Saudi Arabia In Vitro Diagnostics Market to grow with a CAGR of 3.95%
Increasing
healthcare infrastructure and a supportive regulatory environment are the major
drivers for the Saudi Arabia In Vitro Diagnostics Market.
According
to TechSci Research report, “Saudi Arabia In Vitro Diagnostics Market
Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, Saudi Arabia In Vitro
Diagnostics Market has valued at USD 663.59 million in 2022 and is anticipated
to witness an impressive growth in the forecast period with a CAGR of 3.95%
through 2028. This can be due to collaborations
and partnerships among leading companies with a diverse approach to merge the
expertise of individual companies and to strengthen their position in the
market.
Access
to healthcare services indeed plays a crucial role in driving the demand for In
Vitro Diagnostics (IVD). Access to healthcare services, including primary care
providers and clinics, enables individuals to undergo routine health check-ups.
During these visits, healthcare providers may order IVD tests to assess an
individual's overall health and detect potential health issues. Access to
healthcare facilities with diagnostic capabilities allows for the timely
diagnosis of diseases and health conditions. Patients can get the necessary
tests done to determine the cause of their symptoms or assess their health
status. Individuals with chronic diseases, such as diabetes, hypertension, and
cardiovascular conditions, require regular monitoring through diagnostic tests.
Access to healthcare services ensures that patients can manage these conditions
effectively. Some diagnostic tests, especially those for rare diseases or
complex conditions, may require access to specialized healthcare facilities
with advanced laboratory and imaging capabilities.
Healthcare
providers can offer preventive healthcare services, including vaccinations and
screenings, to individuals who have access to healthcare facilities. These
services often involve IVD tests for disease prevention. Access to healthcare
services is essential for monitoring the effectiveness of treatment regimens.
IVD tests, such as blood tests and imaging, can be used to track treatment
progress and adjust therapies as needed.
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"Saudi Arabia In Vitro Diagnostics Market.”
In December 2022, Quidel Corporation and Ortho
Clinical Diagnostics Holdings plc have recently announced a definitive
agreement, whereby Quidel will acquire Ortho, a major player in the in vitro
diagnostics industry. The deal involves a purchase price of $24.68 per share of
Ortho's common stock, to be paid using a combination of cash and newly issued
shares in the merged entity. This offer represents a 25% premium over Ortho's
closing stock price on December 22, 2021, resulting in an equity value of approximately
$6.0 billion. The transaction is anticipated to be completed in the first half
of fiscal year 2022, pending the fulfilment of standard closing conditions.
This acquisition positions Quidel to tap into emerging markets by leveraging
telehealth technology and digital health capabilities, all while utilizing
Ortho's robust customer relationships to enhance patient access to
point-of-care diagnostic products.
Competition
is a challenge in the field of In Vitro Diagnostics (IVD), and it presents
several complexities and considerations for various stakeholders within the IVD
industry. The IVD market can become saturated with various diagnostic tests and
technologies. As more companies enter the market, competition can intensify,
making it difficult for new entrants to gain market share. Intense competition
can lead to price pressure on IVD products and services. Companies may be
forced to reduce prices to remain competitive, potentially impacting their
profitability and ability to invest in research and development. The rapid pace
of technological advancements in IVD requires companies to continuously
innovate and develop new products to stay competitive. Keeping up with the
latest technologies can be financially and logistically challenging. Companies
must navigate complex regulatory environments and obtain approvals and
certifications for their products. Adhering to regulatory requirements can be
resource-intensive, which can be a barrier for smaller players.
Saudi Arabia In Vitro Diagnostics Market is
segmented based on Product,
Technology, Application, End User, and by region.
Based on the Technology, Saudi Arabia In Vitro
Diagnostics Market is segmented into Immunoassay, Hematology, Clinical
Chemistry, Molecular Diagnostics, Microbiology, Others. Molecular diagnostics
is a branch of laboratory medicine that focuses on the detection and analysis
of specific molecules, such as DNA, RNA, and proteins, within a patient's
biological samples (e.g., blood, tissue, or bodily fluids) to diagnose
diseases, assess disease risk, monitor treatment, and guide clinical
decision-making. It is a rapidly evolving field that has revolutionized
healthcare by providing more precise and personalized information about an
individual's health.
Molecular diagnostics primarily
involves the analysis of nucleic acids (DNA and RNA) and proteins at the
molecular level. By examining these molecules, healthcare providers can
identify specific genetic mutations, infectious agents (e.g., viruses and bacteria),
and biomarkers associated with various diseases.
Based on Region, Northern & Central region held the largest share in the Saudi Arabia
In Vitro Diagnostics Market. The Saudi government has been investing
heavily in healthcare infrastructure, and these regions have been primary
beneficiaries of such investments. This includes funding for state-of-the-art
medical equipment and diagnostic facilities. The government has launched
various healthcare initiatives aimed at improving healthcare services and
expanding healthcare access. Such initiatives can boost the demand for IVD
tests, with these regions being at the forefront of implementation. The
Northern and Central regions are transportation hubs, which make them
accessible for patients from other parts of the country. Patients often travel
to these regions for specialized medical care and diagnostic services. These
regions are home to significant business and industrial activities, attracting
a diverse population. The diverse population can lead to a greater demand for a
wide range of diagnostic tests to meet various healthcare needs. The
government's support for healthcare development and infrastructure in these
regions can encourage both domestic and international healthcare providers to
invest and expand in these areas, contributing to the dominance of these
regions in the IVD market.
Some
of the major companies operating in the Saudi
Arabia In Vitro Diagnostics Market include:
- Altona
Diagnostics GmbH
- Beckman
Coulter, Inc.
- Siemens
Healthineers AG
- OncoDNA
SA
- Vela
Diagnostics (Nile Science Corporation)
- Abbott
Laboratories, Inc.
- Becton,
Dickinson, and Company
- F.
Hoffmann-La Roche AG
- Thermo
Fischer Scientific, Inc.
- Sysmex
Corporation
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“Certain areas, particularly in Saudi Arabia, are projected to exert significant demand for In Vitro Diagnostics.
The growth in the competitive landscape and the presence of well-established
companies in the market, committed to enhance the overall wellbeing of people
each year, are expected to contribute to a remarkable growth of the Saudi
Arabia In Vitro Diagnostics Market in the forecast period," said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based Global
management consulting firm.
Saudi Arabia
In Vitro Diagnostics Market by Product (Instruments, Reagents, Software &
Services), By Technology (Immunoassay, Hematology, Clinical Chemistry,
Molecular Diagnostics, Microbiology, Others), By Application (Infectious
Diseases, Diabetes, Oncology, Cardiology, Nephrology, Others), By End User
(Hospitals & Clinics, Diagnostic Centers & Laboratories, Others), By
Region, By Competition Forecast
& Opportunities, 2018-2028F has
evaluated the future growth potential of Saudi Arabia In Vitro Diagnostics
Market and provides statistics & information on market size, structure, and
future market growth. The report intends to provide innovative market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Saudi Arabia In Vitro
Diagnostics Market.
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