The Middle East and Africa molecular diagnostics market size are estimated to be growing at a healthy CAGR during the forecast period.
Factors such as Y-O-Y growth in the prevalence of contagious diseases, increasing chronic diseases such as cancer across the region are majorly accelerating the MEA molecular diagnostics market. Rising awareness about faster diagnostics and growing demand for the point of care of testing is expected to accelerate the market growth during the forecast period. Increasing government investment and funding to develop molecular diagnostics and conduct research and development activities positively impact market growth.
Additionally, technological advancement in the healthcare sector and advancing healthcare infrastructure create lucrative opportunities for new market entrants. The aging population is more prone to numerous diseases like cardiovascular diseases, cancer, obesity, neurological disorders, and diabetes. Y-O-Y growing geriatric population in the region is projected to have a positive impact on the market growth. Due to reduced immune function, multimorbidity, and physiological changes associated with age, the elderly population is more prone to contract COVID-19. Rapid technology advances that lead to precise findings, mobility, and cost-effectiveness are likely to be major driving factors in the molecular diagnostics market. On the other hand, companies in the region are updating their products by applying new procedures to obtain more precise and accurate outcomes.
However, an unfavorable reimbursement environment and high instrument costs in some countries in this region are likely to hamper the growth rate of the MEA molecular diagnostics market during the forecast period.
Impact of COVID-19 MEA Molecular Diagnostics Market:
The sudden emergence of covid-19 has disrupted the economy on a large scale. Major sectors of the economy had been affected. The molecular diagnostics market has been negatively impacted. The disruption in distribution channels throughout the world has significantly influenced Middle East Africa's integrated supply chains that assure higher quality, safety, and new ways to distribute in the health sector. However, With the rapid development of diagnostics, fast-tracked regulatory clearances, and ramped-up distribution in various locations to help control the spread of the virus, the COVID-19 pandemic has focused on the molecular diagnostics sector throughout the region. The demand for diagnostic goods in MEA due to COVID-19 is projected to rise, owing to increased demand for polymerase chain reaction tests, next-generation sequencing (NGS), serology-based rapid-test products, and a significant increase in the target patient population.
This research report on the Asia-Pacific molecular diagnostics market has been segmented and sub-segmented into the following categories.
By Products and Service:
Geographically, the Middle East & Arica is likely to account for a moderate share in the global molecular diagnostics market during the forecast period. The market growth is attributed to the increasing point of care, growing awareness about the early diagnosis, and technological advancements in the healthcare sector. However, the surge in the epidemiology of chronic and contagious diseases and the presence of significant market participants in the region, such as UAE, South Arabia, and South Africa, is augmenting the market growth in MEA. Furthermore, several market participants are exploring different strategies such as partnerships, acquisitions, new product launches, and expansions into the Middle East and Africa due to the tremendous opportunity in in-vitro diagnostics. In regional markets, south Arabia and UAE are recorded significant market share over the forecast period, and however, expected to contribute to the regional market growth. The UAE market is driven by vast demand for respiratory devices and growing expenses in research and development activities.
KEY MARKET PLAYERS:
Some of the major companies operating in the MEA molecular diagnostics market profiled in this report are Abbott Laboratories, Agilent Technologies, Becton, Dickinson And Company, Biomérieux SA, Danaher Corporation, Diasorin, Grifols, Hologic, Illumina, Qiagen, Roche Diagnostics, Siemens Healthineers, and Thermo Fisher Scientific.
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