Gulf Cooperation Council (GCC) In-Vitro Diagnostics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Gulf Cooperation Council (GCC) In-Vitro Diagnostics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Gulf Cooperation Council (GCC) In-Vitro Diagnostics market is expected to register a CAGR of 5% over the forecast period.

The in-vitro diagnostics market saw a boost during the COVID-19 pandemic. For instance, a research article titled "Diabetes and Covid-19 among hospitalized patients in Saudi Arabia: a single-center retrospective study" published in Cardiovascular Diabetology Journal in December 2020 stated that the most prevalent comorbidity among COVID-19-positive patients was Diabetes Mellitus (DM) with a prevalence of 68.3%, hypertension with 42.6% and obesity 42.2%. The prevalence of DM was high among hospitalized Covid-19 patients at King Khaled University Hospital (KKUH), Riyadh, Saudi Arabia. The high prevalence of diabetes mellitus and COVID-19 patients boosted the in-vitro diagnostics market during the forecast period.

Also, the annual reports of various companies indicated a surge in revenue of their in-vitro diagnostics segments over the last three years. For instance, Danaher Corporation Diagnostic segment revenues were USD 9,844.0 million in 2021, USD 7,403.0 million in 2020, and USD 6,561.0 million in 2019. The diagnostic business segment witnessed growth in revenue share by 24.7% in 2021 due to the outbreak of COVID-19. The awareness about chronic diseases and the infectious diseases in the recent times is continuing to boost the demand for in-vitro diagnostics during the forecast period.

In addition, the growing burden of chronic diseases and increasing healthcare expenditure are actively affecting the growth of the studied market.

In April 2020, The Kingdom of Saudi Arabia offered USD 150 million to Gavi, the Vaccine Alliance to support their response to the COVID-19 pandemic. The funding was a component of a USD 500 million package from the Kingdom of Saudi Arabia to help emergency and preparedness response, deploying new diagnostics, therapeutics, and vaccines, and ensure sufficient supplies of protective equipment for healthcare professionals. These initiatives taken by the government during the pandemic are expected to augment the in-vitro diagnostics market.

Chronic diseases require early diagnosis for assessment of the severity of disease and hence in vitro diagnostics play a vital role in their diagnosis and management. The International Diabetes Federation, Diabetes Atlas, 10th edition, February 2021 report stated that age-adjusted comparative prevalence of diabetes in Saudi Arabia was predicted to be 18.7% in 2021 and it is projected to become 20.4% by 2030. The surge in the prevalence of diabetes is expected to boost the demand for in vitro diagnostics and ultimately augmenting the market growth.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period. however, stringent regulations are likely to impede market growth.

Key Market TrendsPoint-of-care diagnostics Segment is Expected to Witness Growth Over The Forecast Period.

A point-of-care diagnostic is a form of testing in which the analysis is performed where healthcare is provided close to or near the patient.

The point-of-care diagnostics segment is projected to grow owing to the factors such as the high prevalence of infectious and chronic diseases, and product launches. Point-of-care diagnostics are of great use in significantly enhancing the management of infectious and chronic diseases.

An article titled "Dynamics of COVID-19 in the Gulf Cooperation Council (GCC) countries" published in the Journal of Taibah University of Medical Sciences in March 2022, indicated that the GCC countries had experienced two major waves of the pandemic with different peaks and durations. During the first wave, the exponential growth rates ranged from 9 cases per day in Bahrain to 53 cases per day in the Kingdom of Saudi Arabia. The surge in the COVID cases boosted the demand for point-of-care diagnostics for the surveillance of viral infection.

Therefore, there is a growth in the point-of-care diagnostics segment of the studied market.

Competitive Landscape

The Gulf Cooperation Council (GCC) In-Vitro Diagnostics market is fragmented in nature due to the presence of many companies operating regionally. The competitive landscape includes an analysis of a few international as well as local companies which hold the market shares and are well known. Some of the major players in the market are Abbott Laboratories, Danaher Corporation, BioMerieux SA, Sysmex Corporation, F. Hoffmann-La Roche AG, Becton, Dickinson and Company, Siemens Healthineers (Siemens Healthcare GmbH), Qiagen NV, Thermo Fischer Scientific Inc., Grifols SA among others.

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