Market Insights Health Medical Technology

In Vitro Diagnostics - GCC

The In Vitro Diagnostics market market in the Gulf Cooperation Council (in Gulf Cooperation Council (GCC)) is forecasted to achieve a revenue of US$1.82bn by the year 2024.
It is anticipated that this market will experience a steady annual growth rate (CAGR 2024-2029) of 3.39%, ultimately leading to a market volume of US$2.15bn by 2029.
When comparing the revenue on a global scale, the United States is expected to generate the highest revenue, amounting to US$30,100.00m in 2024.
The GCC region is experiencing a growing demand for in vitro diagnostics, driven by increased healthcare spending and a focus on preventative care.

Key regions: China, France, Japan, Netherlands, Italy

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Analyst Opinion

The In Vitro Diagnostics market in GCC is experiencing significant growth due to customer preferences for advanced healthcare solutions, trends in the market towards personalized medicine, local special circumstances, and underlying macroeconomic factors. Customer preferences in the GCC region are driving the demand for In Vitro Diagnostics. Patients in the region are increasingly seeking accurate and timely diagnostic tests to aid in the early detection and treatment of diseases. This preference for early diagnosis is fueled by the desire for better healthcare outcomes and improved quality of life. Additionally, patients in the GCC region are becoming more aware of the benefits of personalized medicine, which involves tailoring medical treatments to individual patients based on their genetic makeup and other factors. This has led to an increased demand for In Vitro Diagnostic tests that can provide personalized information about an individual's health status and guide treatment decisions. Trends in the market are also contributing to the growth of the In Vitro Diagnostics market in the GCC. One major trend is the increasing adoption of point-of-care testing devices. These devices allow for rapid and convenient diagnostic testing at the patient's bedside or in the doctor's office, eliminating the need for samples to be sent to a central laboratory for analysis. This trend is driven by the need for faster and more efficient diagnostic testing, particularly in emergency situations or in remote areas where access to laboratory facilities may be limited. Another trend is the growing use of molecular diagnostics, which involves the detection and analysis of genetic material to diagnose and monitor diseases. This trend is driven by advancements in technology that have made molecular diagnostics more accurate, affordable, and accessible. Local special circumstances in the GCC region are also influencing the development of the In Vitro Diagnostics market. One such circumstance is the high prevalence of chronic diseases in the region, such as diabetes and cardiovascular diseases. This has created a strong demand for diagnostic tests that can aid in the management and monitoring of these conditions. Additionally, the GCC region has a large expatriate population, which has led to an increase in the demand for diagnostic tests that can detect infectious diseases and ensure the safety of the population. Underlying macroeconomic factors are also playing a role in the growth of the In Vitro Diagnostics market in the GCC. The region has been experiencing strong economic growth, which has led to an increase in healthcare spending. This has allowed for greater investment in healthcare infrastructure, including the development and adoption of advanced diagnostic technologies. Additionally, the GCC region has a young and growing population, which is driving the demand for healthcare services, including diagnostic testing. Overall, the In Vitro Diagnostics market in the GCC is growing due to customer preferences for advanced healthcare solutions, trends in the market towards personalized medicine, local special circumstances, and underlying macroeconomic factors. This growth is expected to continue as the region continues to invest in healthcare infrastructure and the demand for accurate and timely diagnostic tests increases.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.