrigation, water master planning, flood control, storm drainage, as well as land development and surveying.

Jesse Kropelnicki, CEO of Verdantas, stated about the acquisition: “Integrating MHM into Verdantas will continue our growth strategy by further diversifying our business on the west coast, and by furthering our capabilities in the water market. This expansion enhances our expertise and ability to serve water clients more effectively in northern California. Additionally, MHM improves our land development and surveying capabilities, which will enhance other services we provide in the same geography. We look forward to providing their team with new opportunities for growth while they continue to contribute to our mission.”

California brings unique engineering design complexities. By partnering with Verdantas, we can now integrate robust in-house geotechnical and geological, structural engineering, and environmental expertise into our projects that we previously outsourced,” stated Sean Minard, President of MHM. “Our collaboration with Verdantas aims to expand our service offerings, providing comprehensive solutions in flood control, storm drainage, and water resource management as well as land development. This growth will add value to our current clients in Northern California, enabling us to deliver a more extensive suite of engineering and environmental solutions.”

James Soldano, Partner at Sterling, said, “We are proud to support Verdantas in this strategic acquisition of MHM. This move reflects our shared vision of growing Verdantas’ presence throughout the western United States and addresses the critical need for water-related expertise in a region facing challenges related to water resources and flood control.”

This acquisition is a vital component of the company’s sustainable service offerings objectives. By participating in significant projects, Verdantas plans to address critical water challenges, advocate for conservation, improve water quality, and encourage sustainable practices.

About Verdantas

Verdantas is a leader in digitally enabled technical consulting solutions for the environment, water, and energy transition markets. Blending balanced strengths in environmental and engineering expertise, we partner with clients and communities to create comprehensive solutions that contribute to a sustainable future. With a team of over 1,700 professionals nationwide, we harness diverse skills and innovative technologies to address complex challenges, protect vital resources, and foster resilient communities. For more information, visit www.verdantas.com.

About Sterling Investment Partners

Sterling Investment Partners is a leading private equity firm that has been building leading middle-market companies for over 30 years with a highly experienced, cohesive team of senior investment professionals. Sterling focuses on control investments in value-added distribution and business services, acquiring businesses that the firm believes have strong, sustainable competitive advantages and significant opportunities for value creation. Over its history, Sterling has completed over 230 transactions, representing over $31 billion in aggregate value, and was recently ranked a Top 10 performing middle market private equity firm globally by Dow Jones-HEC Paris. For more information, visit www.sterlinglp.com.

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SOURCE Verdantas LLC

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