Saudi Arabia in vitro diagnostics (IVD) market is growing at a high CAGR due to the increasing incidences of various infectious and chronic diseases coupled with rising number of technological advancements.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Saudi Arabia in vitro diagnostics (IVD) market was worth USD 912.5 million in the year 2021. The market is projected to grow at a CAGR of 11% during 2022-2028 (forecast period), earning revenues of around USD 1,841.2 million by the end of 2028. The Saudi Arabia IVD market is booming on account of some of the key factors including growing government initiatives, an increase in the occurrence of a number of different infectious and chronic diseases.
Advancement in Technology Providing a Boost to the IVD market
The diagnostics sector accounts for a sizable proportion of the total healthcare budget in the Kingdom. They play an essential role in healthcare decision making and in lowering disease rates and costs. One of the primary focuses of Saudi Arabia’s Vision 2030 is the modernization of the country’s healthcare system, which is reflected in the country’s Health care Agenda. As a result of technological advancements, the market now includes immunological illness, clinical chemistry, molecular diagnostics, clinical microbiology, hematology, coagulation, and hemostasis, creating a rich environment for innovation and growth.
There has been a Rise in the Incidence of a Variety of Infectious and Persistent Diseases in Recent Years
Rising incidences of a variety of infectious and persistent disease have allowed for the expansion of the healthcare infrastructure, the implementation of integrated healthcare systems, the improvement of diagnostic laboratories, and the utilization of cutting-edge medical technology like IVD. The bettering of people’s living situations in Saudi Arabia is another factor that is contributing to the rise in demand for IV medications. They have been in a position to boost the amount of money that they spend on medical health as a result of this, as well as the accompanying rise in knowledge regarding the significance of expenditures of this sort.
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Segmental Coverage
Saudi Arabia IVD Market – By Technology
The Saudi Arabian in vitro diagnostics (IVD) market has been broken down into several subcategories based on the technologies used to develop these products. These subcategories include immunoassay, clinical chemistry, haematology, coagulation/hemostasis, microbiology, molecular diagnostic, self-monitoring of blood glucose, point of care testing, and others. The immunoassay and clinical chemistry IVD techniques are the most widely used IVD methods in Saudi Arabia, while the point-of-care testing segment has the smallest share of the IVD market in Saudi Arabia.
Competitive Landscape
Some of the leading players in the Saudi Arabia IVD market include F. Hoffmann-La Roche Ltd., Abbott, Sysmex Corporation, Danaher Corporation, Thermo Fischer Scientific, Siemens Healthineers GmbH, bioMérieux SA, and other prominent players. Due to the existence of numerous production firms in the region, the Saudi Arabia IVD market is quite dispersed. Spending on research and development (R&D), using cutting-edge technology, and delivering improved products are all ways that market leaders keep their positions at the top. Alliances, agreements, mergers, and collaborations are just a few of the strategies employed by the companies.
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