Dublin, July 17, 2023 (GLOBE NEWSWIRE) -- 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.
Saudi Arabia In-Vitro Diagnostics (IVD) market is predicted to reach US$ 1.176 billion by 2028
As in other countries, Saudi Arabia is facing the challenges of fighting with infectious disease including HBV, TB, HCV, COVID-19 and HIV, as well as various chronic disease and cancer. In-vitro diagnostics (IVDs) play an important role in the detection of infectious and chronic diseases.
In vitro diagnosis refers to the diagnosis of diseases or other condition of the human body through the collection, preparation, and testing of human samples with reagents, instruments, and systems. Due to the growing geriatric population and the high burden of chronic and infectious diseases, like diabetes, cancer, and COVID-19, the Saudi Arabia IVD market is slated to show significant growth, as these chronic disorders can be diagnosed and monitored using In-vitro diagnostics (IVD) products.
Moreover, Saudi Arabian government is taking number of initiatives to improve the healthcare sector in the country. Under Vision 2030, the Saudi Arabian Government plans to invest over US$ 65 Billion to develop the country's healthcare infrastructure. The government has set the target of privatizing 290 hospitals and 2,300 primary health centers by 2030.
Furthermore, the government seeks to improve the country's healthcare sector by adopting digital information systems.
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 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
- Roche
- Abbott
- Sysmex Corporation
- Danaher Corporation
- Thermo Fischer Scientific Inc.
- Siemens Healthineers
- Biomerieux SA
- Bio-Rad Laboratories, Inc
- Becton Dickinson and Company
- Nihon Kohden Corporation
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
- Infectious Diseases
- Cardiovascular Diseases
- Diabetes
- Oncology
- Nephrology
- Autoimmune Diseases
- 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/ab04zp
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