Saudi Arabia Laboratories Market

SKU: DMLE3065 | Last Updated On: Nov 02 2022 | Available Formats

> Saudi Arabia Laboratories Market Expected to reach a high CAGR of 7.3% By 2029

Saudi Arabia Laboratories Market is segmented By Product Type (Analytical Equipment, General Equipment, Specialty Equipment, Support Equipment, Others), By End User (Life Science Research, Clinical Research, Medical Diagnostics, Pharmaceutical Research and Development, Others), and By Region – Share, Size, Outlook, and Opportunity Analysis, 2022-2029.

 

[180 Pages Report] Saudi Arabia laboratories market size was valued at US$ 766.4 million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of 7.3 % during the forecast period (2022-2029).

Saudi Arabia laboratories Market - Strategic Insights

Metrics

Details

Market CAGR

7.3%

Segments Covered

By Product Type, By End-user, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Saudi Arabia healthcare sector is the largest in the Middle East, and both healthcare services and training have become top priorities for the Saudi Arabian Government, with 13.5% of the government’s spending devoted to the healthcare sector. With growing demand and increased yearly healthcare spending, the sector has emerged as an area of opportunity for economic growth in Saudi Arabia. The contribution of health services to Saudi Arabia’s GDP will increase by over 13% through 2025, with the Eastern Province, Al-Jouf, Riyadh, and Makkah experiencing the greatest near-term sector growth.

The Saudi Arabia laboratories market growth is driven by the growing burden of infectious and chronic diseases, increasing government funding and grants for research and development are among the key factors driving the market growth. Increasing government funding and grants for research and development is expected to drive the Saudi Arabia laboratories market during the forecast period

The Research and Development Office (RDO) of the Ministry of Education was established in 2017 to transform the R&D ecosystem through strategic initiatives to enhance the research capacity in Saudi Arabia. Based on the RDO’s, as well as the need to strengthen the capacity of research in the country, the Saudi Arabia International Collaboration Grant will be implemented following the Conference to heighten the country's joint international research collaborations.

The funding available will be in the form of a competitive research grant to be selected based on a peer review process and will represent a substantial investment in growing the country's R&D network. This will accelerate and improve research output while building upon the complementary capabilities of both universities.

Collaborations selected for funding for this grant will be eligible to receive between SAR 0.6 and 1.8 million ($160,000 - $480,000 USD) over the course of three years on an annual installment basis. Thus, the growing research and development in the country that is funded by the government have to surge the demand for laboratory equipment which is further driving the growth of the market in the forecast period. 

Lack of research & development in the country is likely to hinder the market growth

Saudi Arabia is far behind other developed countries in healthcare research and development, a total of 924 students participated in a study to find medical students’ opinions about research in Saudi Arabia. Approximately 10.3% of the students reported that they were not knowledgeable about the significance and prominence of scientific research. While 44.3% stated that they had no knowledge of the research methodology. Research is one of the most crucial topics that should hold paramount consideration.

Many Universities which are teaching healthcare subjects lack trained technicians in their laboratories. The untrained staff does have not the proper skills to train students. This factor will hamper the growth of the market in the forecast period. Pricing pressure and cost-cutting are major concerns for laboratory equipment manufacturers. Pricing pressure due to government regulations, competitive pricing, and others, compels manufacturers to cut costs. 

Thus, all the mentioned factors will hinder the growth of the market of Saudi Arabia laboratories in the forecast period. The global Saudi Arabia laboratories market provides in-depth analysis of the market based on various industry factors such as porter’s five force analysis, regulatory analysis, trade analysis etc.

Saudi Arabia Laboratories Market - Segment Analysis

The analytical equipment segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

Analytical equipment encompasses a wide range of instrumentation whose principle purpose is to qualitatively and quantitatively analyze samples, the chemical makeup of a sample and the quantity of each component within a sample. The wide range of available equipment also allows for a wide range of testing methods and their respective applications. This equipment is used in a variety of fields, given 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.

