DUBLIN, Feb. 26, 2024 /PRNewswire/ — The “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” report has been added to ResearchAndMarkets.com’s offering.
The in-vitro diagnostics (IVD) sector in Saudi Arabia is expected to observe a substantial surge in market value, anticipating a climb from a valuation of US$ 780 Million in 2023 to US$ 1,195 Million by the year 2030.
Accounting for the largest market share within the Gulf Cooperation Council (GCC) region, Saudi Arabia is forefront in responding to the heightened demand for IVD technologies, catering to a diverse range of applications including infectious and chronic disease detection.
The growth trajectory of the Saudi market is fueled by the increasing prevalence of diseases such as hepatitis B and C, tuberculosis, HIV, and a higher incidence of chronic diseases and various cancers. In conjunction with this, the aging population further propels the need for advanced healthcare diagnostics. Government initiatives play a pivotal role in market expansion, with landmark infrastructure investments exceeding US$ 65 Billion earmarked under Vision 2030 to upgrade healthcare facilities across the nation.
Recent Developments in IVD Sector:
- bioMérieux’s acquisition of LUMED to enhance antimicrobial prescriptions and infection monitoring.
- Sysmex Corporation expands Global Business Partnership Agreement with Roche Diagnostics.
- Unilabs’s considerable investment in Siemens Healthineers’ technology, strengthening laboratory services.
By Technology:
An analysis of the in-vitro diagnostics market reveals that Immunoassay and Clinical Chemistry segments contribute significantly, claiming nearly 60 percent of the market share in 2023. Additionally, the Molecular Diagnostics segment, while commanding a 10 percent share of the market, is also on an upward trajectory. Point-of-Care Testing (POCT) demonstrates transformative potential in diagnostic practices, illustrating the market’s dynamic nature.
By Application:
Infectious diseases and Diabetes dominate the application segment, jointly accounting for about 55 percent of the market. In parallel, Saudi Arabia aims to tackle noncommunicable diseases comprehensively, aiming to elevate the average life expectancy to 80 years, thus impacting the IVD market dynamics.
By Product:
Reagents hold the fort as the largest product segment within the Saudi IVD market in 2023, with instruments following closely. The software and services segment is showing signs of growth, driven by technological upgrades and innovative offerings.
By End User:
Government Labs & Hospitals are the primary consumers in this market, complemented by a substantial contribution from Private Labs & Hospitals. These findings elucidate significant market opportunities linked to the Vision 2030 Plan for healthcare privatization.
Saudi Arabia’s commitment towards upgrading its healthcare infrastructure, integrating digital systems, and bolstering laboratory capabilities is clear from the recent developments and strategic partnerships in the region. With a focus on government initiatives and burgeoning market segments, this analysis presents a holistic view of the IVD landscape in Saudi Arabia and its prospective evolution by the close of this decade.
The detailed 279-page report is an amalgamation of comprehensive research, expert analysis, and insights on the Saudi Arabia in-vitro diagnostics market, offering an in-depth understanding of the current trends, key players, and future market dynamics.
For those looking to grasp the full scope of the Saudi Arabia In-Vitro Diagnostics market, the report is accessible online, encompassing data and predictions vital for industry stakeholders, healthcare professionals, and investors with an interest in the region’s healthcare advancements.
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.
For more information about this report visit https://www.researchandmarkets.com/r/t4xu70
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