ROCKVILLE, Md., Oct. 11, 2016 /PRNewswire/ -- The Middle East market for in vitro diagnostics is expected to be worth $3.4 billion by 2021 according to a new report from Kalorama Information. The healthcare market researcher said that is growth that is one and one-half to double that of the world IVD market. Expanding populations and a commitment to healthcare spending in this region presages a strong market in the coming years. Most global concerns have offices in Saudi Arabia, Egypt, Dubai or other locales to service this population with testing products and supplies. The finding was made in IVD in the Middle East, from Kalorama Information.
"The Middle East remains an underserved region with large market potential," said Bruce Carlson, Publisher of Kalorama Information. "At roughly six percent growth per year, that's far greater where we'd put the overall world market. You should not be surprised to see companies aiming operations there."
Currently, Oman, Saudi Arabia, Qatar and Turkey all have universal healthcare programs, according to the report. Opportunity for innovation as well exists in emerging markets, where acceleration of new products is the largest mid- to long-term driver of value. In the Middle East, with increased demand for healthcare has come increased access to it. In the 1970s, many countries in the Middle East and the Gulf countries started down a path to providing public healthcare to their citizens. This development requires increased investment in healthcare. The report says that this increased investment most often takes the form of government tenders, which remain a major source of supply for state-controlled labs and hospitals. In the Middle East, lifestyle change - a more sedentary lifestyle resulting in rising obesity rates -- has brought about the emergence of "Western" diseases such as diabetes.
Roche, Abbott, Siemens, Ortho Clinical Diagnostics and Beckman Coulter are among the companies targeting the Middle East as a growth region.
The report, IVD in the Middle East has specific market segmentation for markets in UAE, Saudi Arabia, Jordan and other nations. The report can be found at http://www.kaloramainformation.com/IVD-Middle-East-10336235/.
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About Kalorama Information
Kalorama Information, a division of MarketResearch.com, supplies the latest in independent medical market research in diagnostics, biotech, pharmaceuticals, medical devices and healthcare; as well as a full range of custom research services. Reports can be purchased through Kalorama's website and are also available on www.marketresearch.com and www.profound.com.
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SOURCE Kalorama Information