Middle East In Vitro Diagnostics Market Worth USD3.4 Billion by 2021
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By LabMedica International staff writers Posted on 14 Oct 2016 |
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The Middle East market for in vitro diagnostics will be worth USD 3.4 billion by 2021 and record a growth that is one and one-half to double that of the world IVD market. The growth will be driven by expanding populations and a commitment to healthcare spending in this region, which houses offices of most global concerns in Saudi Arabia, Egypt, Dubai or other locales to service this population with testing products and supplies.
These are the latest findings of Kalorama Information, (New York, NY, USA), an independent medical market research firm.
In the 1970s, a number of Middle East and Gulf countries began providing public healthcare to their citizens. Currently, Oman, Saudi Arabia, Qatar, Syria and Turkey all have universal healthcare programs.
Lifestyle changes in the Middle East, such as a more sedentary lifestyle that is resulting in rising obesity rates, has led to the emergence of “Western” diseases such as diabetes. This has resulted in a growing demand for medical tests in the region, thus necessitating increased investment in healthcare, which generally takes the form of government tenders that remain a major source of supply for state-controlled labs and hospitals.
IVD companies are focusing strongly on developing countries, where rising incomes and standards of living have created a new health consciousness and growing demand for quality medical care. The opportunity for innovation also exists in the emerging markets, where the acceleration of new products is the largest mid-to-long-term value driver.
"The Middle East remains an underserved region with large market potential," said Bruce Carlson, Publisher of Kalorama Information. "At roughly six percent growth per year, that's far greater where we'd put the overall world market. You should not be surprised to see companies aiming operations there."
The efforts being made by major IVD companies are likely to significantly impact the way Middle Eastern laboratories operate and how they can consistently provide reliable and accurate results to patients. Among the companies targeting the Middle East as a growth region are Roche Diagnostics, Abbott, Siemens Healthcare, Ortho Clinical Diagnostics and Beckman Coulter.
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Kalorama Information
These are the latest findings of Kalorama Information, (New York, NY, USA), an independent medical market research firm.
In the 1970s, a number of Middle East and Gulf countries began providing public healthcare to their citizens. Currently, Oman, Saudi Arabia, Qatar, Syria and Turkey all have universal healthcare programs.
Lifestyle changes in the Middle East, such as a more sedentary lifestyle that is resulting in rising obesity rates, has led to the emergence of “Western” diseases such as diabetes. This has resulted in a growing demand for medical tests in the region, thus necessitating increased investment in healthcare, which generally takes the form of government tenders that remain a major source of supply for state-controlled labs and hospitals.
IVD companies are focusing strongly on developing countries, where rising incomes and standards of living have created a new health consciousness and growing demand for quality medical care. The opportunity for innovation also exists in the emerging markets, where the acceleration of new products is the largest mid-to-long-term value driver.
"The Middle East remains an underserved region with large market potential," said Bruce Carlson, Publisher of Kalorama Information. "At roughly six percent growth per year, that's far greater where we'd put the overall world market. You should not be surprised to see companies aiming operations there."
The efforts being made by major IVD companies are likely to significantly impact the way Middle Eastern laboratories operate and how they can consistently provide reliable and accurate results to patients. Among the companies targeting the Middle East as a growth region are Roche Diagnostics, Abbott, Siemens Healthcare, Ortho Clinical Diagnostics and Beckman Coulter.
Related Links:
Kalorama Information
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