The In-Vitro Diagnostics Market in the Middle East and Africa is estimated at USD 7.88 billion in 2023. The market is expected to grow at a CAGR of 6.17% during the forecast period and reach USD 10.64 billion in 2028.
The growing population suffering from chronic diseases and the rising aging population in the Middle East and African countries are promoting the need for in-vitro diagnostics and resulting in the IVD market growth in this region. Cancer, diabetes, cardiovascular diseases, and chronic respiratory diseases are the most common chronic diseases in the Middle East and Africa. For example, an estimated 30 million people in Middle East Africa have diabetes. In addition, factors such as unhealthy diet, smoking, drinking, and physical inactivity could result in a diagnosis of one or more chronic diseases. In-vitro diagnosis helps detect early warning signs and risk factors related to chronic diseases, which helps prevent or reduce the diseases quickly.
Growing preference for early disease diagnosis from the public and increasing efforts by the governments favoring IVD usage further accelerate the market’s growth rate. The governments of the Middle East and African countries are conducting several awareness programs to promote IVD test usage regularly. Furthermore, the increasing adoption of technological advancements to manufacture advanced in-vitro diagnostic devices is anticipated to fuel the IVD market growth in the Middle East and Africa. In addition, the increasing number of partnerships and agreements between the market participants to bring more efficient products to the marketplace and to maximize their presence in the regional market are further propelling the market growth. For instance, Audere partnered with Medical Diagnostech to develop lateral flow rapid diagnostic test kits in 2022.
The increasing adoption of point-of-care devices for IVD testing supports the IVD market in this region. This is because point-of-care testing gives results quickly. Hence the adoption of POC testing is increasing in the Middle East and Africa and favoring the IVD market in this region.
However, factors such as low awareness levels among people regarding IVD, lack of reimbursement schemes by the government in undeveloped countries, and strict government regulations in approving IVD products hamper the IVD market growth in the Middle East and Africa. In addition, frequent economic strategy changes and the lack of skilled people to monitor the systems effectively due to fewer training programs impede market growth.
This research report on the MEA IVD market has been segmented and sub-segmented into the following categories:
Regionally, the MEA IVD market accounted for a moderate global market share in 2022. However, this regional market is anticipated to showcase lucrative growth during the forecast period owing to the increasing prevalence of chronic diseases, growing healthcare expenditure, increasing adoption of the latest technological advancements, and increasing government initiatives. As a result, countries such as Saudi Arabia, UAE, and Qatar are expected to hold the leading share in the MEA IVD market during the forecast period.
Saudi Arabia is a promising market for IVD in the Middle East and Africa and is expected to hold a considerable share of the region during the forecast period.
KEY MARKET PLAYERS:
A few of the companies playing a vital role in the MEA IVD Market are Abbott Laboratories, Johnson and Johnson, Siemens Healthcare, Becton Dickinson, Roche Diagnostic, Beckman Coulter Inc., Biomérieux, Ortho Clinical Diagnostics, Inc., Bio-Rad Laboratories, Inc., Danaher Corporation, Sysmex Corporation & Thermo Fisher Scientific, Inc
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2000
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]