Saudi Arabia Diagnostic Labs Market to grow with a CAGR of 6.26%
Increasing
healthcare infrastructure and a supportive regulatory environment are the major
drivers for the Saudi Arabia Diagnostic Labs Market.
According
to TechSci Research report, “Saudi Arabia Diagnostic Labs Market Industry
Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, Saudi Arabia Diagnostic Labs
Market has valued at USD 1541.89 million in 2022 and is anticipated to witness
an impressive growth in the forecast period with a CAGR of 6.26% through
2028. This can be due to collaborations
and partnerships among leading companies with a diverse approach to merge the
expertise of individual companies and to strengthen their position in the market.
The aging population is a significant driver
for the increased demand for diagnostic lab services. As individuals age, the
risk of developing chronic diseases such as diabetes, cardiovascular diseases,
and certain cancers increases. Diagnostic labs play a crucial role in
diagnosing and monitoring these conditions, leading to a higher demand for
tests and screenings. Elderly individuals often have more complex healthcare
needs and may require frequent diagnostic testing to assess their overall
health, manage chronic conditions, and detect age-related health issues. Aging
populations may be on multiple medications, and regular diagnostic tests are
necessary to monitor the impact of medications on various organs and to ensure
that there are no adverse effects or drug interactions. Diagnostic labs provide
tests for age-related conditions such as osteoporosis, arthritis, and cognitive
disorders. Early detection allows for timely intervention and better management
of these conditions.
With
age, the risk of cancer increases. Diagnostic labs offer various cancer
screening tests, such as mammograms, colonoscopies, and prostate-specific
antigen (PSA) tests, for early detection and surveillance. Aging is associated
with an increased risk of cardiovascular diseases. Diagnostic labs provide
tests such as lipid profiles, electrocardiograms (ECGs), and stress tests to
monitor heart health in the elderly population.
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In November 2022, Integrated Diagnostics Holdings
(IDH), a prominent consumer healthcare company operating in Egypt, Jordan,
Sudan, and Nigeria, has officially announced the signing of a Joint Venture
(JV) Agreement. This strategic partnership involves Al Makhbaryoun Al Arab LLC
and Izhoor Holding Medical Company LLC, with the aim of establishing a new
diagnostic venture in Saudi Arabia. The joint venture will be equally owned by
IDH Group (comprising IDH and its Jordanian subsidiary, Biolab), and Izhoor, a
company owned by Fawaz Alhokair, the chairman of the renowned Saudi retail
group, Fawaz Alhokair Group. Driven by the leadership of Dr. Amid Abdelnour,
founder, and CEO of Biolab, the management team of the joint venture will
leverage Biolab's operational expertise and high-quality standards in
overseeing day-to-day operations. The partners aspire to create a comprehensive
pathology diagnostic services provider, offering a diverse range of diagnostic
services through an extensive branch network across the Kingdom of Saudi
Arabia.
Labor
shortages pose a significant challenge in the Saudi Arabia Diagnostic Labs
Market. A shortage of skilled technicians and laboratory professionals can lead
to delays in test processing. Limited staffing may result in increased
turnaround times for diagnostic reports, affecting overall service efficiency.
The shortage of qualified personnel may limit the testing capacity of
diagnostic labs. As demand for diagnostic services increases, labs may struggle
to meet the volume of tests required, leading to backlogs. Insufficient
staffing levels can compromise the quality of diagnostic services. Skilled
professionals are essential for accurate test results and maintaining the
highest standards of quality assurance and control. Attracting and retaining
skilled pathologists, laboratory technicians, and other specialized staff
becomes challenging in a competitive labor market. Recruitment difficulties can
hinder the ability to fill critical positions promptly. Certain diagnostic
tests require specialized expertise, and a shortage of skilled professionals
with specific knowledge in areas like molecular biology or pathology can impact
a lab's ability to offer comprehensive services.
Saudi Arabia Diagnostic Labs Market is segmented
based on Provider Type, Test Type, End User, and by region.
Based on the Provider Type, Saudi Arabia Diagnostic
Labs Market is segmented into Hospital Based, Stand Alone. Hospital-based
diagnostic labs are specialized facilities within a hospital setting that focus
on conducting various medical tests and diagnostic procedures. These labs play
a crucial role in supporting the overall healthcare services provided by the
hospital.
Hospital-based diagnostic labs are
integral parts of the larger hospital infrastructure. They are closely
integrated with other hospital departments, including clinical departments,
emergency services, and inpatient units. These labs offer a wide range of diagnostic services covering different
medical disciplines. This includes clinical chemistry, hematology,
microbiology, pathology, immunology, molecular diagnostics, and diagnostic
imaging services. Hospital-based
labs serve both inpatients and outpatients. Inpatients receive diagnostic
testing as part of their hospital stay, while outpatients visit the lab for
specific tests ordered by their healthcare providers.
Based on Region, Northern & Central region held the largest share in the Saudi Arabia
Diagnostic Labs Market. Government healthcare initiatives and
investments may be focused on the more populated and economically significant
regions, leading to the development and expansion of healthcare infrastructure,
including diagnostic labs. The presence of universities, medical schools, and
research institutions in these regions can contribute to a higher demand for
diagnostic services, both for clinical purposes and research activities. Higher
levels of health awareness and education among the population in these regions
may lead to increased preventive healthcare measures, including regular
diagnostic screenings. The Northern and Central regions often serve as major
transportation hubs, facilitating the movement of people and healthcare
resources. This accessibility can enhance the reach and efficiency of
diagnostic services.
Some
of the major companies operating in the Saudi
Arabia Diagnostic Labs Market include:
- Al
Borg Medical Laboratories
- Delta
Medical Laboratories
- Al-Farabi
Medical Laboratories
- Alfa
Medical Laboratories
- Medical
Diagnostic Labs
- Roya
Specialized Medical Laboratories
- Tibyana
Medical Laboratories
- Al
Hyatt Medical Laboratory Company
- Advanced
Cell Laboratory for Medical Analysis Company
- Al-Arab
Medical Laboratories
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“Certain areas, particularly in North
America, are projected to exert significant demand for Diagnostic Labs. The
growth in the competitive landscape and the presence of well-established
companies in the market, committed to enhance the overall wellbeing of people
each year, are expected to contribute to a remarkable growth of the Saudi
Arabia Diagnostic Labs Market in the forecast period," said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based Global
management consulting firm.
Saudi Arabia
Diagnostic Labs Market by Provider Type (Hospital Based, Stand Alone), By Test
Type (Radiology, Pathology), By End User (Referrals, Walk-ins, Corporate
Clients), By Region, By Competition Forecast & Opportunities, 2018-2028F has
evaluated the future growth potential of Saudi Arabia Diagnostic Labs
Market and provides statistics & information on market size, structure, and
future market growth. The report intends to provide innovative market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Saudi Arabia Diagnostic
Labs Market.
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