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Saudi Arabia Preventive Healthcare Opportunities for Finnish companies

diagnostics lifestyle-chronic-diseases preventive-healthcare Saudi-Arabia
Advisor

Ferdinand Roc

+966 114 881 042
ferdinand.roc@businessfinland.fi
Amid the volatility in oil prices and dampened global economic growth due to the outbreak of Covid-19, according to report the Saudi Arabia healthcare market is expected to grow to $16.1 billion in value at 8.8% in 2020. With an estimated population of 34.8 million with an annual growth rate of 1.6%, Saudi Arabia is the largest in the GCC countries. The Saudi Arabian healthcare sector caters to a rapidly growing population and the concurrent increasing demand on the healthcare sector.

With an estimated population of 34.8 million with an annual growth rate of 1.6%, Saudi Arabia is the largest in the GCC countries. The Saudi Arabian healthcare sector caters to a rapidly growing population and the concurrent increasing demand on the healthcare sector.

Saudi Arabia has witnessed a rise in the need for health care services resulting from the lifestyle choices. Diabetes, cancer, high blood pressure, to name but a few, have been on the rise. They are one of the groups that are vulnerable and high risk for the Covid-19 virus. Even before the pandemic, the healthcare sector represents a huge and growing market in Saudi Arabia, where spending as a proportion of the total national budget has more than doubled in recent years. Now the government are also aligning more budgets to the healthcare sector due to the pandemic.

Because of urbanization and rising income, the majority of Saudi population have adopted an inactive lifestyle characterized by an aversion to exercise and consumption of processed food leading to lifestyle-chronic diseases such as diabetes, coronary problems and other obesity related illnesses. Obesity is fast turning out to be a major cause of concern in Saudi Arabia with 7 out of 10 Saudis suffering from obesity, and 37 percent of Saudi women facing problems related to overweight. According to report, 17.9% of the Saudi Arabia adult population has diabetes.

Companies and sectors benefiting from this opportunity

  • Finland is known for its health care technology solutions and services in combating lifestyle related diseases. Finland has been successful in preventing chronic, non- communicable diseases. Dealing with cancers, diabetes and cardiovascular and respiratory diseases.
  • Finland has globally acclaimed health promotion and disease prevention expertise, which has lead the life expectancy rates to rise markedly over the last few decades.
  • Finnish companies that are having Covid-19 related solutions.

Solutions or products needed

  • Services and products mostly in the field of preventive health care
  • Education and training (screenings and check-ups, early diagnosis of diseases)
  • Covid-19 related solutions (Diagnostic & Testing, Tracking, Remote Patient Monitoring and Care)

Team Finland Services Available

  • Business Finland internationalisation advice
    Advise and connect Finnish companies with relevant players in the value chain.
  • Business Finland funding services

E.g. Explorer funding such as Market Explorer for acquiring knowledge for international market entry, Group Explorer for joint SME export opportunities or Exhibition Explorer to participate in a trade fair in Saudi Arabia, such as Global Health Saudi Arabia

Contacts

For more information about this opportunity, please contact
Ferdinand Roc
Senior Advisor, Business Finland, Saudi Arabia
ferdinand.roc (at) businessfinland.fi
+966 50 2129779

Read more about this opportunity

Key factors that make Saudi Arabia’s healthcare market attractive are:

  • Saudi Arabia Healthcare Sector is structured to provide a basic platform of healthcare services to all, with specialized treatment facilities offered at some private and public hospitals.
  • Saudi Arabia population to reach 45 Million by 2030
  • Healthcare expenditure to hit 160 US$ billion by 2030.
  • Healthcare spending in the Kingdom has increased in line with the Government’s ambitious Vision 2030 roadmap to diversify its economy by expanding the role of the private sector and creating additional capacity for the growing healthcare market.
  • Saudi Arabia will require 29,000 to 47,000 additional beds, in turn requiring additional investment of between16.2 US$ billion to 26.3 US$ billion by 2030.
  • - Foreign investors may now fully own, operate and manage all types of private healthcare institutions with the exception of clinics.