GCC In-vitro Diagnostic Devices Market to Reach US$ 1,541.4 Million by 2028, Impelled by Introduction of Advanced In-Vitro Diagnosis Technology

May 13, 2020 | Healthcare

According to the latest report by IMARC Group, titled “GCC In-vitro Diagnostic Devices Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the GCC in-vitro diagnostic devices market reached a value of US$ 1,179.6 Million in 2022. In-vitro diagnostic (IVD) devices refer to medical instruments that are used to perform tests using biological samples, such as blood, urine or tissue, taken from the human body. They are available in a wide variety, ranging from simple tests to sophisticated DNA analyzers, including calibrators, kits, software, reagents, control materials and other related instruments. IVD devices play a vital role in the GCC healthcare industry as they are crucial in the diagnosis of various medical conditions and infections, and monitoring drug therapies.

GCC In-vitro Diagnostic Devices Market Trends:

The growing spread of the coronavirus disease (COVID-19) in the GCC countries has significantly boosted the market growth, as the World Health Organization (WHO) has listed two IVD tests for emergency use during the pandemic. These tests include the cobas SARS-CoV-2 Qualitative assay and Real-Time PCR Coronavirus (COVID-19). Additionally, the rising incidences of chronic diseases and the growing geriatric population are further driving the demand for IVD devices. As per the WHO, about 60% of deaths in the GCC countries are caused due to non-communicable diseases, such as diabetes, cancer and cardiovascular dysfunction. This has compelled governments of GCC countries to take initiatives to improve the healthcare services in the region. Some of these initiatives are aimed at investing in improved IVD devices, which are more accurate and efficient in executing diagnostic tests. This, along with the expanding insurance coverage under national health insurance programs, such as the Mandatory Health Insurance (MHI) schemes, to provide better and easy access to diagnostic devices, are boosting the sales of IVD devices across the region. Owing to these factors, the market value is projected to reach US$ 1,541.4 Million by 2028, expanding at a CAGR of 4.48% during 2023-2028.

Market Summary:

  • Based on the end-user, the market has been segmented into hospital-based centers, diagnostics chains, standalone centers and others. Amongst these, in-vitro diagnostic devices are majorly used in hospital-based centers.
  • On the basis of the application, the market has been segregated into infectious diseases, diabetes, blood test, nephrology, cardiology, oncology and autoimmune diseases.
  • Region-wise, Saudi Arabia exhibits a clear dominance in the market. Other major regions include the United Arab Emirates, Kuwait, Qatar, Oman and Bahrain.
  • The competitive landscape of the market has been examined in the report with the detailed profiles of the key players operating in the industry.

Report Scope:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units  US$ Million
Segment Coverage End User, Application, Country
Countries Covered Saudi Arabia, United Arab Emirates, Qatar, Oman, Kuwait, Bahrain
Customization Scope 10% Free Customization
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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GCC In-vitro Diagnostic Devices Market to Reach US$ 1,541.4 Million by 2028, Impelled by Introduction of Advanced In-Vitro Diagnosis Technology
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