Saudi Arabia in-vitro diagnostics market is projected to witness a CAGR of 6.01% during the forecast period 2023-2030, growing from USD 2.78 billion in 2022 to USD 4.44 billion in 2030. The market is expected to maintain a strong pace of expansion in the coming years owing to the attempts to strengthen the healthcare sector in the region.
In-vitro diagnostics (IVD) refers to medical equipment and reagents designed to conduct diagnostic tests on biological samples like blood, urine, and tissues. These tests diagnose and analyze infectious diseases, autoimmune disorders, and various medical conditions. Additionally, they are utilized to assess adjustments in drug therapy at regular intervals.
The Saudi Arabia in vitro diagnostics market has experienced significant growth in recent years, propelled by factors such as a rising awareness of the importance of early disease detection, increasing prevalence of chronic and infectious diseases, and advancements in medical technology. Furthermore, the government and corporate attempts to improve and expand the healthcare system in the country are also propelling the market growth.
Additionally, the growing elderly population and changing lifestyle patterns have contributed to the increased demand for accurate and swift diagnostic solutions. The segments within the IVD market, including clinical chemistry, immunoassays, molecular diagnostics, hematology, and point-of-care testing, have witnessed remarkable growth. The demand for more sophisticated and personalized healthcare solutions has boosted the adoption of molecular diagnostics and genetic testing, allowing for early identification of genetic predispositions and personalized treatment plans.
Market players, ranging from multinational corporations to local manufacturers, are actively engaged in product innovation and development to meet the evolving healthcare needs of the population. Regulatory authorities, such as the Saudi Food and Drug Authority (SFDA), play a pivotal role in ensuring the quality and safety of IVD products entering the market.
In October 2023, Anbio Biotechnology showcased its debut at AACC Middle East 2023 held in Dubai. This debut marked Anbio’s official launch of in vitro diagnostic (IVD) products in the Middle East market. The launch showcased Anbio’s commitment for delivering effective and affordable laboratory and point-of-care in-vitro diagnostic solutions in the Middle East region and globally.
Advancement in Immunodiagnostics
In Saudi Arabia, the field of immunodiagnostics has witnessed remarkable advancements in the in vitro diagnostics market. The convergence of innovative technologies and a growing emphasis on healthcare has fueled this progress. The integration of automated systems, such as chemiluminescence and ELISA platforms, has enhanced the efficiency and accuracy of immunodiagnostic tests, allowing for rapid and reliable detection of various diseases.
Moreover, the utilization of novel biomarkers and monoclonal antibodies has expanded diagnostic capabilities, enabling early disease identification and personalized treatment approaches. The collaboration between research institutions, healthcare providers, and industry players has facilitated the development of indigenous immunodiagnostic solutions tailored to regional healthcare needs. As a result, Saudi Arabia stands at the forefront of immunodiagnostics innovation and has been contributing significantly to improved patient outcomes and public health management.
In December 2022, bioMerieux revealed that VIDAS KUBE, the advanced automated immunoassay system designed for the VIDAS range, had received the CE-marking. IDAS has revolutionized immunoassays, granting laboratories widespread entry to a straightforward, automated, and resilient technology, ensuring swift and dependable outcomes. VIDAS, with its all-in-one kit adopting a single-test approach, is presently employed in over 160 nations across 25,000 laboratories. It continues to stand as one of the foremost immunoassay systems utilized in clinical laboratories globally.
High Prevalence of Chronic Diseases Drive Demand for IVD
The significant prevalence of chronic conditions such as diabetes, cancer, cardiovascular diseases, and infectious diseases is projected to play a vital role in propelling the in-vitro diagnostics market in Saudi Arabia. In-vitro diagnostic techniques are crucial for diagnosing and monitoring these ailments. This escalating burden of chronic diseases in Saudi Arabia is poised to drive the demand for in-vitro diagnostics products in the country, consequently fostering growth in the Saudi Arabia in-vitro diagnostics market. Moreover, the report by the International Diabetes Federation (IDF) predicts that the diabetes burden in Saudi Arabia will surge from 4.3 million in 2021 to 7.5 million by 2045.
For instance, In September 2023, according to a factsheet by WHO, Noncommunicable diseases (NCDs) are responsible for killing 41 million people each year, equivalent to 74% of all deaths globally. Around 17 million people die from an NCD before the age of 70 years; 86% of these premature deaths occur in low- and middle-income countries. Cardiovascular diseases (CVDs) account for most NCD deaths, (17.9 million people annually), followed by cancers (9.3 million), chronic respiratory diseases (4.1 million), and diabetes (2.0 million).
