Saudi Arabia Diagnostic Labs Market, By Provider Type (Hospital Based v/s Stand Alone), By Test Type (Radiology v/s Pathology), By End User (Referrals, Walk-ins, Corporate Clients), By Region, Competition Forecast & Opportunities, 2027
Saudi Arabia Diagnostic Labs market is valued at USD1546.81 million in 2021 and is expected to grow at a CAGR of 6.79% to reach a value of USD2339.67 million by 2027. Increasing healthcare expenditure by the government, rise in the number of laboratories, and surge in awareness among consumers about the benefits of preventive healthcare are the primary factors driving the demand for Saudi Arabia Diagnostic Labs market during the forecast period.
The rise in the efforts of the government to lower the dependency on the oil & gas industry and generate new revenue sources has led to huge investments for the development of the healthcare sector in the country. Also, owing to the increasing disposable income of the consumers, the demand for quality healthcare services is expected to grow. The outbreak of COVID-19 accelerated the growth of the Saudi Arabia Diagnostic Labs market to test the presence of novel coronavirus; preliminary and blood tests were in demand among the patients. The growing prevalence of cardiovascular diseases, gastrointestinal disorders, renal disorders, cancer, and other diseases requires laboratory tests to detect their presence and find a suitable treatment to cure the diseases efficiently. Moreover, people in the country are becoming aware of the ill effects of infectious diseases and are taking the help of diagnostic tests to remain healthy. Also, the rise in the geriatric population in the country who are prone to many diseases is further expected to accelerate the demand for the Saudi Arabia Diagnostic Labs market in the forecast period.
The Saudi Arabia Diagnostic Labs market is segmented based on provider type, test type, end user, company, and regional distribution. Based on provider type, the market is divided into Hospital Based and Stand Alone. Hospital Based is expected to hold the largest market share in the forecast period owing to the huge footfall of patients in hospital facilities and the huge expenditure on diagnostic labs in hospitals. The presence of skilled healthcare professionals, specialized departments, and costly equipment in hospital laboratories is also driving the segmental growth.
The major players operating in Saudi Arabia Diagnostic Labs market are 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, and Al-Arab Medical Laboratories.
Years considered for this report:
Historical Years: 2017-2020
Base Year: 2021
Estimated Year: 2022E
Forecast Period: 2023F-2027F
Objective of the Study:
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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of service providers across Saudi Arabia. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the service providers who could not be identified due to the limitations of secondary research. TechSci Research analyzed the service providers, and presence of all major players across the Saudi Arabia.
TechSci Research calculated the market size of Saudi Arabia Diagnostic Labs market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these services for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as service providers, partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, Saudi Arabia Diagnostic Labs market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Northern & Central
Company Profiles: Detailed analysis of the major companies present in Saudi Arabia Diagnostic Labs market.
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report: