Saudi Arabia IVD Market
Saudi Arabia In Vitro Diagnostics (IVD) Market to Cross USD 1,841.2 Million by 2028
Published | 26 August 2022
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.
Request for Sample Report @ https://www.blueweaveconsulting.com/report/saudi-arabia-in-vitro-diagnostics-market/report-sample
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.
Saudi Arabia IVD Market – By End User
Based on end user, Saudi Arabia IVD market has been segmented into government labs & hospitals, private labs & hospitals and others, where government labs and hospitals segment accounted for majority of the share in 2021. Nearly a quarter of the total Saudi Arabia IVD market in 2021 came from private laboratories and hospitals. Under the Saudi Vision 2030 plan, the Saudi Arabian government has committed to privatizing 295 hospitals by the year 2030.
Impact of COVID-19 on Saudi Arabia IVD Market
Even Saudi Arabia is monitoring the COVID-19 pandemic. IVDs are also used for thorough testing. IVD manufacturers create cutting-edge tools for speedy and comprehensive testing. In April 2021, Sysmex Corporation received IVD authorization to produce and sell the DetectAmp SARS-CoV-2 RT-PCR Kit, a nucleic acid kit for identifying SARS coronavirus RNA (SARS-CoV-2). The developing coronavirus has sped up Saudi Arabia's IVD research and development (R&D). Rapid research and manufacturing are being done, and quick approvals are boosting the in-vitro diagnostics industry.
The leading market players in the Saudi Arabia IVD market are F. Hoffmann-La Roche Ltd, Abbott, Sysmex Corporation, Danaher Corporation, Thermo Fischer Scientific, Siemens Healthineers GmbH, bioMérieux SA, and other prominent players. The dominant firms in Saudi Arabia IVD market typically invest heavily in R&D, using cutting-edge technology in their products and regularly producing improved versions of their wares to keep customers coming back for more. Alliances, agreements, mergers, and collaborations are only some of the strategies employed.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Saudi Arabia IVD market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Saudi Arabia IVD 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.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662
- Saudi Arabia In Vitro Diagnostics (IVD) Market Overview, By Disease Type (Infectious Diseases, Cardiovascular Diseases, Diabetes, Oncology, Nephrology, Others); By Technology (Immunoassay, Clinical Chemistry, Hematology, Coagulation/Hemostasis, Microbiology, Molecular Diagnostic, Self-Monitoring of Blood Glucose, Point of Care Testing, Others); By End User (Government Labs & Hospitals, Private Labs & Hospitals, Others), Trend Analysis, Competitive Market Share & Forecast, 2018-2028
Publish Date: August 2022
With better diagnosis and prognosis comes better monitoring and treatment in the Saudi Arabian healthcare system, and IVD plays a crucial role in this. As the most populous country in the Gulf Cooperation Council (GCC), Saudi Arabia is a major hub for the international sales of IVD products. The diagnostics sector accounts for a sizeable proportion of the total healthcare budget in the Kingdom.
Relevant Press Releases
- India In-Vitro Fertilization (IVF) Services Market Size almost Triples to Touch USD 2.7 Billion by 2029
- Global Sports Medicine Market is Expected to Witness Prolific Demand: Projected to Grow at a CAGR of 6.7% in the Forecast Period
- Global Contact Lenses Market Expands to Cross USD 13 Billion by 2029
- Global Laparoscopy and Endoscopy Devices Market to Grow at a CAGR of 7.8%, during Forecast Period
- Global Antimicrobial Peptides Market Size Set to Grow at Steady CAGR of 5.54% Reaching USD 7.56 Billion by 2029