Infinium Global Research LLP Assists Client in Entering the Blood Collection Products Market in Saudi Arabia

Background

Infinium Global Research LLP, a renowned market research and consulting firm, was approached by a medical devices manufacturer seeking to enter the Blood Collection Products market in Saudi Arabia. The client needed comprehensive insights to make informed decisions and develop a successful entry strategy. Infinium Global Research LLP embarked on a detailed study to provide the client with essential market data and strategic recommendations.

1. Identifying the Market Size of Blood Collection Products in Saudi Arabia

Infinium Global Research LLP conducted a thorough analysis of the Blood Collection Products market in Saudi Arabia. The research involved a mix of primary and secondary data sources, including interviews with key stakeholders, analysis of healthcare trends, and examination of market reports. The findings revealed that the market size for Blood Collection Products in Saudi Arabia was estimated at USD 267.5 million in 2023, with a projected compound annual growth rate (CAGR) of 6.38% over the next six years. This growth is driven by the increasing demand for diagnostic procedures, a rising population, and advancements in healthcare infrastructure.

2. Assessing How Current Demand is Being Met

The study highlighted that the current demand for Blood Collection Products in Saudi Arabia is primarily met through imports from established international manufacturers. The reliance on imported products is significant, with a few domestic producers operating at a smaller scale. The healthcare sector's growing need for reliable and high-quality Blood Collection Products has led to a consistent demand for these products, met mainly by global suppliers.

3. Dependency on Import vs. Domestic Production

The research showed that approximately 70% of the Blood Collection Products used in Saudi Arabia are imported, while only 30% are produced domestically. The high dependency on imports indicates a market gap that domestic producers could potentially fill. The imported products come from leading global companies that dominate the market due to their established reputation and consistent product quality.

4. Price Points and Leading Companies in the Market

Infinium Global Research LLP identified the price points for Blood Collection Products in Saudi Arabia, averaging USD 0.41, depending on the type and quality of the tubes. The leading companies operating in this market include Becton, Dickinson and Company (BD), Greiner Bio-One, and Terumo Corporation. These companies are recognized for their extensive product portfolios, innovation, and adherence to international standards, making them preferred choices among healthcare providers in Saudi Arabia.

5. Entry Strategy and Plant Setup Recommendations

Based on the insights gathered, Infinium Global Research LLP proposed a strategic plan for the client to enter the Saudi Arabian market:

• Market Entry Strategy:
  • Partnership and Collaboration: Form strategic alliances with local distributors and healthcare providers to establish a robust distribution network.
  • Regulatory Compliance: Ensure compliance with Saudi Arabia's regulatory requirements for medical devices to facilitate smooth market entry.
  • Marketing and Promotion: Implement targeted marketing campaigns to raise awareness about the brand and its products among healthcare professionals and institutions.
• Plant Setup:
  • Location Selection: Identify strategic locations for setting up the manufacturing plant, considering factors such as proximity to key markets, availability of skilled labor, and logistical advantages.
  • Investment in Technology: Invest in advanced manufacturing technologies to ensure high-quality production standards and cost-efficiency.
  • Sustainability Practices: Incorporate sustainable practices in the plant operations to align with global environmental standards and appeal to environmentally conscious stakeholders.