Press Release

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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