Press Release

Saudi Arabia Diagnostic Labs Market to Grow at a CAGR of 6.79% During the Forecast Period

Increasing prevalence of diseases and concern about health is driving the growth in Saudi Arabia diagnostic labs market in the forecast period, 2023-2027.

According to TechSci Research report, Saudi Arabia Diagnostic Labs Market By Provider Type (Hospital Based v/s Stand Alone), By Test Type (Radiology v/s Pathology), By End User (Referrals, Walk-ins, Corporate Clients), By Region, Competition Forecast & Opportunities, 2027” The Saudi Arabia Diagnostic Labs market stood at USD1546.81 million in 2021 and is expected to grow at a steady CAGR of 6.79% during the forecast period on account of growing prevalence of diseases.

The growing prevalence of chronic and infectious diseases such as cancer, cardiovascular diseases, gastrointestinal disorders, renal disorders, and urological problems have significantly boosted the diagnostic labs market in Saudi Arabia. According to the Ministry of Health, as of 2021, the total number of COVID-19 lab tests conducted in Saudi Arabia was about 105,428. The overall prevalence of Chronic Obstructive Pulmonary Disease (COPD) in Saudi Arabia was about 4.2% out of the overall population. Above mentioned diseases can be diagnosed by conducting laboratory tests. This has significantly increased the percentage of lab tests conducted in Saudi Arabia, thereby driving the growth of the diagnostic labs market in Saudi Arabia. Additionally, the sudden outbreak and spread of pandemic COVID-19 have led to an increase in demand for diagnostic tests to diagnose COVID-19. This in turn fueled the market growth in 2020. Besides, growing health consciousness and awareness pertaining to various diseases among the population is further expected to support the market growth. People are becoming more aware about their health and going for regular health checks so that they can early detect and diagnose the prevalence of any kind of disease. Besides, flourishing healthcare industry coupled with growing healthcare expenditure across Saudi Arabia is expected to foster the market growth during the forecast period. Furthermore, lack of awareness among the people and Stringent Regulatory Landscape to set up diagnostic laboratories in Saudi Arabia is expected to hamper the market growth during the forecast period.

Browse over 18 market data Figures and 10 market data Tables spread through 86 Pages and an in-depth TOC on " Saudi Arabia Diagnostic Labs Market"

https://www.techsciresearch.com/report/saudi-arabia-diagnostic-labs-market/7937.html

 

The Saudi Arabia Diagnostic Labs market is segmented based on provider type, test type, end user, region, and company. In terms of provider type, the market can be split into Hospital-Based and Stand Alone. The Hospital-Based segment dominated the market in 2021 with a share of around 77.49% due to to the difference in prices of the test offered in hospital-based labs as compared to diagnostic labs. Diagnostic tests in hospital-based laboratories are either free or have lesser prices as compared to private laboratories because of government fundings. In terms of test type, the market can be fragmented into Pathology and Radiology. The Pathology segment is expected to dominate the market over the next few years as pathology tests are required for the diagnosis of any disease. Also, growing cases of COVID-19 and increasing cardiovascular diseases among population is driving the growth of the Pathology segment in the forecast period. In terms of end user, the market can be fragmented into referrals, walk-ins, corporate clients. The referrals segment is expected to dominate the market over the next few years as many diagnostic laboratories require doctor’s prescription before running a diagnostic test on the patient for various diseases whereas walk-ins will continue to grow during the forecast period majorly because of increasing health consciousness among individual.

Key market players 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

Saudi Arabia Diagnostic Labs market is consolidated with a lot of well-established players and several domestic players possessing leadership in certain regions of Saudi Arabia. Al Borg Medical Laboratories holds the highest market share and is among the top five market players in Saudi Arabia. Delta Medical Laboratories ranks second in terms of market share in the overall diagnostic labs market in Saudi Arabia. The company is well known in different regions of Saudi Arabia. People in rural areas of the country are also aware about the business and presence of the company. They are also preferring it over other competitor brands.

Additionally, there are other prominent players such as Al-Farabi Medical Laboratories, Alfa Medical Laboratories, Medical Diagnostic Labs, Roya Specialized Medical Laboratories and among others, holding a significant position in the Saudi Arabia Diagnostic Labs market.

Download Sample Report @ https://www.techsciresearch.com/sample-report.aspx?cid=7937

Customers can also request for 10% free customization on this report.

“The Northern and Central region of Saudi Arabia is expected to register the highest growth during the forecast period on account of the increasing aging population in the region, especially in cities like Riyadh. The elderly population is susceptible to various diseases thereby increasing demand for several diagnostic tests and hence positively influencing market growth. Furthermore, supportive government policies and healthcare schemes launched in the region is expected to support market growth. For instance, “According to Ministry of Health, as of 2021, the total number of COVID-19 lab tests conducted in Saudi Arabia were about 105,428. The overall prevalence of Chronic Obstructive Pulmonary Disease (COPD) in Saudi Arabia was about 4.2% out of overall population. Above mentioned diseases can be diagnosed by conducting laboratory tests. This has significantly increased the percentage of lab test conducted in Saudi Arabia, thereby driving the growth of the diagnostic labs market in Saudi Arabia” 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 v/s Stand-Alone), By Test Type (Radiology v/s Pathology), By End User (Referrals, Walk-ins, Corporate Clients), By Region, Competition Forecast & Opportunities, 2027”, 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 cutting-edge 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.

Contact

Mr. Ken Mathews

708 Third Avenue,

Manhattan, NY,

New York – 10017

 

Tel: +1-646-360-1656

 

Email: [email protected]