Laboratory Diagnostic Market
Healthy & technological investment worth billions of dollars
The laboratory diagnostic market is growing worldwide, especially in medically advanced countries, with an average growth rate of around 5%. The latest research in the Middle East and Africa reveals that the market was valued at $7.43 billion in 2022. It is expected to grow at a compound annual rate of 6.17% until 2027, reaching a total of over $10.03 billion. The increase in healthcare spending, adoption of the latest technological advancements, and government initiatives have led Saudi Arabia, Qatar, and the United Arab Emirates to become the main drivers of growth in this sector in the region.”
To prepare a research report on the diagnostic products market, market analysts conduct a comprehensive study based on the precise reasons for changes in the market. In this regard, referring to a report on the laboratory diagnostic products market study is essential because it enables transparent decision-making to move forward in business, especially after the severe consequences of COVID-19. By identifying the future competitive environment for 2022-2028, major companies can take necessary actions and follow business ideas and strategies to make their businesses profitable.
Early disease diagnosis, governments’ preference for using diagnostic devices in laboratories, and increased adoption of technological advancements in manufacturing advanced devices have led to growth in the Middle East, especially in Saudi Arabia, the United Arab Emirates, and Qatar. Every piece of information is provided in the laboratory diagnostic products market study report to help newcomers achieve business goals. It also allows for following the latest trends in technology and helps to understand customer buying behavior.
The United Kingdom
The value of the UK laboratory diagnostics market reached over $3 million in 2021 and is expected to reach around $5 million by 2027, registering a compound annual growth rate of 7.81% during the forecast period. The emergence of the COVID-19 pandemic has led to the growth of this market, as it has increased public awareness and progress in the field. This has resulted in an increased demand for laboratory diagnostic products to diagnose, detect, and treat COVID-19, and laboratory diagnostic tests have been widely used even in patients without symptoms.
The launch of new and advanced products related to the discovery and diagnosis of COVID-19 by key market leaders and some new companies has contributed to market growth. The Parliament’s launch of regulatory frameworks pertaining to mandatory testing has expanded growth opportunities in the laboratory diagnostics market in the country.
The main factors fueling market growth are:
- The increasing prevalence of chronic diseases.
- Leading to increased demand for early and effective diagnostic testing.
- Increased use of point-of-care (POC) diagnostics.
- Increased awareness and acceptance of personalized medicine and companion diagnostics.
According to experts, the increasing prevalence of chronic diseases is a significant factor driving the market growth. For example, according to a 2021 scientific report by the British Heart Foundation, there were 7.6 million people in the UK suffering from heart and circulatory diseases, of whom 4 million were male and 3.6 million were female. Additionally, the increasing number of elderly individuals in the country will positively impact the laboratory diagnostics market, as they are more prone to diseases and other medical conditions.”
The United States
The major driving factors for market growth in the United States are the high prevalence of chronic diseases, increased use of POC (point-of-care) diagnostics, advanced technologies, increased awareness, and acceptance of personalized medicines. Increasing government spending on healthcare and consumer healthcare spending also contribute to market growth. The increase in the lab diagnostics market in the United States is largely attributed to the prevalence of chronic diseases such as heart disease, cancer, asthma, diabetes, and COVID-19 in 2020. IVD devices have been shown to help manage these chronic conditions. They help detect early warning signs and individual risk factors, creating new opportunities for prevention and early medical intervention.
Emerging technological innovations such as lab-on-a-chip, wearable devices, and POC diagnostics have become an increasingly important part of the healthcare landscape. These POC diagnostic products have been developed for use at the patient bedside in hospitals to obtain immediate results without sending samples to the lab. As a result, due to ease of use and the ability to provide immediate results, the use of POC diagnostics in the United States is rapidly increasing, further boosting the market growth. The infectious diseases and oncology sectors also hold the largest market share due to the high prevalence of diseases such as pneumonia, tuberculosis, HIV/AIDS, and various types of cancer. Therefore, as the cases of these diseases increase, this increase is expected to contribute to the growth of the lab diagnostics market in the country.
The European lab diagnostics market is expected to record a compound annual growth rate of 5.5% over the next few years. The key factors driving the market include:
- The rapid increase in chronic diseases.
- Increased demand for POC tests and personalized medicine.
- Technological advancements.
- An aging population.
Additionally, as in the UK, there is a trend toward reducing healthcare costs by shifting diagnostic testing from hospitals to outpatient settings, which is expected to drive market growth further.
The Middle East
The concept of dealing with medical laboratories is expanding more in the Arab world and the Middle East. This culture has recently made its way towards more understanding and application for at least two reasons: First, the governments of these countries, which are increasingly interested in the health of their citizens, are pushing towards testing because early detection of diseases makes treatment easier and because the cost of any treatment in the early stages of the disease is much lower than treating it in advanced stages. Secondly, citizens have become more interested in laboratories, even as a preventive measure, without suffering from any symptoms.
As for the growth of the laboratory market in the Middle East and Africa, a study conducted by Market Data Forecast showed that this market, which refers to tests conducted on samples such as blood or tissues taken from the human body, is expected to grow at a compound annual rate of 6.17% between 2022 and 2027. This is due to the increasing preference for early diagnosis of diseases by the public and governments that prefer to use them. This is further diversified through the increasing reliance on technology to develop advanced laboratory diagnostic devices that allow for rapid, accurate, and error-free diagnoses of diseases and other conditions, whether for treatment or prevention.
The absorption rate of these devices has increased due to the increase in point-of-care and molecular diagnostic tests during the COVID-19 pandemic. According to the data, it is likely that the increasing spread of chronic diseases, the rise in healthcare spending, the adoption of the latest technological developments, and the increase in government initiatives will make Saudi Arabia, the United Arab Emirates, and Qatar the main drivers of growth in the region.
The MEDLAB East Africa 2023 exhibition and conference highlighted the growth of the laboratory diagnostic market in the region, currently valued at $7 billion, which is expected to reach $10 billion by 2027. The MEDLAB East Africa exhibition also highlighted the latest developments and technologies in medical laboratory testing.