Saudi Arabia In-Vitro Diagnostics (IVD) Market Analysis 2023-2028 - Increasing Focus on Digitalization Bodes Well for the Sector

2023-07-17
PRNewswire
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DUBLIN, July 17, 2023 /PRNewswire/ -- The "Saudi Arabia In-Vitro Diagnostics (IVD) Market (By Technology/Technique, Application, Product, End User), Size, Share, Major Deals, Key Players Analysis, Recent Developments - Forecast to 2028" report has been added to
ResearchAndMarkets.com's offering.
The Saudi Arabia In-Vitro Diagnostics (IVD) market is poised for significant growth, projected to reach US$ 1.176 billion by 2028.
Similar to other countries, Saudi Arabia is grappling with the challenges posed by infectious diseases such as HBV, TB, HCV, COVID-19, and HIV, along with various chronic diseases and cancer. In this scenario, in-vitro diagnostics (IVDs) play a crucial role in the detection and monitoring of infectious and chronic diseases.
In-vitro diagnosis involves the collection, preparation, and testing of human samples using reagents, instruments, and systems to diagnose diseases and conditions. The robust growth of the Saudi Arabia IVD market can be attributed to the increasing geriatric population and the high burden of chronic and infectious diseases like diabetes, cancer, and COVID-19.
To bolster the healthcare sector, the Saudi Arabian government has undertaken several initiatives, including a planned investment of over US$ 65 billion under Vision 2030 to enhance the country's healthcare infrastructure.
Additionally, the government aims to privatize 290 hospitals and 2,300 primary health centers by 2030 and embrace digital information systems to further improve the healthcare sector in the country.
Recent Developments
In April 2023, Oxford Nanopore Technologies plc, and bioMerieux SA teamed up to improve health outcomes globally by exploring selected opportunities to bring nanopore sequencing to the infectious disease diagnostics market.
In December 2022, bioMerieux announced the CE-marking of VIDAS KUBE, the next generation automated immunoassay system for the VIDAS range.
In July 2022, DiaCarta Inc., a molecular diagnostics company announced that the company has received CE-IVD Mark for its newly developed QuantiVirus SARS-CoV-2 & Flu A/B test.
By Technique/Technology Saudi Arabia IVD Market - Key Takeaway
On technique/technology basis, Immunoassay and Clinical Chemistry are the leading segment of the Saudi Arabia IVD market. In 2022, they contributed over 50 percent to the total Saudi Arabia IVD market.
Self-Monitoring of Blood Glucose (SMBG) holds the 3rd spot in the Saudi Arabia IVD market. The burden of diabetes in Saudi Arabia is expected to reach 7.5 million by 2045.
Molecular Diagnostics accounts for double digit share of the Saudi Arabia IVD market, driven by increasing demand of polymerase chain reaction (PCR) products.
Hematology and Coagulation/Hemostasis segments are competing closely to grab maximum market share of the pie.
Point of Care Testing (POCT) market segment held least share of the Saudi Arabia IVD market.
By Application Saudi Arabia IVD Market - Key Takeaway
On the basis of application, Infectious diseases and Diabetes are the leading segment of the Saudi Arabia IVD market. Together they contributed over 50 percent to the total Saudi Arabia IVD market.
The Saudi Government has set a goal to increase life expectancy from 75 to 80 years of age. This will be achieved primarily by addressing the disease burden of noncommunicable diseases in the country, such as cardiovascular disease (CVD).
The oncology application segment of the Saudi Arabia IVD market is predicted to reach nearly US$ 100 Million by 2028.
Autoimmune DiseasesAutoimmune Diseases was responsible for single digit share of the Saudi Arabia IVD market in 2022, while Nephrology held least share of the Saudi Arabia IVD market.
By Product Saudi Arabia IVD Market - Key Takeaway
Reagents held largest share of the Saudi Arabia IVD market in 2022 and is expected to remain dominant over the forecast period.
The instruments segment was responsible for nearly a quarter of the Saudi Arabia IVD market in 2022.
The software and services held least share of the Saudi Arabia IVD market.
By End User Saudi Arabia IVD Market - Key Takeaway
Government Labs & Hospitals was responsible for lion's share of the Saudi Arabia IVD market in 2022.
Private Labs & Hospitals contributed nearly a quarter to the overall Saudi Arabia IVD market.
Saudi Arabian government has set the target of privatizing 290 hospitals and 2,300 primary health centers by 2030, under the Saudi Vision 2030 Plan.
Saudi Arabia IVD Market - Company Analysis
In 2022, Roche diagnostics division generated revenues worth US$ 19,708 Million.
In the diagnostics business, Abbott will focus on driving sales growth from its Alinity suite of diagnostics instruments and its portfolio of rapid diagnostic testing system.
Thermo Fisher's Specialty Diagnostics revenue declined to US$ 4,763 Million in 2022, primarily driven by decrease in revenues of products addressing diagnosis of COVID-19.
In May 2023, Siemens Healthineers announced the launch of next-gen hematology analyzers: Atellica HEMA 570 Analyzer and the Atellica HEMA 580 Analyzer.
Saudi Arabia In-Vitro Diagnostics (IVD) Market - Driving Factors
Government Initiatives Drives In-Vitro Diagnostics (IVD) Market
Increasing Focus on Digitalization of Healthcare Sector
Rising Incidence of Various Infectious and Chronic Diseases
Expanding Elderly Population Segment
Technology Advancement Spurring the IVD Market
Saudi Arabia In-Vitro Diagnostics (IVD) Market - Challenges
Regulatory Requirements and Stringent Policies
Lack of Research Focus
Operational Barriers Faced in Conducting Diagnostic Tests
Saudi Arabia IVD Market - Key Players Analysis
Abbott
Thermo Fischer Scientific Inc.
Siemens Healthineers
This 263 Pages report with 72 Figures and 8 Tables has been analyzed from 10 View Points:
Saudi Arabia IVD Market and Forecast (2018 - 2028)
Saudi Arabia IVD Market Share and Forecast (2018 - 2028)
Saudi Arabia IVD Market & Forecast - By Technology/Technique (2018 - 2028)
Saudi Arabia IVD Market & Forecast - By Application (2018 - 2028)
Saudi Arabia IVD Market & Forecast - By Product (2018 - 2028)
Saudi Arabia IVD Market & Forecast - By End User (2018 - 2028)
Saudi Arabia IVD Market - Key Players Analysis (2014 - 2028)
In-Vitro Diagnostics (IVD) Market - Major Deals
In-Vitro Diagnostics (IVD) Market - Recent Developments
Saudi Arabia IVD Market - Industry Drivers & Challenges
By Technique/Technology - Saudi Arabia IVD Market and Forecast
Immunoassay
Clinical Chemistry
Hematology
Coagulation/Hemostasis
Microbiology
Molecular Diagnostic
Self-Monitoring of Blood Glucose (SMBG)
Point of Care Testing (POCT)
Others
By Application - Saudi Arabia IVD Market and Forecast
Oncology
Nephrology
Others
By Product - Saudi Arabia IVD Market and Forecast
Reagents
Instruments
Software and Services
By End User - Saudi Arabia IVD Market and Forecast
Government Labs & Hospitals
Private Labs & Hospitals
Others
For more information about this report visit https://www.researchandmarkets.com/r/r9lyjd
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