Saudi healthtech market projected to soar under Vision 2030

Riyadh skyline by night

Data by market research and consulting company Ken Research projects that the healthtech market in Saudi Arabia will reach US$ 5.7 billion by 2027 with a CAGR of 12.2%.

The report cites factors that include Saudi Vision 2030, which prioritises healthtech adoption, and promotes innovation and startups; widespread smartphone use fuelling accessibility and convenience for telemedicine, health apps, and digital platforms; expanding digital healthcare solutions aimed to bridge the healthcare accessibility gap in remote areas of the Kingdom; and growing demand for personalised care and preventive healthcare solutions.

Growth areas identified by the report include the adoption of AI in diagnostics, drug discovery, and personalised medicine; blockchain technology for secure data management; the integration of IoT devices for real-time health data and remote patient monitoring; and public-private partnerships.

The report however cautions that complex regulations in the Kingdom, cybersecurity measures, bridging the digital literacy gap to increase awareness of healthtech solutions, and seamless interoperability to integrate digital solutions with existing healthcare systems remain challenges.

Despite these promising developments, the report underscores several challenges that need to be addressed. Complex regulations in the Kingdom pose hurdles, while cybersecurity measures are imperative to safeguard sensitive patient data. Bridging the digital literacy gap is essential to enhance awareness and adoption of healthtech solutions. Lastly, ensuring interoperability to integrate digital solutions with existing healthcare systems remains a challenge.

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