Saudi Arabia Diagnostic Labs Market to Grow at a CAGR of 7.4% during Forecast Period
Published | 20 July 2022
Flourishing Saudi Arabia Diagnostic Labs Market is attributed to the rising concern of people about their health and seeking regular health checks to detect and diagnose the disease early with the thriving healthcare industry in Saudi Arabia, combined with rising healthcare expenditure fuels the market…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Saudi Arabia Diagnostic Labs Market is predicted to grow at a CAGR of 7.4%, by the end of 2028. The Saudi Arabia Diagnostic Labs Market is booming because of the rising frequency of chronic and infectious diseases such as cancer, cardiovascular disease, gastrointestinal disorders, renal disorders, and urological difficulties. Additionally, there is now a greater demand for diagnostic tests to identify COVID-19 as a result of the pandemic COVID-19's quick outbreak and spread. In turn, this supported market expansion in 2020. Additionally, rising health consciousness and disease awareness among the populace are anticipated to promote market expansion. People are becoming more concerned about their health and getting frequent checkups so they can identify any diseases that are prevalent early on. Furthermore, Saudi Arabia Diagnostic Labs Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. However, the lack of public awareness and a stringent regulatory landscape for establishing diagnostic laboratories in Saudi Arabia, in turn, may act as a huge restraining factor for the market growth.
Increased Elderly Population to Support Market Growth
According to the Saudi Arabia Department of Statistics, the number of elderly is close to one million and three thousand, or 5% of the total population, resulting in a greater demand for disease and disorder diagnostics. The proportion of people over the age of 65 is growing, resulting in a greater need for chronic care and driving the growth of the Saudi Arabia Diagnostic Lab Market. Furthermore, the growing number of lab facilities contributes to market growth. In Saudi Arabia, where many multinational laboratory chains are expanding, the number of laboratory facilities has increased significantly. This has increased the demand for conducting lab tests at these facilities, positively impacting the market growth of Saudi diagnostic labs. For example, Dr. Lal Path Labs, one of India's top pathology labs, has two diagnostic centers in Saudi Arabia and performs all types of blood and urine tests.
Application of Point-of-Care Diagnostic Products
As they are more prone to chronic diseases, the rise in the use of point-of-care diagnostic products introducing a decentralization trend in the healthcare industry is one of the major factors driving the growth of the Saudi Arabia Diagnostic Labs Market. Furthermore, disease management drives market expansion. The growing demand for lab automation, as well as the development of sophisticated and specialized tests for early disease detection and disease management, is driving the market growth. Furthermore, the rising prevalence of lifestyle diseases such as atherosclerosis, heart disease, and stroke further influence the market. Furthermore, increased healthcare decentralization creates profitable opportunities for market participants from 2022 to 2028. In addition, there has been an increase in investments and funding.
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Segmental Coverage
Saudi Arabia Diagnostic Labs Market – By Test Type
The Saudi Arabia Diagnostic Labs Market is divided into two categories: Radiology and Pathology. The pathology segment has the largest market share of these. Currently, the pathology segment dominates the market. Pathology tests confirm any disease and are repeated regularly even after the problem has been identified. People have become more health-conscious in general, and as part of their preventive healthcare practices, they actively participate in regular health check-ups. Furthermore, radiology is expected to dominate the market over the forecast period. This is because the majority of people work in this field. Medical professionals use the images to examine tissues, bones, and joints. Internal injuries are also detected using radiography. Radiologists create two- and three-dimensional images based on the doctor's instructions and requirements. Examples include nuclear medicine, PET (positron emission tomography), X-ray, CT scan, and ultrasound. During the forecast period, all of these factors contribute to the growth of the Saudi Arabia Diagnostic Labs Market (2022-2028).
Impact of COVID-19 on Saudi Arabia Diagnostic Labs Market
As patients demanded preliminary and blood testing to check for the presence of novel coronaviruses, the Saudi Arabia Diagnostic Labs market expanded. As the prevalence of cardiovascular diseases, gastrointestinal problems, renal disorders, cancer, and other diseases rises, laboratory tests are required to detect their presence and to identify an effective treatment for each disease. Furthermore, as people become more aware of the negative effects of infectious diseases, they are turning to diagnostic tests to help them stay healthy. Furthermore, the country's aging population, which is more susceptible to a variety of diseases, is expected to increase the demand for Saudi Arabian diagnostic labs over the forecast period (2022-2028).
Competitive Landscape
The leading market players in the Saudi Arabia Diagnostic Labs Market are Al Borg Medical Laboratories, Delta Medical Laboratories, Al-Faradi Medical Laboratories, Alfa Medical Laboratories, Roya Specialized Medical Laboratories, Tibyana Medical Laboratories, Al Hyatt Medical Laboratories, Al-Arab Medical Laboratories, Medical Diagnostics Labs, Advanced Cell Laboratory for Medical Analysis Company, and other prominent players. The Saudi Arabia Diagnostic Labs Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Saudi Arabia Diagnostic Labs Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Saudi Arabia Diagnostic Labs Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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