Saudi Arabia In-Vitro Diagnostics Market to Reach US$ 1,020 Million by 2024: IMARC Group
As per the latest study by IMARC Group, titled “Saudi Arabia In-Vitro Diagnostics (IVD) Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the Saudi Arabia in-vitro diagnostics (IVD) market size reached US$ 650 Million in 2018. The market is further projected to reach a value of US$ 1,020 Million by 2024, expanding at a CAGR of about 8% during the forecast period (2019-2024). High temperatures in Saudi Arabia have led people to lead a sedentary life and avoid outdoor physical activities such as walking, jogging, cycling, etc. Along with this, they have a high-sugar diet which has increased the cases of lifestyle diseases such as diabetes, obesity and cardiovascular problems. Moreover, the healthcare system of Saudi Arabia is facing pressure by the aging population which can be attributed to decreasing national fertility rates along with increased national life expectancy by nearly 35 years from an average of 42 years in 1950 to 76 years in 2014. As a result of these factors, the demand for in-vitro diagnostics has risen in Saudi Arabia in recent years.
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Market Drivers:
IVDs offer substantial cost reduction opportunities for the Government of Saudi Arabia and provide high-quality healthcare solutions to the population. They deliver efficient, preventative care through integrated screening programs, offer early detection and assist in reducing disease incidence- and mortality-rates. Moreover, the Government increased its healthcare budget from SAR 133 Billion in 2017 to SAR 147 Billion in 2018. This has aided in expanding healthcare facilities, developing integrated healthcare systems, enhancing diagnostics laboratories and incorporating advanced medical devices such as IVDs. Another factor stimulating the demand for IVDs is the elevating income levels of people in Saudi Arabia. This, coupled with a rise in health awareness, has enabled them to increase their expenditure on medical health. Further, in order to boost private-sector participation in the healthcare system, the Government is shifting towards a “universal coverage” insurance system and providing loans for the development of numerous healthcare facilities like hospitals, clinics and laboratories in both rural and urban areas. This, in turn, is expected to attract more investors in rural spaces of the country.
Market Summary:
Market Breakup by Application
1. Infectious Diseases
2. Diabetes
3. Blood Test
4. Nephrology
5. Cardiology
6. Oncology
7. Autoimmune Diseases
8. Others
The major application areas of IVDs include infectious diseases, diabetes, blood test, nephrology, cardiology, oncology and autoimmune diseases. Amongst these, infectious diseases account for the majority of the overall market share, representing the leading application segment.
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Market Breakup by End-User
1. Hospital-Based Centres
2. Diagnostics Chains
3. Standalone Centres
4. Others
On the basis of end-users, hospital-based centers represent the most popular segment, holding the largest market share. They are followed by diagnostic chains, standalone centers and others including academic institutes and patient self-testing.
Competitive Landscape
The report has analyzed the competitive landscape of the market and provides detailed profiles of the key players operating in the industry.
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