Saudi Arabia Laboratories Market Share Analysis, Growth Trends and Global Forecast 2023-2030
Market Overview:
According to DataM Intelligence, the Saudi Arabia Laboratories Market study analysis provides a quantitative and qualitative overview of the market. It provides a market outlook and forecast based on market segmentation.
It also provides the Saudi Arabia Laboratories Market size and growth, as well as the most recent trends, opportunities, and forecast until 2030 for the global market with respect to major countries such as the United States, Canada, Brazil, Germany, Italy, Spain, United Kingdom, Russia, European countries, United Arab Emirates, Saudi Arabia, South Africa, Japan, China, India, South Korea, Australia, and the rest of the countries around the world.
During the forecast period, North America is anticipated to hold the largest global market share among all regions. The United States and Canada contribute the most to the Saudi Arabia Laboratories Market. During the forecast period, the European Saudi Arabia Laboratories Market is anticipated to maintain its global presence.
Saudi Arabia Laboratories Market Size:
The Saudi Arabia laboratories market size was valued at US$ 766.4 million in 2022 and is estimated to reach US$ YY million by 2030, growing at a CAGR of 7.3 % during the forecast period (2023-2030).
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Market Drivers:
Infectious and chronic illnesses seriously affect Saudi Arabia’s healthcare system and general health. The Saudi Health Interview Survey indicates that dietary and lifestyle risk factors, such as diabetes, hypertension, and obesity, are prevalent. There have been notable increases in the burden associated with risk factors, especially among young Saudi Arabians (aged 15–24 years).
Longer life expectancies and lower fertility rates have changed Saudi Arabia’s demographic composition, according to a National Institute of Health (NIH) report. The number of older persons in the nation is rising in part because of this factor. According to projections from institutions like the NIH, 20% of the population will be over 65 by the year 2050.
Market Opportunities:
The increasing prevalence of cancer cases in Saudi Arabia is expected to provide several emerging market opportunities. Breast, colorectal, and lung cancers are the predominant forms of cancer in Saudi Arabia, and there has been a gradual increase in the occurrence of this illness in recent years. The increase in cancer incidence may be attributed to several reasons, such as changes in food patterns and lifestyle choices, heightened exposure to environmental toxins, and the ageing demographic of the population.
Market Segmentation Analysis:
The Saudi Arabia laboratories market is segmented by product type into analytical equipment, general equipment, speciality equipment, support equipment, and others; by end-user into life science research, clinical research, medical diagnostics, pharmaceutical research and development, and others.
- Based on the Product type, the Analytical equipment segment encompasses a wide range of instrumentation whose principal purpose is to qualitatively and quantitatively analyze samples, the chemical makeup of a sample and the quantity of each component within a sample. The available equipment also allows for a wide range of testing methods and their respective applications.
- This equipment is used in various fields due to its cross-discipline compatibility in analyzing samples. It includes those used in spectroscopy, mass spectrometry, electrochemical analysis, thermal analysis, separation analysis, microscopy, and various hybrid technologies.
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Recent Developments in the Industry:
- In March 2022, Thermo Fisher Scientific, a company serving science, collaborated with Symphogen, an antibody center of excellence within Servier, the international pharmaceutical company to supply biopharmaceutical discovery and development laboratories with novel innovative tools and aerodynamic workflows for complex therapeutic proteins’ better characterization.
- In June 2022, Roche introduced the BenchMark ULTRA PLUS system, their most recent cutting-edge platform for tissue staining. So that clinicians may decide on a patient’s course of therapy promptly, the system offers speedy and accurate test results.
Competitive Landscape:
The Saudi Arabia laboratories market is fragmented with many players, such as Somatco, Mediserv, Salehiya Establishment, AL MOUMEN MEDICAL SUPPLY, Bruker Corporation, Abbott, BD, and Roche, among others. The companies in the Saudi Arabia laboratories market are highly active. They are adopting strategies, such as investment in e-marketing and e-commerce websites, mergers and acquisitions, and new product launches, in order to increase their market share in the country.
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