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GCC In-vitro Diagnostic Devices Market to Reach US$ 1,351 Million by 2025, Impelled by Introduction of Advanced In-Vitro Diagnosis Technology

According to the latest report by IMARC Group, titled “GCC In-vitro Diagnostic Devices Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the GCC in-vitro diagnostic devices market size reached US$ 969 Million in 2019. 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.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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$ 1,351 Million by 2025, expanding at a CAGR of 5.6% during 2020-2025.

Market Summary:

  • Based on the type, the market has been segmented into 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.
  • 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.

 

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