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HomeBusinessSaudi In-Vitro Diagnostics Market Poised for Growth

Saudi In-Vitro Diagnostics Market Poised for Growth

Insightful Forecast to 2030 on IVD Expansion

February 27, 2024
in Business
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A comprehensive report titled “Saudi Arabia In-Vitro Diagnostics Market (By Technology, Application, Product, End User), Size, Share, Major Deals, Government Initiatives, Key Company Profiles, Revenue, Recent Developments – Forecast to 2030” has recently been made available, shedding light on the expected expansion of the in-vitro diagnostics (IVD) sector in Saudi Arabia. The market is projected to experience a significant increase, growing from an estimated value of US$ 780 Million in 2023 to US$ 1,195 Million by 2030.

Currently holding the largest share of the IVD market in the Gulf Cooperation Council (GCC), Saudi Arabia is leading the way in meeting the rising demand for IVD technologies, which are used in detecting a wide array of conditions, including infectious and chronic diseases.

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Several factors are driving the market’s growth, such as the rising prevalence of diseases like hepatitis, tuberculosis, HIV, chronic health conditions, and cancer. The country’s aging population is also contributing to the increased need for advanced diagnostic solutions. Notably, the Saudi government has initiated significant healthcare investments, with over US$ 65 Billion allocated under Vision 2030 for enhancing healthcare infrastructure.

Recent Developments in the IVD Sector:

  • The acquisition by bioMérieux of LUMED to improve antimicrobial stewardship and infection monitoring.
  • Sysmex Corporation’s expansion of its Global Business Partnership Agreement with Roche Diagnostics.
  • Unilabs’s investment in Siemens Healthineers’ technology to boost laboratory services.

IVD Market Analysis by Technology:

Immunoassay and Clinical Chemistry are leading the technology segments, accounting for around 60 percent of the market share. The Molecular Diagnostics segment holds a smaller portion but is also experiencing growth. The emergence of Point-of-Care Testing (POCT) is set to revolutionize diagnostic processes and demonstrates the sector’s adaptability.

IVD Market Analysis by Application:

Applications related to infectious diseases and diabetes are predominant, representing over half of the market. The country’s focus on combating noncommunicable diseases is also expected to influence the IVD sector, as there is a national goal to increase life expectancy to 80 years.

IVD Market Analysis by Product:

Reagents are the leading product category within the Saudi IVD market, followed by instruments. There is also notable growth in the software and services segment, spurred by technological advancements and innovative service offerings.

IVD Market Analysis by End User:

Government Labs & Hospitals form the backbone of consumption in the IVD market, with Private Labs & Hospitals also making significant contributions. These trends highlight the opportunities arising from the Vision 2030 healthcare privatization efforts.

The commitment of Saudi Arabia to enhance its healthcare system, incorporate digital technologies, and strengthen laboratory capabilities is evident through strategic partnerships and developments in the region. This comprehensive analysis offers a detailed perspective on the IVD landscape in Saudi Arabia and its expected evolution by the end of the decade.

The extensive 279-page document combines detailed research, expert commentary, and insights into the Saudi in-vitro diagnostics market, providing a deep dive into current trends, key players, and future market dynamics for industry participants, healthcare professionals, and investors interested in the region’s healthcare sector.

Companies Mentioned:

  • Abbott
  • Becton Dickinson and Company
  • Bio-Rad Laboratories, Inc
  • Biomerieux SA
  • Danaher Corporation
  • Nihon Kohden Corporation
  • Roche
  • Siemens Healthineers
  • Sysmex Corporation
  • Thermo Fischer Scientific Inc.
Tags: Healthcare MarketIn-Vitro DiagnosticsIVD Technologymarket growthsaudi arabia
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