Market Trends of GCC In-Vitro Diagnostics Industry
This section covers the major market trends shaping the GCC In-Vitro Diagnostics Market according to our research experts:
Point-of-care diagnostics Segment is Expected to Witness Growth Over The Forecast Period.
A point-of-care diagnostic is a form of testing in which the analysis is performed where healthcare is provided close to or near the patient.
The point-of-care diagnostics segment is projected to grow due to factors such as the high prevalence of infectious and chronic diseases and product launches. Point-of-care diagnostics are of great use in significantly enhancing the management of infectious and chronic diseases.
As per the 2022 statistics published by the International Diabetes Federation, approximately 8 thousand people were suffering from diabetes in 2021 in Kuwait, and the number is estimated to reach 1.1 million by the year 2030 and 1.2 million by 2050. Similarly, per the same source, about 9 thousand people were suffering from diabetes in 2021 in the United Arab Emirates, and the number is estimated to reach 1.2 million by the year 2030 and 1.3 million by 2050. Moreover, according to the Springer article published in January 2022, the United Arab Emirates is expected to experience an increase of 1.7% in cases of dementia by 2050. Such increasing chronic diseases among the GCC population are expected to contribute to the growing demand for point-of-care diagnostics for accurate diagnosis, thereby driving the segment growth. Thus, the incidence of chronic and infectious diseases among the GCC population is expected to drive the demand for point-of-care diagnostics, thereby driving the segment growth.
Saudi Arabia is Expected to Witness Growth in the Market Over The Forecast Period.
Saudi Arabia is expected to witness a significant share in the market over the forecast period owing to increasing chronic and infectious diseases along with favorable government policies for effective and advanced diagnostics.
For instance, an article published in the Journal of Taibah University of Medical Sciences in March 2022 indicated that the GCC countries had experienced two major pandemic waves with different peaks and durations. During the first wave, the exponential growth rates ranged from 9 cases per day in Bahrain to 53 cases per day in the Kingdom of Saudi Arabia. The surge in COVID cases boosted the demand for in vitro diagnostics for the surveillance of viral infection. Also, NCBI, in the article published in February 2021, mentioned that there were 1,653 hepatitis- B cases in Saudi Arabia in 2021. Additionally, the International Diabetes Federation, Diabetes Atlas, 10th edition, February 2021 report stated that the age-adjusted comparative prevalence of diabetes in Saudi Arabia was predicted to be 18.7% in 2021, and such a high frequency of it is projected to become 20.4% by 2030. Thus, the high incidence of various chronic and infectious diseases in Saudi Arabia is expected to drive the demand for in-vitro diagnostics, thereby contributing to the market's growth over the forecast period.
Moreover, the increasing launches of various diagnostic platforms by the Government in this country are also expected to boost the market growth. For instance, in October 2022, The Kingdom's Ministry of Health, in collaboration with Saudi Telecon company, launched a middle East oncology e-platform at the Sneha Virtual Hospital's headquarters. This platform will help with the early detection of tumors and develop appropriate treatment plans.
Thus, the increasing incidence of various chronic and infectious diseases, along with various government policies, is expected to drive the market's growth over the forecast period.
