Ohio, Cleveland, April 25, 2023 (GLOBE NEWSWIRE) -- Market Overview:
In Saudi Arabia, laboratories are vital for preserving the public's health, fostering creativity, and advancing technology. They also help to ensure the safety and quality of products and services. They are governed by stringent laws and rules that include everything from safety precautions to moral standards and quality assurance requirements. In Saudi Arabia, a laboratory is a place containing specialized tools and equipment used for performing tests, experiments, and research in the sciences. Usually, universities, government agencies, and private businesses are in charge of these labs. They include a wide range of topics, such as industrial, environmental, agricultural, and medical sciences.
Market Size Growth Rate:
According to the DataM market research report, the Saudi Arabia laboratories market size was valued at US$ billion in 2022 and is projected to reach US$ 1.46 billion by 2030, with growth at a CAGR of 7.7% over the forecast period (2023-2030).
The expansion of medical laboratories in Saudi Arabia is being driven by the rising demand for high-quality healthcare services as well as the requirement for precise and quick diagnostic tests. The expansion of research laboratories in a variety of sectors, including nanotechnology and biotechnology, has been fueled by government initiatives to support research and development in universities and other educational institutions. Many barriers hinder the Saudi medical industry from producing cutting-edge medical products locally. Medical devices of excellent grade imported from outside may barely be compared to local production.
Download Free Sample: https://www.datamintelligence.com/download-sample/saudi-arabia-laboratories-market
Market Drivers:
Chronic and infectious diseases are having a serious impact on public health in Saudi Arabia and the country's healthcare system. According to the Saudi Health Interview Survey, there is a significant burden of dietary and lifestyle risk factors, including obesity, hypertension, and diabetes. Particularly among young Saudi Arabians, significant increases in the load attributed to risk factors have been recorded (aged 15–24 years). According to a National Institute of Health (NIH) survey, Saudi Arabia's demographic makeup has altered as a result of longer life expectancies and lower fertility rates. This aspect is contributing to a rise in the number of senior citizens in the country. Estimations from organizations such as NIH have suggested that 20% of people in the country will be aged above 65 years by 2050.
Market Restraints:
The limited funding and lack of skilled workforce limit the market growth. The inadequate funding for research and development activities is one of the main obstacles for laboratories in Saudi Arabia. In Saudi Arabia, there is a shortage of competent and experienced workers working in science and technology. Saudi citizens sometimes choose to work in the private sector or pursue higher education abroad, making it difficult for laboratories to find and keep experienced staff.
Market Opportunities:
The growing number of cancer patients in Saudi Arabia is anticipated to open up several new market opportunities. Breast, colorectal, and lung cancers are the most prevalent types of cancer in Saudi Arabia, where the incidence of the disease has been progressively rising over the past several years. Many factors, including dietary and lifestyle changes, greater exposure to pollutants in the environment, and an aging population, may be contributing to the rise in cancer cases.
According to the report of the World Health Organization 2020, in Saudi Arabia, the number of new cases of colorectum cancer is 14.4%, breast cancer at 14.2%, thyroid at 10.2%, leukemias 6%, non-Hodgkin lymphoma 6.1%, and other cancers 49.2%. The rising incidence of cancer drives the demand for research into new cancer treatments, which drives the need for laboratories and equipment in Saudi Arabia.
COVID-19 Impact Analysis:
The recent outbreak of COVID-19 is expected to positively impact the Saudi laboratory industry, as the pandemic has boosted laboratory testing services. It has been found that the current clinical diagnostics and technology, including molecular and serological testing approaches for severe acute respiratory syndrome‐coronavirus 2 (SARS‐CoV‐2) testing has increased. For instance, in February 2021, Thermo Fisher Scientific launched the TaqPath COVID–19 HT Kit for use on its automated amplitude platform, to increase their COVID-19 testing capacity by combining Thermo Fisher's extraction and real-time PCR instruments with liquid handling products from Tecan Group.
Recent Developments in the Industry:
- In March 2021, Eppendorf developed the brand new VisioNize pipette manager and is on its way toward digitalization in manual pipetting. The system is ideal for scientists who manage a high workload and require many intricate pipetting steps. Technology solutions are here to help scientists improve speed, accuracy, efficiency, and collaboration. This is where connectivity and the Internet-of-Things approach come in.
- In March 2022, Thermo Fisher Scientific, a company serving science, collaborated with Symphogen, an antibody center of excellence within Servier, the international pharmaceutical company to supply biopharmaceutical discovery and development laboratories with novel innovative tools and aerodynamic workflows for complex therapeutic proteins’ better characterization.
- In June 2022, Roche introduced the BenchMark ULTRA PLUS system, their most recent cutting-edge platform for tissue staining. So that clinicians may decide on a patient's course of therapy promptly, the system offers speedy and accurate test results.
