The GCC in-vitro diagnostic devices market was worth US$ 1091 Million in 2017. The market is further projected to reach a value of US$ 1830 Million by 2023, at a CAGR of around 9% during 2018-2023. In-vitro diagnostics (IVD) refer to clinical tests which are conducted on different bodily samples such as urine, tissue, blood, etc. for detecting infections and diseases. There are various devices which can be used individually or in combinations with each other for in-vitro diagnosis including calibrators, specimen receptacles, reagents and control materials. In the GCC countries, there has been a rise in the demand for IVD devices on account of ageing population, rising prevalence of lifestyle diseases and a growth in the healthcare sector of the region. Apart from this, the market is also being impacted by the establishment of standalone centers, independent diagnostics chains and academic institutes.
GCC In-Vitro Diagnostic Devices Market Driver
- The growth of the in-vitro diagnostic devices market in the region can be accounted to the easy access to better diagnostics and healthcare services facilitated by increasing insurance penetration under the Mandatory Health Insurance (MHI) schemes of the GCC countries.
- The demand for in-vitro diagnostics devices has been driven by increasing health consciousness among the consumers. This has led to a hike in the number of people who seek diagnostic services at regular intervals for avoiding complexities in their health conditions. Additionally, consumers have increased their medical health spending owing to a rise in their disposable incomes which has further influenced the market growth.
- The governments of the GCC countries have developed several health awareness programs and strategies. Along with this, they are also shifting their focus towards promoting specialized care and services, and increasing investments for the devices used in medical examinations.
- Other factors that are driving this market include increasing prevalence of life style diseases, rising number of expatriates, increasing investments in healthcare infrastructure, etc.
Breakup by End-user:
The in-vitro diagnostic devices market has been segmented on the basis of various end-users including hospital-based centers, diagnostics chains, standalone centers, patient self-testing and academic institutes. Amongst these, in-vitro diagnostic devices are majorly used in hospital-based centers.
Breakup by Application:
The market has also been segmented on the basis of application. Some of the major applications covered in the report include Infectious diseases, diabetes, blood test, nephrology, cardiology, oncology and autoimmune diseases.
On a geographical front, Saudi Arabia enjoys the leading position in the GCC in-vitro diagnostic devices market. Other major regions include United Arab Emirates, Kuwait, Qatar, Oman and Bahrain.
This report provides a deep insight into the GCC in-vitro diagnostic devices market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the in-vitro diagnostic devices market in any manner.
Key Questions Answered in This Report:
- How has the GCC in-vitro diagnostic devices market performed so far and how will it perform in the coming years?
- What are the key regions in the GCC in-vitro diagnostic devices market?
- What are the various application segments in the GCC in-vitro diagnostic devices market?
- What are the major end-use sectors in the GCC in-vitro diagnostic devices market?
- What are the various stages in the value chain of the GCC in-vitro diagnostic devices market?
- What are the key driving factors and challenges in the GCC in-vitro diagnostic devices market?
- What is the structure of the GCC in-vitro diagnostic devices market and who are the key players?
- What is the degree of competition in the GCC in-vitro diagnostic devices market?