Examples of analytical equipment include mass spectrometers, chromatographs (GC and HPLC), titrators, spectrometers (AAS, X-ray, and fluorescence), particle size analyzers, rheometers, elemental analyzers (salt analyzers, CHN analyzers), thermal analyzers, and more. In Saudi Arabia, analytical equipment is imported from various countries, basically from India because it cost very low as compared to other country vendors. China also supplies the analytical equipment but the Indian one follows high standard protocol.

For instance, PCI Analytics the Indian company now stretching its export market to Saudi Arabia. The company's quality products are already been serving the Saudi Arabs. It has a good network in Saudi Arabia and has plans to increase there export to Saudi Arabia this year. 

COVID-19 Impact Analysis

The recent outbreak of COVID-19 is expected to positively impact the Saudi laboratory industry, as the pandemic has boosted laboratory testing services. It has been found that the current clinical diagnostics and technology, including molecular and serological testing approaches for severe acute respiratory syndrome‐coronavirus 2 (SARS‐CoV‐2) testing has increased.  There is also a rising number of developments of rapid and widespread testing through improvements in clinical diagnostics and testing technology that has helped in increasing the overall demand. For instance, in February 2021, Thermo Fisher Scientific launched the TaqPath COVID–19 HT Kit which for use on its automated amplitude platform, to increase its COVID-19 testing capacity by combining Thermo Fisher's extraction and real-time PCR instruments with liquid handling products from Tecan Group.

In COVID-19 the laboratory services in the country have also experienced a surge in the demand for testing. There have been various COVID-19-related development that happened in the recent past that is anticipated to have a positive impact on the growth of the market.  For instance, in Saudi Arabia, from 3 January 2020 to 8 March 2021, there have been 379,831 confirmed cases of COVID-19 with 6,528 deaths, reported to WHO. The rise in cases has increased the laboratory services in the country.

Competitive Landscape Analysis:

The Saudi Arabia laboratories market is fragmented with a large number of players, such as Somatco, Mediserv, Salehiya Establishment, AL MOUMEN MEDICAL SUPPLY, Bruker Corporation, Abbott, BD, Roche, among others. The companies in the Saudi Arabia laboratories market are highly active and 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. 

For instance, in January 15, 2021, Sartorius signed a strategic collaboration with RoosterBio Inc. The collaboration aims to advance the scale-up of hMSC manufacturing for regenerative medicine by leveraging the best-in-class solutions of both companies to significantly reduce process development efforts, industrialize the supply chain and accelerate the development and commercialization of groundbreaking cell-based regenerative cures.

Saudi Arabia Laboratories Market – Key Companies to Watch

Sartorius AG

Overview: The Sartorius Group is a leading international partner of life science research and the biopharmaceutical industry, listed on the German MDAX and TecDAX stock markets. In fiscal 2020, the company recorded sales of €2.34 billion, growing by around 30%.

In 2020, the bioprocess division contributed 76% to total revenue and the lab division the remaining 24%.

Product Portfolio: The new iQue3, the latest from the iQue Screener PLUS line of instruments is an advanced flow cytometry platform with a focus on speed from setup, to acquisition, and analysis to get you from samples to actionable results in record time. A newly integrated enhanced rinse station monitors system reagent usage and consumption ensuring a smart way to detect there is always enough to complete the run.

The Saudi Arabia laboratories market report would provide an access to an approx. 40+ market data table, 45+ figures and 180 pages. 

FAQ

What is the Saudi Arabia laboratories market growth?

The market is growing at a CAGR of 7.3%.

What is Saudi Arabia laboratories market size in 2021

The Saudi Arabia laboratories market size was valued at USD YY million in 2021.

Who are the key players in Saudi Arabia laboratories market?

Salehiya Establishment, AL MOUMEN MEDICAL SUPPLY, Bruker Corporation, Abbott, BD, Roche.

Trending Topics

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