As per the research report, the size of the Middle East and Africa Theranostics Market was valued at USD 5.07 Million in 2023 and poised to reach USD 8.32 Million by 2028, forecasted to grow at a steady CAGR of 10.40% from 2023 to 2028.
Theranostics is the integration of diagnostics and therapeutics into a single system. Recently, healthcare has seen the trend for personalized tests and treatment modalities to suit patients' needs. This evolution can also be seen in the Middle East and African region, which has seen a growing demand for theranostics in the past few years. With the aging population prone to viral infections and chronic diseases. The need for quick and reliable theranostics is gaining popularity.
Factors such as the increasing incidence of diabetes, rising prevalence of cardiovascular diseases, premature births in the region, and growing cancer cases will drive the growth of the theranostics market in the Middle East and Africa. Furthermore, according to the 2017 United Nations report, the number of older people is expected to increase significantly in Africa, followed by the Middle East and Africa. Hence, the increase in the adult population generates demand for advanced diagnostic systems, which is expected to drive market growth during the forecast period. In addition, growing healthcare infrastructure in the Middle Eastern region is expected to aid the development in the coming years.
The advancements in R&D sectors will reduce the overall therapeutics and diagnostics costs and reduce the time required for clinical trials. Several international companies have supported the establishment of private hospitals in UAE, owing to increasing medical tourism. Market opportunities are encouraging healthcare professionals to cover unmet patient demand. These growth opportunities and technological evolution are anticipated to drive the MEA theranostics market in the coming years.
On the other hand, most developing countries in the MEA region have poor healthcare infrastructure, and lack of awareness and regulatory authorities are expected to hamper the market's growth during the forecast period.
This research report on the MEA Theranostics Market has been segmented and sub-segmented into the following categories:
By Disease Type:
By Technology:
By End-User:
By Country:
Geographically, the Middle East dominates in revenue generation in the MEA theranostics market due to well-established healthcare in this region. Saudi Arabia theranostics market will hold the largest market share, growing with a CAGR of 5.6% during the analysis period. The market growth can be attributed to the increase in healthcare expenditure and the growing senior population.
In 2020 Saudi Arabia will have 490 hospitals offering about 2.5 beds per 1,000 people in the region. In 2019, the Saudi government had around USD 40 billion for health services and social development. According to United Nations projections, Saudi Arabia theranostics market will have reached 50 million in 2025, 64.8 million in 2050. The increase in life expectancy has also added to the sale revenues for the region.
It is estimated that the UAE theranostics market will see potential growth in the coming years due to advances in the region. The rise of R&D in the UAE and favorable government initiatives are expected to support the growth in UAE over the forecast period. Several companies are actively collaborating to gain a good market share for the MEA theranostics market.
There are currently 104 hospitals in UAE which support the regional market, and UAE has seen a focused rise in sales of compact/ portable test kits for quick and convenient diagnostics. Given the pandemic due to COVID-19, the market has dramatically increased from 2020-2022, following a y-o-y trend. In addition to this, new demand for rapid testing has been attributed to the projected growth.
In Africa, poor infrastructure in rural and remote areas will dictate market growth. On the other hand, large cities are more likely to have good medical facilities, which will support the growth in upcoming years.
KEY MARKET PLAYERS:
The leading companies leading in the MEA theranostics market profiled in the report are Abbott Laboratories, AmeriPath, Dickinson and Company, BIOTEC Laboratories, Dade Behring, Dianon Systems, Dynacare Laboratories, Enterix, Focus Diagnostics, Pfizer and Beckman Coulter.
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