Market Segmentation:
As per the research analysis, the Saudi Arabia laboratories market is segmented by product type analytical equipment, general equipment, specialty equipment, support equipment, and others; by technology into polymerase chain reaction (PCR), in situ hybridization (ISH), DNA sequencing & next-generation sequencing (NGS), isothermal nucleic acid amplification technology (INAAT), DNA microarrays, others; by specialty into hematology, immunology, chemistry, histopathology, microbiology, cytology, genetic testing, others; and by end user into medical diagnostics, clinical research, life science research, pharmaceutical research and development, others.
- Based on product, the analytical equipment segment is estimated to hold a significant market share over the forecast period (2023-2030). Analytical equipment encompasses a broad range of instrumentation whose principal purpose is to qualitatively and quantitatively analyze samples, the chemical makeup of a sample, and the quantity of each component within a sample. The wide range of available equipment also allows for a wide range of testing methods and their respective applications. These equipment are used in a variety of fields, given their cross-discipline compatibility to analyze samples. It includes those used in spectroscopy, mass spectrometry, electrochemical analysis, thermal analysis, separation analysis, microscopy, and the various hybrid technologies. Examples of analytical equipment include mass spectrometers, chromatographs (GC and HPLC), titrators, spectrometers (AAS, X-ray, and fluorescence), particle size analyzers, rheometers, elemental analyzers (salt analyzers, CHN analyzers), thermal analyzers, and more.
View Full Report: https://www.datamintelligence.com/research-report/saudi-arabia-laboratories-market
Competitive Analysis:
There are numerous international and local suppliers in the Saudi Arabia laboratories market. The competition in the local market is fierce. The vendors compete based on price, product quality, dependability, and aftermarket services. As a result, to prosper and survive in a competitive market, suppliers must provide cost-efficient and effective products.
Major Companies:
Major companies working towards the market's growth include Somatco, Mediserv, Salehiya Establishment, AL MOUMEN MEDICAL SUPPLY, National Scientific Company Limited (NSC), Sartorius AG, Eppendorf AG, Thermo Fisher Scientific Inc., Danaher Corporation, Shimadzu Corporation, F. Hoffmann-La Roche AG, Bio-Rad Laboratories Inc., Bruker Corporation, E. Merck KG, Becton Dickinson and Company, and Abbott Laboratories.
Additional Benefits Post Purchase:
1) Unlimited Analyst support for a period of 1 year.
2) Any query with regard to the scope offered will be addressed within 24- 48 hours.
3) An Excel sheet with market numbers will be provided separately.
The Full Report has the below insights:
- The report offers a comprehensive evaluation of the market in terms of market value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2021-2022) and verifiable projections about market size during the forecast period (2023-2030).
- Visualize the composition of the Saudi Arabia laboratories market segmentation by product type, technology, specialty, and end user, highlighting the key commercial assets and players.
- By Product Type: Analytical Equipment, General Equipment, Specialty Equipment, Support Equipment, Others
- By Technology: Polymerase Chain Reaction (PCR), In Situ Hybridization (ISH), DNA Sequencing & Next-generation Sequencing (NGS), Isothermal Nucleic Acid Amplification Technology (INAAT), DNA Microarrays, Others
- By Specialty: Hematology, Immunology, Chemistry, Histopathology, Microbiology, Cytology, Genetic Testing, Others
- By End User: Medical Diagnostics, Clinical Research, Life Science Research, Pharmaceutical Research and Development
- Identify commercial opportunities in the Saudi Arabia laboratories market by analyzing trends and co-development deals.
- The report also covers data insights on various industry forces such as Porter’s five forces analysis, supply chain analysis, pricing analysis, and regulatory analysis.
- Excel data sheet with thousands of data points of Saudi Arabia laboratories market-level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in Excel for the key product of all major market players
- The report will provide access to approximately 61 market data tables, 64 figures and close to 180 pages.
About Us:
DataM Intelligence 4 Market Research is a premier market research and business consulting firm that empowers businesses with accurate, reliable, and real-time market data and insights across a wide range of industries. Established in 2017, we have collaborated with over 750 companies, delivering valuable market intelligence for more than 6000 markets. Our expertise, extensive industry coverage, and robust research methodology have earned us the trust of our clients, making us their go-to partner for market intelligence needs.
At DataM Intelligence, we provide comprehensive, insightful, and actionable market intelligence, helping businesses navigate complex market landscapes and make informed decisions. Our dedicated team of analysts and industry experts possess in-depth knowledge and experience in their respective fields, ensuring the highest levels of accuracy and data integrity. Choose DataM Intelligence for all your market research and business consulting needs and experience the difference our commitment to excellence can make for your business.
