Report Overview
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.
Saudi Arabia IVD market - Industry Trends & Forecast Report 2028
Saudi Arabia IVD market was worth USD 912.5 million in 2021 and is further projected to reach USD 1,841.2 million by the year 2028, exhibiting a CAGR of 11.0% during 2022-2028 (forecast period). The rapid expansion of the market is predominantly due to rising rates of incidence of various chronic and infectious disorders. Increase in healthcare spending, better facilities, government programs, public education, and general awareness are all contributing to the expansion of the IVD market in Saudi Arabia. Additionally, the rising prevalence of infectious diseases, cancer instances, and the number of people with diabetes in Saudi Arabia are all expected to propel the Saudi Arabia IVD Market forward rapidly in the forecast period.
Saudi Arabia IVD market Overview
The term "in vitro diagnosis" refers to the process of diagnosing diseases or other conditions that affect the human body by collecting, preparing, and analyzing human samples using various reagents, tools, and systems. This process can be performed outside of the human body. The IVD market in Saudi Arabia is expected to show significant growth over the next few years. This is because chronic disorders such as diabetes, cancer, and COVID-19 can be diagnosed and monitored with the help of IVD products. In addition, the government of Saudi Arabia is actively working on a variety of projects to enhance the quality of healthcare throughout the country.
Saudi Arabia IVD Market Forecast and Trends
Growth Drivers
The market for IVD is Benefiting from Technological Advancements, which is helping to Drive Growth
In terms of the overall expenditures made for healthcare in the Kingdom, the diagnostics industry is responsible for a sizeable percentage. They are an extremely important factor in the determination of healthcare policies, as well as in the reduction of disease rates and expenses. The Saudi Arabian Health Care Agenda reflects one of the key priorities of Saudi Arabia's Vision 2030, which is the modernization of the country's healthcare system. This objective is reflected in the agenda. As a result of developments in technology, the market today encompasses immunological illnesses, clinical chemistry, molecular diagnostics, clinical microbiology, haematology, coagulation, and hemostasis. This has created a fertile environment for new product development and business expansion.
An Increase in the Occurrence of a Number of Different Infectious and Chronic Diseases
Increase in the occurrence of a number of different infectious and chronic diseases resulted in healthcare infrastructure expansion, implementation of integrated healthcare systems, enhancement of diagnostic laboratories, and deployment of cutting-edge medical technology like IVD. Demand for IV drugs is being fueled, in addition, by the improving living conditions in Saudi Arabia. As a consequence of this and the consequent greater awareness of the significance of expenditures of this kind, they have been in a position to increase the amount of money that they spend on medical health.
Opportunity
The creation of Disease-specific Biomarkers and Diagnostic Assays Presents an Opportunity in the Market
Biomarkers and assays are so helpful in the screening, diagnosis, and treatment of diseases, biomarkers have recently garnered a large amount of clinical significance and interest in the pharmaceutical and medical industries. During the process of diagnosis, indicators can be used to identify staging, grading, and the initial therapy that will be administered. They monitor the treatment, choose any additional therapies that may be necessary, and monitor recurrent disorders while the treatment is ongoing. Recent developments in genomics, proteomics, and molecular pathology have all contributed to the discovery of disease-specific biomarkers that have the potential to be useful in clinical settings.
It is anticipated that the incorporation of biomarkers and the availability of biomolecular tools would assist in the development of a new variety of condition-specific tests, hence resulting in the creation of new prospects for the market for IVD. There have been significant shifts in medical practice brought about by the discovery of new biomarkers that can diagnose a variety of diseases, most notably cancer. The effectiveness of biomarkers as diagnostic tools for disease has improved thanks to recent developments in sequencing technology as well as enhanced knowledge of genetics. This is, in turn, driving up the need for precision medicine, which is anticipated to provide considerable chances for market participants to expand their businesses.
The ever increasing importance of companion diagnostics
Companion diagnostics may take the form of tests or assays, and their primary purpose is to give medical professionals additional information that might help them determine the most appropriate course of treatment for their patients. Co-development of companion diagnostics and therapeutic products has the potential to significantly alter the process of developing new drugs and commercializing drug candidates. This will be accomplished by producing safer drugs with improved therapeutic efficacy in a more timely and cost-efficient manner. The market for companion diagnostics has significant untapped growth potential as a result of the rising demand for more expensive specialized treatments and safer pharmaceuticals. The increasing significance of companion diagnostics creates expansion potential for the diagnostics sector and, as a result, for the IVD industry.
In order to develop medicines that are both safer and more effective, pharmaceutical corporations are increasingly working together with diagnostic companies. For instance, in September 2021, Thermo Fisher Scientific's clinical sequencing business and AstraZeneca entered into an agreement to co-develop NGS-based companion diagnostics (CDx) to support AstraZeneca's expanding portfolio of targeted therapies. This agreement was made possible by Thermo Fisher Scientific's acquisition of Illumina. In a similar vein, Illumina Inc. (US), which specializes in genomic profiling, expanded the availability of its TruSight Cancer family of products by entering into a number of agreements within the oncology industry in January of 2021.
Impact of COVID-19 on Saudi Arabia IVD market
The COVID-19 pandemic is now a worldwide litmus test even in Saudi Arabia. Saudi Arabia’s healthcare industry was also affected by COVID-19 pandemic during 2020. IVDs considered to be the backbone of extensive testing during the period. Manufacturers in the IVD market are concentrating on creating cutting-edge tools for rapid, comprehensive testing. For instance, IVD clearance was granted to Sysmex Corporation in April 2021 to produce and commercialise the DetectAmp SARS-CoV-2 RT-PCR Kit, a nucleic acid kit for detecting SARS coronavirus RNA (SARS-CoV-2). R&D in the IVD market of Saudi Arabia has been sped up due to the evolving coronavirus. As a result, there is a pressing requirement for rapid research and mass production. Quick approvals are, however, proving to be a boost for the expansion of the IVDs sector.
Saudi Arabia IVD Market – By Disease Type
Based on disease type, Saudi Arabia IVD market has been segmented into infectious disease, diabetes, oncology, nephrology and others. The increasing prevalence of infectious diseases like HIV, AIDS, SARS-CoV-2, TB, and pneumonia contributes significantly to the size of the infectious segment of the Saudi Arabia IVD Market. In addition to this, market participant for IVD are anticipated to produce an increased number of infectious disease detection tests, which is projected to further drive the segment.
Saudi Arabia IVD Market – By Technology
Based on technology, Saudi Arabia IVD market has been segmented into immunoassay, clinical chemistry, hematology, coagulation/hemostasis, microbiology, molecular diagnostic, self-monitoring of blood glucose, point of care testing, and others. Out of the listed technologies, immunoassay and clinical chemistry are the most popular IVD technologies in Saudi Arabia while point-of-care testing segment has the smallest share of the Saudi Arabia IVD market.
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.
Recent Developments
Analysis of firms operating in the Saudi Arabian injectable drugs market Thermo Fisher Scientific has announced its new TaqPath COVID-19 test, which has been marked as CE-IVD, in 2021.
To detect the RNA of the novel coronavirus, Sysmex Corporation's DetectAmp SARS-CoV-2 RT-PCR Kit, which was granted IVD approval in Japan in April 2021.
Abbott's Panbio COVID-19 Ag Rapid Test Device for the detection of SARS-CoV-2 virus acquired CE Mark for asymptomatic testing and self-swabbing in January 2021.
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