Amplifying Advancement through Strategic Collaboration among Key Players
The progress in Saudi Arabia in vitro diagnostics market requires a concerted effort of strategic collaboration among key stakeholders. By fostering partnerships between healthcare institutions, research organizations, regulatory bodies, and industry leaders, the IVD sector can unlock new avenues of advancement. Collaborative initiatives can facilitate the sharing of expertise, resources, and data, expediting the development and adoption of innovative diagnostic technologies. These collaborations encompass joint research projects, knowledge-sharing symposiums, and streamlined regulatory processes. Through such collective endeavors, Saudi Arabia can bolster its local IVD capabilities, improve healthcare outcomes, and contribute to global advancements in diagnostics. The collaborative approach will address healthcare challenges effectively and stimulate economic growth and innovation in the IVD market, ultimately benefiting both the nation’s health and its position in the global medical landscape.
In April 2023, Oxford Nanopore Technologies plc joined forces with bioMerieux SA to improve worldwide health results by investigating specific avenues for introducing nanopore sequencing to the market of infectious disease diagnostics.
Dominance of Immunodiagnostics and Growth in Molecular Diagnostics
The immunodiagnostics segment is anticipated to be the leading segment during the assessment period in the market with 35.14% of value share while the molecular diagnostics segment is expected to grow at a significantly higher pace with a CAGR of 7.19% during the forecast period. The rise in infectious and immunological diseases in the region is resulting in higher demand for the immunodiagnostics segment while consanguineous marriage trends among locals in Saudi Arabia is leading to the high prevalence of genetic anomalies is driving the demand for molecular diagnostics.
Saudi Arabia Heavily Rely on Imports for IVD Products
Saudi Arabia is a fast-developing nation, but it relies heavily on imports from European, Asian, and American nations for its healthcare requirements. More than 70% of the healthcare requirements of Saudi Arabia are fulfilled through imports only. As per the recent report by the Gulf Cooperation Council (GCC), in GCC nations the healthcare sector can be segmented into medical devices accounting for 70% of revenues, followed by In-vitro diagnostic (IVD), accounting for 19% of revenues, and medical imaging accounting for 11%. Domestic manufacturing accounts for less than 20% of the market revenues Council (GCC) and is still in its early stages of development. This poses an immense opportunity for manufacturers to thrive in setting up domestic production units in the country. Saudi Arabia’s government launched ‘Vision 2030’ initiative in 2016 to improve access to healthcare, modernize facilities and equipment, and enhance the role of private sector investment in the healthcare sector. In line with the ‘Vision 2030’ initiative, there are immense opportunities for market players in the healthcare sector to expand alongside the in-vitro diagnostics market.
Impact of COVID-19
During the initial stages of the pandemic, Saudi Arabia enforced a lockdown, halted international trade, and imposed travel restrictions, resulting in a reduction in medical diagnoses in the first half of 2020. Several research studies were conducted to shed light on the pandemic’s impact on the analyzed market. For example, a research paper titled “COVID-19 pandemic outbreak in Saudi Arabia: An overview,” published in July 2020, highlighted that extensive measures like global shutdowns, quarantines, and lockdowns had been implemented to curb the spread of the COVID-19 virus. Consequently, these measures initially impeded market growth. Nevertheless, as the number of COVID-19 patients increased and the demand for diagnostics rose in centers, clinics, hospitals, and mobile units, a significant demand for in vitro diagnostics emerged in Saudi Arabia. Given the substantial opportunities in the region, major stakeholders have devised strategies to exploit the potential. In June 2021, G42 Healthcare and Seegene Inc. entered a Memorandum of Understanding (MoU) to deliver fully equipped mobile diagnostic and testing laboratories across the Middle East and North Africa, including Saudi Arabia. Consequently, the market exhibited growth during the pandemic.
Future Market Scenario (2023 – 2030F)
- Growing chronic disease cases and genetic anomalies are majorly driving the demand in the in-vitro diagnostics market.
- Rising technological advancements in diagnostic techniques and instruments are contributing to market growth.
- Molecular diagnostics segment is the fastest-growing segment in the in-vitro diagnostics market due to the growing applications of genetic studies and the high rate of genetic diseases in Saudi Arabia.
- Point-of-care segment is expected to grow at a faster pace due to the growing demand for personalized treatment and increasing disposable income in Saudi Arabia.
Report Scope
“Saudi Arabia In-vitro Diagnostics Market Assessment, Opportunities, and Forecast, 2016-2030F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the Saudi Arabia In-vitro Diagnostics market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2023 and 2030F. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
Click Here: https://www.marketsandata.com/industry-reports/saudi-arabia-in-vitro-diagnostics-market
About Us:
Markets and Data provides a comprehensive/ panoramic understanding of markets at global, regional, and country levels. Examine changing consumer preferences, emerging challenges, underlying trends, and growth prospects to accelerate your business strategies.
Contact
Mr. Vivek Gupta
5741 Cleveland street,
Suite 120, VA beach, VA, USA 23462
Tel: +1 (757) 343-3258
Email: info@marketsandata.com
Website: https://www.marketsandata.com